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Deferred Leasing Costs and Intangible Assets, net and Intangible Liabilities, net
 9 Months Ended
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, 2025December 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, net122,219 127,595 
Lease incentives92,424 34,352 
Accumulated amortization(4,826)(1,203)
Lease incentives, net87,598 33,149 
Below-market ground leases74,930 74,930 
Accumulated amortization(23,548)(21,626)
Below-market ground leases, net51,382 53,304 
Above-market leases200 636 
Accumulated amortization(199)(437)
Above-market leases, net1 199 
Customer relationships97,900 97,900 
Accumulated amortization(50,892)(40,380)
Customer relationships, net47,008 57,520 
Non-competition agreements5,300 8,200 
Accumulated amortization(4,371)(4,926)
Non-competition agreements, net929 3,274 
Trade name37,200 37,200 
Parking easement15,273 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,
2025202420252024
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 
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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.