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Real Estate Investments (Tables) | 9 Months Ended
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Sep. 30, 2020
Real Estate [Abstract] |
Gross Carrying Value of Operating Properties | As of September 30, 2020 and December 31, 2019, the gross carrying value of the operating properties was as follows (in thousands):
| September 30, 2020 |  | December 31, 2019
Land | $ | 437,617 |  |  | $ | 489,702 |
Building and improvements | 2,851,185 |  |  | 3,049,395 |
Tenant improvements | 426,963 |  |  | 467,362 |
Total | $ | 3,715,765 |  |  | $ | 4,006,459 |
Summary of Properties Acquired | The following table summarizes the property acquisitions during the nine months ended September 30, 2020 (dollars in thousands):
Property/Portfolio Name |  | Acquisition Date |  | Location |  | Property Type |  | Rentable Square Feet/Acres |  | Purchase Price
145 King of Prussia Road |  | February 27, 2020 |  | Radnor, PA |  | Land |  | 7.75 acres |  | $ | 11,250 |
Summary of Properties Sold | The following table summarizes the property dispositions during the nine months ended September 30, 2020 (dollars in thousands):
Property/Portfolio Name |  | Disposition Date |  | Location |  | Property Type |  | Rentable Square Feet/Acres |  | Sales Price |  | Gain/(Loss) on Sale (a)
52 East Swedesford Road |  | March 19, 2020 |  | Malvern, PA |  | Office |  | 131,077 |  | $ | 18,000 |  |  | $ | 2,336 |
Keith Valley |  | June 15, 2020 |  | Horsham, PA |  | Land |  | 14.0 Acres |  | $ | 4,000 |  |  | $ | 201 |
One and Two Commerce Square (b) |  | July 21, 2020 |  | Philadelphia, PA |  | Office |  | 1,896,142 |  | $ | 115,000 |  |  | $ | 271,905 |
(a) | Gain/(Loss) on Sale is net of closing and other transaction related costs.
(b) | The Company sold a preferred equity interest representing a 30% equity interest in two office buildings located in Philadelphia, Pennsylvania, to an unrelated third party for $115.0 million (the "Commerce Square Venture Transaction"), which resulted in deconsolidation of the properties and formation of Brandywine Commerce I LP and Brandywine Commerce II LP (collectively, the "Commerce Square Venture"). The transaction valued the properties at $600.0 million. The Company recorded its investment at fair value and recognized a gain of $271.9 million in "Net gain on disposition of real estate" on the Consolidated Statements of Operations during the three months ended September 30, 2020. See Note 4, ''Investment in Unconsolidated Real Estate Ventures," for further information.

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