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Investments in Unconsolidated Joint Ventures (Tables)
 12 Months Ended
Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]  
Investments In Unconsolidated Joint Ventures
The investments in unconsolidated joint ventures consist of the following at December 31, 2023 and December 31, 2022:
 Carrying Value of Investment (1)
EntityPropertiesNominal % OwnershipDecember 31, 2023December 31, 2022
(in thousands)
Square 407 Limited PartnershipMarket Square North50.00 %$(5,996)$(6,198)
BP/CRF Metropolitan Square LLCMetropolitan Square20.00 %(2)— (37,629)
901 New York, LLC901 New York Avenue25.00 %(3)(11,764)(12,493)
WP Project Developer LLC
Wisconsin Place Land and Infrastructure
33.33 %(4)30,375 31,971 
500 North Capitol Venture LLC500 North Capitol Street, NW30.00 %(10,253)(9,185)
501 K Street LLC
1001 6th Street
50.00 %44,774 42,922 
Podium Developer LLCThe Hub on Causeway - Podium50.00 %45,201 46,839 
Residential Tower Developer LLCHub50House50.00 %40,235 45,414 
Hotel Tower Developer LLC
The Hub on Causeway - Hotel Air Rights
50.00 %13,494 12,366 
Office Tower Developer LLC100 Causeway Street50.00 %57,660 59,716 
1265 Main Office JV LLC1265 Main Street50.00 %3,585 3,465 
BNY Tower Holdings LLCDock 72 50.00 %(5)(11,890)(19,921)
CA-Colorado Center, LLCColorado Center50.00 %237,815 233,862 
7750 Wisconsin Avenue LLC 7750 Wisconsin Avenue 50.00 %50,064 52,152 
BP-M 3HB Venture LLC3 Hudson Boulevard25.00 %115,103 116,397 
SMBP Venture LPSanta Monica Business Park55.00 %(6)— 164,735 
Platform 16 Holdings LPPlatform 1655.00 %(7)(8)45,564 158,109 
Gateway Portfolio Holdings LLCGateway Commons50.00 %376,834 324,038 
Rosecrans-Sepulveda Partners 4, LLCBeach Cities Media Campus50.00 %27,034 27,000 
Safeco Plaza REIT LLCSafeco Plaza33.67 %(8)(9)44,734 69,785 
360 PAS Holdco LLC360 Park Avenue South71.11 %(8)(10)42,988 114,992 
PR II/BXP Reston Gateway LLCSkymark - Reston Next Residential20.00 %15,184 11,351 
751 Gateway Holdings LLC751 Gateway 49.00 %93,411 80,714 
200 Fifth Avenue JV LLC200 Fifth Avenue26.69 %(8)75,718 120,083 
ABXP Worldgate Investments LLC13100 and 13150 Worldgate Drive50.00 %17,546 N/A
$1,337,416 $1,630,485 
 _______________
(1)Investments with deficit balances aggregating approximately $39.9 million and $85.4 million at December 31, 2023 and December 31, 2022, respectively, are included within Other Liabilities in the Company’s Consolidated Balance Sheets.
(2)During the year ended December 31, 2023, the Company completed a restructuring of its ownership in Metropolitan Square, as described below in this Note 6.
(3)The Company’s economic ownership increased based on the achievement of certain return thresholds. At December 31, 2023 and December 31, 2022, the Company’s economic ownership was approximately 50%. On January 8, 2024, the Company’s joint venture partner transferred all of its interest in the joint venture to the Company for a gross purchase price of $10.0 million, see Note 17 for more information.
(4)The Company’s wholly-owned subsidiary that owns Wisconsin Place Office also owns a 33.33% interest in the joint venture entity that owns the land, parking garage and infrastructure of the project.
(5)This property includes net equity balances from the amenity joint venture.
(6)During the year ended December 31, 2023, the Company completed the acquisition of its joint venture partner’s 45% ownership interest in Santa Monica Business Park, as described below in this Note 6 and Note 3.
(7)At December 31, 2022, this entity was a VIE.
(8)During the year ended December 31, 2023, the Company recognized an other-than-temporary impairment loss on its investment.
(9)The Company’s ownership includes (1) a 33.0% direct interest in the joint venture, and (2) an additional 1% interest in each of the two entities through which each partner owns its interest in the joint venture.
(10)On December 14, 2023, the Company completed the acquisition of all of one of its joint venture partners ownership interest. As a result of this acquisition, at December 31, 2023, the Company’s ownership includes (1) a 35.79% direct interest in the joint venture, (2) an additional 35.02% indirect ownership in the joint venture, and (3) an additional 1% interest in the entity through which the partner owns its interest in the joint venture. The Company’s partner will fund required capital until its aggregate investment is approximately 29% of all capital contributions; thereafter, the partners will fund required capital according to their percentage interests. At December 31, 2022, the Company’s ownership included (1) a 35.79% direct interest in the joint venture, (2) an additional 5.837% indirect ownership in the joint venture, and (3) an additional 1% interest in each of the two entities through which each partner owns its interest in the joint venture.
