Dispositions

12 Months Ended

Dec. 31, 2020

Discontinued Operations and Disposal Groups [Abstract]

Dispositions

Dispositions

Operating Property Dispositions

The following table summarizes the operating properties sold during the years ended December 31, 2020, 2019 and 2018:

Location	Month of Disposition	Number of Buildings	Rentable Square Feet (unaudited)	Sales Price (in millions) (1)
2020 Dispositions
331 Fairchild Drive, Mountain View, CA	December	1	87,147	$	75.9
Total 2020 Dispositions		1	87,147	$	75.9
2019 Dispositions
2829 Townsgate Road, Thousand Oaks, CA	May	1	84,098	$	18.3
2211 Michelson Drive, Irvine, CA	October	1	271,556	115.5
Total 2019 Dispositions		2	355,654	$	133.8
2018 Dispositions
1310-1327 Chesapeake Terrace, Sunnyvale, CA	November	4	266,982	$	160.3
Plaza Yarrow Bay Properties (2)	November	4	279,924	134.5
23925, 23975, & 24025 Park Sorrento, Calabasas, CA	December	3	225,340	78.2
Total 2018 Dispositions		11	772,246	$	373.0

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(1)Represents gross sales price before broker commissions and closing costs.

(2)The Plaza Yarrow Bay Properties include the following properties: 10210, 10220 and 10230 NE Points Drive & 3933 Lake Washington Boulevard NE in Kirkland, Washington.

The total gains on the sales of the operating properties sold during the years ended December 31, 2020, 2019 and 2018 were $35.5 million, $36.8 million and $142.9 million, respectively.

Land Dispositions

We did not dispose of any land parcels during the years ended December 31, 2020 and 2019. During the year ended December 31, 2018, in connection with the Plaza Yarrow Bay Properties disposition listed above, we recognized a gain on sale of land of $11.8 million.

Restricted Cash Related to Dispositions

As of December 31, 2020, approximately $74.9 million of net proceeds related to the operating property disposition during the year ended December 31, 2020 were temporarily being held at a qualified intermediary at our direction, for the purpose of facilitating a Section 1031 Exchange. The cash proceeds were included in restricted cash on our consolidated balance sheets at December 31, 2020. During January 2021, the Section 1031 Exchange was terminated and the cash proceeds were released from the qualified intermediary. We did not have any restricted cash related to dispositions or Section 1031 Exchanges as of December 31, 2019.