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Pay vs Performance Disclosure
 12 Months Ended
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Pay vs Performance Disclosure          
Pay vs Performance Disclosure, Table
PAY VERSUS PERFORMANCE TABLE
As required by the Securities and Exchange Commission, the following table is intended to illustrate compensation “actually paid” to our NEOs for each of the fiscal years ended December 31, 2020, 2021, 2022, 2023 and 2024, in each case, as compared to (i) our cumulative TSR performance, (ii) our peer group TSR performance, (iii) net income, and (iv) FFO per share (“FFO”), the company’s selected measure. Differences in our Summary Compensation Table amounts and compensation actually paid reflect changes in the fair value of equity awards, both outstanding and vested in each year, which take into account a discount for lack of marketability or illiquidity due to post-vesting restrictions and the future performance of the Company and relative performance indices based on Monte Carlo simulations for any market-based awards.
​
Year
​ ​
Summary
Compensation
Table
Total for
PEO
($)
​ ​
Compensation
Actually
Paid to
PEO
($)(1)
​ ​
Average
Summary
Compensation
Table
Total for
Other NEOs
($)
​ ​
Average
Compensation
Actually
Paid to
Other NEOs
($)(1)
​ ​
Value of Initial
Fixed $100
Investment
Based On:
​ ​
Net
Income
(in millions)
($)
​ ​
FFO per
Share
($)(4)
​
​
Total
Shareholder
Return
($)(2)
​ ​
Peer Group
Total
Shareholder
Return
($)(3)
​
​ 2024 ​ ​ ​ $ 24,801,634 ​ ​ ​ ​ $ 3,611,063 ​ ​ ​ ​ $ 5,099,963 ​ ​ ​ ​ $ 1,394,558 ​ ​ ​ ​ $ 10.16 ​ ​ ​ ​ $ 68.44 ​ ​ ​ ​ $ (381.4) ​ ​ ​ ​ $ 0.53 ​ ​
​ 2023 ​ ​ ​ $ 8,369,679 ​ ​ ​ ​ $ 9,129,334 ​ ​ ​ ​ $ 2,349,969 ​ ​ ​ ​ $ 2,628,308 ​ ​ ​ ​ $ 30.66 ​ ​ ​ ​ $ 65.66 ​ ​ ​ ​ $ (170.7) ​ ​ ​ ​ $ 0.90 ​ ​
​ 2022 ​ ​ ​ $ 6,790,340 ​ ​ ​ ​ $ (5,665,170) ​ ​ ​ ​ $ 1,997,226 ​ ​ ​ ​ $ (356,855) ​ ​ ​ ​ $ 30.02 ​ ​ ​ ​ $ 66.06 ​ ​ ​ ​ $ (16.5) ​ ​ ​ ​ $ 2.02 ​ ​
​ 2021 ​ ​ ​ $ 10,548,816 ​ ​ ​ ​ $ 9,505,900 ​ ​ ​ ​ $ 2,846,242 ​ ​ ​ ​ $ 2,547,509 ​ ​ ​ ​ $ 71.13 ​ ​ ​ ​ $ 102.50 ​ ​ ​ ​ $ 29.0 ​ ​ ​ ​ $ 1.99 ​ ​
​ 2020 ​ ​ ​ $ 9,487,250 ​ ​ ​ ​ $ (1,746,873) ​ ​ ​ ​ $ 3,197,016 ​ ​ ​ ​ $ (297,789) ​ ​ ​ ​ $ 66.61 ​ ​ ​ ​ $ 83.39 ​ ​ ​ ​ $ 16.4 ​ ​ ​ ​ $ 1.91 ​ ​
(1)
Reflects compensation actually paid to our PEO and the average compensation actually paid to our remaining NEOs for each relevant fiscal year, as determined under SEC rules (and described below), which includes the individuals indicated in the table below for each fiscal year:
​
​
Year
​ ​
PEO
​ ​
Non-PEO NEOs
​
​ 2024 ​ ​
Victor J. Coleman
​ ​
Mark T. Lammas, Harout Diramerian, Arthur X. Suazo, Steven Jaffe and Drew Gordon
​
​ 2023 ​ ​
Victor J. Coleman
​ ​
Mark T. Lammas, Harout Diramerian, Arthur X. Suazo, Steven Jaffe and Kay L. Tidwell
​
​ 2022 ​ ​
Victor J. Coleman
​ ​
Mark T. Lammas, Harout Diramerian, Arthur X. Suazo, Steven Jaffe and Kay L. Tidwell
​
​ 2021 ​ ​
Victor J. Coleman
​ ​
Mark T. Lammas, Harout Diramerian, Arthur X. Suazo and Steven Jaffe
​
​ 2020 ​ ​
Victor J. Coleman
​ ​
Mark T. Lammas, Harout Diramerian, Alexander Vouvalides and Joshua A. Hatfield
​
Compensation actually paid to our NEOs represents the “Total” compensation reported in the Summary Compensation Table for the applicable fiscal year, as adjusted as follows:
​
Adjustments to Determine Compensation “Actually Paid” for PEO
​ ​
2024
​
​ Deduction for Amounts Reported under the “Stock Awards” and “Option Awards” Columns in the
Summary Compensation Table for 2024 		​ ​ ​ ​ (21,567,422) ​ ​
​ Increase based on ASC 718 Fair Value of Awards Granted during 2024 that Remain Unvested as of
2024 FY End, determined as of 2024 FY End 		​ ​ ​ ​ 5,038,166 ​ ​