Schedule Of Balance Sheets Of The Unconsolidated Joint Ventures [Text Block]
The combined summarized balance sheets of the Company’s unconsolidated joint ventures are as follows: 
December 31, 2023December 31, 2022
 (in thousands)
ASSETS
Real estate and development in process, net (1)$5,811,763 $6,537,554 
Other assets (2)682,291 756,786 
Total assets$6,494,054 $7,294,340 
LIABILITIES AND MEMBERS’/PARTNERS’ EQUITY
Mortgage and notes payable, net$3,351,873 $4,022,746 
Other liabilities (3)361,357 716,271 
Members’/Partners’ equity2,780,824 2,555,323 
Total liabilities and members’/partners’ equity$6,494,054 $7,294,340 
Company’s share of equity$1,278,483 $1,238,929 
Basis differentials (4)58,933 391,556 
Carrying value of the Company’s investments in unconsolidated joint ventures (5)$1,337,416 $1,630,485 
_______________
(1)At December 31, 2022, this amount included right of use assets - finance leases totaling approximately $248.9 million. At December 31, 2023 and December 31, 2022, this amount included right of use assets - operating leases totaling approximately $20.1 million and $21.2 million, respectively.
(2)At December 31, 2023, this amount included sales-type lease receivable, net totaling approximately $13.9 million.
(3)At December 31, 2022, this amount included lease liabilities - finance leases totaling approximately $382.2 million. At December 31, 2023 and December 31, 2022, this amount included lease liabilities - operating leases totaling approximately $30.5 million.
(4)This amount represents the aggregate difference between the Company’s historical cost basis and the basis reflected at the joint venture level, which is typically amortized over the life of the related assets and liabilities. Basis differentials
result from impairments of investments, acquisitions through joint ventures with no change in control and upon the transfer of assets that were previously owned by the Company into a joint venture. During the year ended December 31, 2023, the Company recognized an other-than-temporary impairment loss on its investments in Platform 16, 360 Park Avenue South, 200 Fifth Avenue and Safeco Plaza of approximately $155.2 million, $54.0 million, $33.4 million and $29.9 million, respectively, as well as a $35.8 million gain on investment related to Metropolitan Square, as described below in this Note 6. In addition, certain acquisition, transaction and other costs may not be reflected in the net assets at the joint venture level. The majority of the Company’s basis differences are as follows:
December 31, 2023December 31, 2022
Property(in thousands)
Colorado Center$298,906 $301,820 
200 Fifth Avenue58,308 94,497 
Gateway Commons48,971 47,808 
Safeco Plaza(29,678)(15)
360 Park Avenue South(116,534)3,798 
Dock 72(95,521)(98,980)
Platform 16(143,052)7,108 
These basis differentials (excluding land) will be amortized over the remaining lives of the related assets and liabilities.
(5)Investments with deficit balances aggregating approximately $39.9 million and $85.4 million at December 31, 2023 and December 31, 2022, respectively, are reflected within Other Liabilities in the Company’s Consolidated Balance Sheets.
Statements Of Operations Of The Joint Ventures
The combined summarized statements of operations of the Company’s unconsolidated joint ventures are as follows: 
 Year ended December 31,
 202320222021
 (in thousands)
Total revenue (1)$612,589 $512,078 $383,649 
Expenses
Operating239,947 198,632 158,498 
Transaction costs301 837 470 
Depreciation and amortization197,228 181,041 147,121 
Total expenses437,476 380,510 306,089 
Other income (expense)
Loss from early extinguishment of debt(3)(1,327)— 
Interest expense(227,537)(154,065)(108,884)
Unrealized gain (loss) on derivative instruments(6,582)1,681 — 
Gain on sales-type lease2,737 — — 
Net loss$(56,272)$(22,143)$(31,324)
Company’s share of net loss$(19,599)$(2,551)$(10,254)
Gain on sale of investment (2)— — 10,257 
Gain on investment (3)35,756 — — 
Gain (loss) on sale / consolidation (3)(4)28,412 — — 
Impairment losses on investments (5)(272,603)(50,705)— 
Basis differential (6)(11,509)(6,584)(2,573)
Loss from unconsolidated joint ventures$(239,543)$(59,840)$(2,570)
_______________ 
(1)Includes straight-line rent adjustments of approximately $28.7 million, $62.9 million and $17.2 million for the years ended December 31, 2023, 2022 and 2021, respectively.
(2)During the year ended December 31, 2021, the Company completed the sale of its 50% ownership interest in Annapolis Junction NFM LLC. The Company recognized a gain on sale of investment of approximately $10.3 million.
(3)During the year ended December 31, 2023, the Company completed a restructuring of its ownership in Metropolitan Square, as described below in this Note 6.
(4)During the year ended December 31, 2023, the Company acquired its joint venture partner’s 45% ownership interest in Santa Monica Business Park, as described below in this Note 6.
(5)During the year ended December 31, 2023, the Company recognized an other-than-temporary impairment loss on its investments in Platform 16, 360 Park Avenue South, 200 Fifth Avenue and Safeco Plaza of approximately $155.2 million, $54.0 million, $33.4 million and $29.9 million, respectively, as described below in this Note 6. During the year ended December 31, 2022, the Company recognized an other-than-temporary impairment loss on its investment in the unconsolidated joint venture that owns Dock 72 in Brooklyn, New York totaling approximately $50.7 million.
(6)Includes straight-line rent adjustments of approximately $1.5 million, $0.5 million and $0.8 million for the years ended December 31, 2023, 2022 and 2020, respectively. Also includes net above-/below-market rent adjustments of approximately $0.8 million, $0.4 million and $0.4 million for the years ended December 31, 2023, 2022 and 2021, respectively.