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DEBT AND PREFERRED EQUITY INVESTMENTS | 12 Months Ended
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Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract] |
DEBT AND PREFERRED EQUITY INVESTMENTS | 5. DEBT AND PREFERRED EQUITY INVESTMENTS Austin Preferred Equity Investment On December 31, 2020, the Company invested $50.0 million in exchange for a preferred equity interest in a single-purpose entity that owned two stabilized office buildings located in Austin, Texas. The Company accounted for this mandatorily redeemable investment as a note receivable, which was included within “Other assets” on the consolidated balance sheets.The preferred equity interest accrued a 9.0% annual return, compounded and paid monthly. The investment was required to be redeemed no later than December 31, 2023 (subject to a one-year extension option). On September 3, 2021, the $50.0 million investment was redeemed prior to maturity. As a result, the Company recognized an incremental $2.8 million of income on early redemption related to its accelerated minimum return and exit fees paid in cash on the redemption date during the three months ended September 30, 2021, which is included in “Interest and investment income” on the consolidated statements of operations. 1919 Venture Note ReceivableDuring 2018, each of the Company and the other equity partner in 1919 Venture, then an unconsolidated real estate venture, provided a $44.4 million mortgage loan to 1919 Venture and, as a result, the Company recorded a $44.4 million related-party note receivable from 1919 Venture, which bore interest at a fixed 4.0% per annum interest rate with a scheduled maturity on June 25, 2023. The $44.4 million note was repaid in full upon the sale of the Company's 50% ownership interest in 1919 Venture on November 30, 2022. See Note 4 “Investment in Unconsolidated Real Estate Ventures” for further information regarding 1919 Venture.

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