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REAL ESTATE INVESTMENTS
 6 Months Ended
Jun. 30, 2022
Real Estate [Abstract]  
REAL ESTATE INVESTMENTS
3. REAL ESTATE INVESTMENTS
As of June 30, 2022 and December 31, 2021, the gross carrying value of the operating properties was as follows (in thousands):
June 30, 2022December 31, 2021
Land$410,891 $410,144 
Building and improvements2,710,368 2,653,492 
Tenant improvements423,843 408,966 
Total$3,545,102 $3,472,602 
Acquisitions
The following table summarizes the property acquisitions during the six months ended June 30, 2022 (dollars in thousands):
Property/Portfolio NameAcquisition DateLocationProperty TypeRentable Square Feet/AcresPurchase Price
631 Park AvenueJanuary 21, 2022King of Prussia, PALand3.3 acres$3,650 
3151 Market Street (a)April 29, 2022Philadelphia, PALeasehold Interest0.8 acres$27,349 
(a)On April 29, 2022, the Company acquired, through a 99-year ground lease, the leasehold interest in a 0.8-acre land parcel, located at 3151 Market Street, in Philadelphia, Pennsylvania. The Company prepaid $19.5 million of the ground lease, representing 500,000 square feet of buildable floor to area ratio ("FAR") to be used for the development of 3151 Market Street, and paid $7.8 million for 200,000 square feet of FAR density usable pursuant to the Schuylkill Yards Project master development agreement. The ground lease and additional density are included in construction in progress and prepaid leasehold interests in land held for development, respectively, in the consolidated balance sheets. See Note 15, ''Subsequent Events," for further information.
Dispositions
The following table summarizes the property dispositions during the six months ended June 30, 2022 (dollars in thousands):
Property/Portfolio NameDisposition DateLocationProperty TypeRentable Square Feet/AcresSales PriceGain/(Loss) on Sale (a)
Gateway G & HJanuary 20, 2022Richmond, VALand10.0 acres$1,600 $897 
25 M StreetApril 14, 2022Washington, D.C.Land0.8 acres$29,675 $3,436 
Gibbsboro PortfolioJune 28, 2022Gibbsboro, NJOffice/Land
42,809/4.0 acres
$4,100 $831 (b)
(a)Gain/(Loss) on Sale is net of closing and other transaction related costs.
(b)Includes $0.7 million of gain on sale of undepreciated real estate and $0.1 million of gain on disposition of real estate included within the consolidated statements of operations for the six months ended June 30, 2022.
One Uptown Venture
On December 1, 2021, the Company entered into two joint venture agreements with affiliates of Canyon Partners Real Estate to commence development of One Uptown, a $328.4 million mixed-use project in Austin, Texas. One Uptown has been designed to deliver 348,000 square feet of Class-A workspace and 15,000 square feet of street-level retail space (through the "office" joint venture) and 341 apartment residences and a public park (through the "multifamily" joint venture) and a six-story parking garage to be shared by the two joint ventures. The Company's partner in each of the two joint ventures has agreed, subject to customary funding conditions, including closing of the applicable construction loan, to fund approximately $61.0 million of the combined project costs in exchange for a 50% preferred equity interest in each of the two joint ventures, with the Company retaining a 50% common equity interest in each. As of June 30, 2022, the Company was in the process of securing a construction loan for each of the two joint ventures that would total approximately $206.7 million, representing 63% of the combined project costs. Under the terms of each of the joint venture agreements, the joint venture partner has no obligation to fund any portion of the applicable project costs until the closing of the applicable construction loan. This right prevented the Company from meeting the sale recognition criteria of ASC 606 until the applicable closings of the construction loans. On July 29, 2022, the One Uptown Ventures closed on two separate construction loans. The office joint venture closed on a $121.7 million construction loan which bears interest at SOFR plus 3.00% and the multifamily joint venture closed on an $85.0 million construction which bears interest at SOFR plus 2.45%, plus, in each case, a daily SOFR adjustment of 10 basis points. Both loans mature in July 2026. The Company has also provided a carry guarantee and limited payment guarantee up to 30% and 15% of the principal balance of the $121.7 million and $85 million construction loan, respectively. The Company subsequently recognized the formation of the joint ventures and deconsolidated the projects.