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Deferred Leasing Costs and Intangible Assets, net and Intangible Liabilities, net | 9 Months Ended
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Sep. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract] |
Deferred Leasing Costs and Intangible Assets, net and Intangible Liabilities, net | Deferred Leasing Costs and Intangible Assets, net and Intangible Liabilities, net The following summarizes the Company’s deferred leasing costs and intangibles as of:
| September 30, 2025 |  | December 31, 2024
Deferred leasing costs and in-place lease intangibles | $ | 240,686 |  |  | $ | 244,463 |
Accumulated amortization | (118,467) |  |  | (116,868) |
Deferred leasing costs and in-place lease intangibles, net | 122,219 |  |  | 127,595 |
Lease incentives | 92,424 |  |  | 34,352 |
Accumulated amortization | (4,826) |  |  | (1,203) |
Lease incentives, net | 87,598 |  |  | 33,149 |
Below-market ground leases | 74,930 |  |  | 74,930 |
Accumulated amortization | (23,548) |  |  | (21,626) |
Below-market ground leases, net | 51,382 |  |  | 53,304 |
Above-market leases | 200 |  |  | 636 |
Accumulated amortization | (199) |  |  | (437) |
Above-market leases, net | 1 |  |  | 199 |
Customer relationships | 97,900 |  |  | 97,900 |
Accumulated amortization | (50,892) |  |  | (40,380) |
Customer relationships, net | 47,008 |  |  | 57,520 |
Non-competition agreements | 5,300 |  |  | 8,200 |
Accumulated amortization | (4,371) |  |  | (4,926) |
Non-competition agreements, net | 929 |  |  | 3,274 |
Trade name | 37,200 |  |  | 37,200 |
Parking easement | 15,273 |  |  | 15,273 |
DEFERRED LEASING COSTS AND INTANGIBLE ASSETS, NET | $ | 361,610 |  |  | $ | 327,514 |
Below-market leases | $ | 39,628 |  |  | $ | 40,535 |
Accumulated amortization | (20,851) |  |  | (18,697) |
INTANGIBLE LIABILITIES, NET | $ | 18,777 |  |  | $ | 21,838 |
The Company recognized the following amortization related to deferred leasing costs and intangibles:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Deferred leasing costs and in-place lease intangibles(1) | $ | (7,501) |  |  | $ | (7,711) |  |  | $ | (24,854) |  |  | $ | (24,211) |
Lease incentives(2) | $ | (1,761) |  |  | $ | (384) |  |  | $ | (3,623) |  |  | $ | (606) |
Below-market ground leases(3) | $ | (651) |  |  | $ | (673) |  |  | $ | (1,953) |  |  | $ | (2,018) |
Above-market leases(2) | $ | (1) |  |  | $ | (14) |  |  | $ | (167) |  |  | $ | (43) |
Customer relationships(1) | $ | (3,502) |  |  | $ | (3,504) |  |  | $ | (10,511) |  |  | $ | (10,512) |
Non-competition agreements(1) | $ | (267) |  |  | $ | (412) |  |  | $ | (2,347) |  |  | $ | (1,235) |
Below-market leases(2) | $ | 1,013 |  |  | $ | 1,210 |  |  | $ | 3,061 |  |  | $ | 3,942 |
Above-market ground leases(3) | $ | — |  |  | $ | 11 |  |  | $ | — |  |  | $ | 32 |
__________________ 1.Amortization is recorded in depreciation and amortization expenses on the Consolidated Statements of Operations. 2.Amortization is recorded in office rental revenues on the Consolidated Statements of Operations. 3.Amortization is recorded in office and studio operating expenses on the Consolidated Statements of Operations. During the nine months ended September 30, 2025, the Company recorded a $0.1 million impairment charge related to the deferred leasing costs and intangible assets of the 625 Second office property. The property was subsequently sold on May 30, 2025. See Note 3 for details. The impairment charge is recorded within impairment loss on the Consolidated Statement of Operations. During the three and nine months ended September 30, 2024, the Company recorded $0.7 million of impairment charges related to the deferred leasing costs and intangible assets of the Maxwell, Foothill Research Center and 3176 Porter office properties. These properties were subsequently sold. See Note 3 for details. The impairment charges are recorded within impairment loss on the Consolidated Statements of Operations.

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