​ Increase based on ASC 718 Fair Value of Awards Granted during 2024 that Vested during 2024,
determined as of Vesting Date 		​ ​ ​ ​ 0 ​ ​
​ Increase/deduction for Awards Granted during Prior FY that were Outstanding and Unvested as of
2024 FY End, determined based on change in ASC 718 Fair Value from 2023 FY End to 2024 FY End 		​ ​ ​ ​ (2,299,234) ​ ​
​ Increase/deduction for Awards Granted during Prior FY that Vested During 2024, determined based on
change in ASC 718 Fair Value from 2023 FY End to Vesting Date 		​ ​ ​ ​ (1,960,740) ​ ​
​ Deduction of ASC 718 Fair Value of Awards Granted during Prior FY that were Forfeited during 2024,
determined as of 2023 FY End 		​ ​ ​ ​ (401,331) ​ ​
​ Total Adjustments ​ ​ ​ ​ (21,190,571) ​ ​
​
Adjustments to Determine Compensation “Actually Paid” for Non-PEOs (Average)
​ ​
2024
​
​ Deduction for Amounts Reported under the “Stock Awards” and “Option Awards” Columns in the
Summary Compensation Table for 2024 		​ ​ ​ ​ (3,611,194) ​ ​
​ Increase based on ASC 718 Fair Value of Awards Granted during 2024 that Remain Unvested as of
2024 FY End, determined as of 2024 FY End 		​ ​ ​ ​ 855,427 ​ ​
​ Increase based on ASC 718 Fair Value of Awards Granted during 2024
that Vested during 2024Y, determined as of Vesting Date 		​ ​ ​ ​ 0 ​ ​
​ Increase/deduction for Awards Granted during Prior FY that were Outstanding and Unvested as of 2024 FY End,
determined based on change in ASC 718 Fair Value from 2023 FY End to 2024 FY End 		​ ​ ​ ​ (487,889) ​ ​
​ Increase/deduction for Awards Granted during Prior FY that Vested During 2024, determined based on change in
ASC 718 Fair Value from 2023 End to Vesting Date 		​ ​ ​ ​ (384,832) ​ ​
​ Deduction of ASC 718 Fair Value of Awards Granted during Prior FY
that were Forfeited during 2024, determined as of 2023 FY End 		​ ​ ​ ​ (76,917) ​ ​
​ Total Adjustments ​ ​ ​ ​ (3,705,405) ​ ​
For the fiscal year ending December 31, 2024, represents actual achievement for the 2022 PSU awards, assumes achievement of 2023 and 2024 awards based on actual performance of the Company and indices through December 31, 2024 as well as future performance of the Company and indices calculated through Monte Carlo simulation analyses by an independent third party.
For the time-based LTIP units, fair value represents stock price at the end of each fiscal year multiplied by an illiquidity discount due to their post-vesting restrictions and a discount for book-up risk, where applicable.
The methodology used to develop the valuation assumptions as of each applicable measurement date is consistent with those disclosed at the time of grant. The valuation assumptions used to calculate the fair values were updated as of each measurement date and will differ from those disclosed as of the grant date. For market-based awards, the fair values were calculated by a Monte Carlo simulation model as of the applicable measurement dates, which utilizes multiple input variables, including expected volatility of our stock price and other assumptions appropriate for determining fair value, to estimate the probability of satisfying the performance objective established for the award, including the expected volatility of our stock price relative to the applicable comparative index and a risk-free interest rate.
(2)
Based on a fixed investment of $100 on December 31, 2019 in the Company’s stock assuming reinvestment of dividends on the ex-dividend date.
​
(3)
Based on a fixed investment of $100 on December 31, 2019 in the Dow Jones U.S. Real Estate Office Index, assuming reinvestment of dividends.
​
(4)
FFO is a non-GAAP measure. Refer to Appendix A for a definition of FFO and a reconciliation of net income to FFO.
       
Named Executive Officers, Footnote
(1)
Reflects compensation actually paid to our PEO and the average compensation actually paid to our remaining NEOs for each relevant fiscal year, as determined under SEC rules (and described below), which includes the individuals indicated in the table below for each fiscal year:
​
​
Year
​ ​
PEO
​ ​
Non-PEO NEOs
​
​ 2024 ​ ​
Victor J. Coleman
​ ​
Mark T. Lammas, Harout Diramerian, Arthur X. Suazo, Steven Jaffe and Drew Gordon
​
​ 2023 ​ ​
Victor J. Coleman
​ ​
Mark T. Lammas, Harout Diramerian, Arthur X. Suazo, Steven Jaffe and Kay L. Tidwell
​
​ 2022 ​ ​
Victor J. Coleman
​ ​
Mark T. Lammas, Harout Diramerian, Arthur X. Suazo, Steven Jaffe and Kay L. Tidwell
​
​ 2021 ​ ​
Victor J. Coleman
​ ​
Mark T. Lammas, Harout Diramerian, Arthur X. Suazo and Steven Jaffe
​
​ 2020 ​ ​
Victor J. Coleman
​ ​
Mark T. Lammas, Harout Diramerian, Alexander Vouvalides and Joshua A. Hatfield
​
       
Peer Group Issuers, Footnote
(3)
Based on a fixed investment of $100 on December 31, 2019 in the Dow Jones U.S. Real Estate Office Index, assuming reinvestment of dividends.
       
PEO Total Compensation Amount $ 24,801,634 $ 8,369,679 $ 6,790,340 $ 10,548,816 $ 9,487,250
PEO Actually Paid Compensation Amount $ 3,611,063 9,129,334 (5,665,170) 9,505,900 (1,746,873)
Adjustment To PEO Compensation, Footnote
Compensation actually paid to our NEOs represents the “Total” compensation reported in the Summary Compensation Table for the applicable fiscal year, as adjusted as follows:
​
Adjustments to Determine Compensation “Actually Paid” for PEO
​ ​
2024
​
​ Deduction for Amounts Reported under the “Stock Awards” and “Option Awards” Columns in the
Summary Compensation Table for 2024 		​ ​ ​ ​ (21,567,422) ​ ​
​ Increase based on ASC 718 Fair Value of Awards Granted during 2024 that Remain Unvested as of
2024 FY End, determined as of 2024 FY End 		​ ​ ​ ​ 5,038,166 ​ ​
​ Increase based on ASC 718 Fair Value of Awards Granted during 2024 that Vested during 2024,
determined as of Vesting Date 		​ ​ ​ ​ 0 ​ ​
​ Increase/deduction for Awards Granted during Prior FY that were Outstanding and Unvested as of
2024 FY End, determined based on change in ASC 718 Fair Value from 2023 FY End to 2024 FY End 		​ ​ ​ ​ (2,299,234) ​ ​
​ Increase/deduction for Awards Granted during Prior FY that Vested During 2024, determined based on
change in ASC 718 Fair Value from 2023 FY End to Vesting Date 		​ ​ ​ ​ (1,960,740) ​ ​
​ Deduction of ASC 718 Fair Value of Awards Granted during Prior FY that were Forfeited during 2024,
determined as of 2023 FY End 		​ ​ ​ ​ (401,331) ​ ​
​ Total Adjustments ​ ​ ​ ​ (21,190,571) ​ ​
For the fiscal year ending December 31, 2024, represents actual achievement for the 2022 PSU awards, assumes achievement of 2023 and 2024 awards based on actual performance of the Company and indices through December 31, 2024 as well as future performance of the Company and indices calculated through Monte Carlo simulation analyses by an independent third party.
For the time-based LTIP units, fair value represents stock price at the end of each fiscal year multiplied by an illiquidity discount due to their post-vesting restrictions and a discount for book-up risk, where applicable.
The methodology used to develop the valuation assumptions as of each applicable measurement date is consistent with those disclosed at the time of grant. The valuation assumptions used to calculate the fair values were updated as of each measurement date and will differ from those disclosed as of the grant date. For market-based awards, the fair values were calculated by a Monte Carlo simulation model as of the applicable measurement dates, which utilizes multiple input variables, including expected volatility of our stock price and other assumptions appropriate for determining fair value, to estimate the probability of satisfying the performance objective established for the award, including the expected volatility of our stock price relative to the applicable comparative index and a risk-free interest rate.
       
Non-PEO NEO Average Total Compensation Amount $ 5,099,963 2,349,969 1,997,226 2,846,242 3,197,016
Non-PEO NEO Average Compensation Actually Paid Amount $ 1,394,558 2,628,308 (356,855) 2,547,509 (297,789)
Adjustment to Non-PEO NEO Compensation Footnote
Compensation actually paid to our NEOs represents the “Total” compensation reported in the Summary Compensation Table for the applicable fiscal year, as adjusted as follows:
​
Adjustments to Determine Compensation “Actually Paid” for Non-PEOs (Average)
​ ​
2024
​
​ Deduction for Amounts Reported under the “Stock Awards” and “Option Awards” Columns in the
Summary Compensation Table for 2024 		​ ​ ​ ​ (3,611,194) ​ ​
​ Increase based on ASC 718 Fair Value of Awards Granted during 2024 that Remain Unvested as of
2024 FY End, determined as of 2024 FY End 		​ ​ ​ ​ 855,427 ​ ​
​ Increase based on ASC 718 Fair Value of Awards Granted during 2024
that Vested during 2024Y, determined as of Vesting Date 		​ ​ ​ ​ 0 ​ ​
​ Increase/deduction for Awards Granted during Prior FY that were Outstanding and Unvested as of 2024 FY End,
determined based on change in ASC 718 Fair Value from 2023 FY End to 2024 FY End 		​ ​ ​ ​ (487,889) ​ ​
​ Increase/deduction for Awards Granted during Prior FY that Vested During 2024, determined based on change in
ASC 718 Fair Value from 2023 End to Vesting Date 		​ ​ ​ ​ (384,832) ​ ​
​ Deduction of ASC 718 Fair Value of Awards Granted during Prior FY
that were Forfeited during 2024, determined as of 2023 FY End 		​ ​ ​ ​ (76,917) ​ ​
​ Total Adjustments ​ ​ ​ ​ (3,705,405) ​ ​
For the fiscal year ending December 31, 2024, represents actual achievement for the 2022 PSU awards, assumes achievement of 2023 and 2024 awards based on actual performance of the Company and indices through December 31, 2024 as well as future performance of the Company and indices calculated through Monte Carlo simulation analyses by an independent third party.
For the time-based LTIP units, fair value represents stock price at the end of each fiscal year multiplied by an illiquidity discount due to their post-vesting restrictions and a discount for book-up risk, where applicable.
The methodology used to develop the valuation assumptions as of each applicable measurement date is consistent with those disclosed at the time of grant. The valuation assumptions used to calculate the fair values were updated as of each measurement date and will differ from those disclosed as of the grant date. For market-based awards, the fair values were calculated by a Monte Carlo simulation model as of the applicable measurement dates, which utilizes multiple input variables, including expected volatility of our stock price and other assumptions appropriate for determining fair value, to estimate the probability of satisfying the performance objective established for the award, including the expected volatility of our stock price relative to the applicable comparative index and a risk-free interest rate.
       
Compensation Actually Paid vs. Total Shareholder Return
[MISSING IMAGE: bc_paidtsr-4c.jpg]
       
Compensation Actually Paid vs. Net Income
[MISSING IMAGE: bc_paidnet-4c.jpg]
       
Compensation Actually Paid vs. Company Selected Measure
[MISSING IMAGE: bc_paidffo-4c.jpg]
       
Tabular List, Table
Tabular List of Important Financial Measures
The follow table reflects the financial measures that we have determined represent the most important financial measures used to link compensation actually paid to performance for 2024:
​ ​ Most Important Financial Measures for 2024 ​ ​
​ ​ FFO ​ ​
​ ​ Leasing Volume ​ ​
​ ​ Stock Price ​ ​
​ ​ Net Debt to Annual Gross Asset Value ​ ​
       
Total Shareholder Return Amount $ 10.16 30.66 30.02 71.13 66.61
Peer Group Total Shareholder Return Amount 68.44 65.66 66.06 102.5 83.39
Net Income (Loss) $ (381,400,000) $ (170,700,000) $ (16,500,000) $ 29,000,000 $ 16,400,000
Company Selected Measure Amount 0.53 0.9 2.02 1.99 1.91
PEO Name Victor J. Coleman        
Measure:: 1          
Pay vs Performance Disclosure          
Name FFO        
Non-GAAP Measure Description
(4)
FFO is a non-GAAP measure. Refer to Appendix A for a definition of FFO and a reconciliation of net income to FFO.
       
Measure:: 2          
Pay vs Performance Disclosure          
Name Leasing Volume        
Measure:: 3          
Pay vs Performance Disclosure          
Name Stock Price        
Measure:: 4          
Pay vs Performance Disclosure          
Name Net Debt to Annual Gross Asset Value        
PEO | Equity Awards Adjustments          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ (21,190,571)        
PEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (21,567,422)        
PEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 5,038,166        
PEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (2,299,234)        
PEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 0        
PEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (1,960,740)        
PEO | Adjustments For Equity Awards Granted During Prior Year Forfeited [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (401,331)        
Non-PEO NEO | Equity Awards Adjustments          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (3,705,405)        
Non-PEO NEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (3,611,194)        
Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 855,427        
Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (487,889)        
Non-PEO NEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 0        
Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (384,832)        
Non-PEO NEO | Adjustments For Equity Awards Granted During Prior Year Forfeited [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ (76,917)