Properties Held for Sale and Property Dispositions

6 Months Ended

Jun. 30, 2017

Discontinued Operations and Disposal Groups [Abstract]

Properties Held for Sale and Property Dispositions

Properties Held for Sale and Property Dispositions

Properties Held for Sale

During the three months ended June 30, 2017, we entered into an agreement to sell the property at 125 Chubb Avenue in Lyndhurst, New Jersey, and to sell the properties at 680-750 Washington Boulevard in Stamford, Connecticut. We recorded a $26.6 million depreciable real estate reserve in connection with the sale of 125 Chubb Avenue, and a $2.1 million depreciable real estate reserve in connection with the sale of 680-750 Washington Boulevard. We closed on the sale of 680-750 Washington Boulevard in July 2017.

Property Dispositions

The following table summarizes the properties sold during the six months ended June 30, 2017:

Property	Disposition Date	Property Type	Approximate Square Feet	Sales Price(1) (in millions)		Gain (loss)(2) (in millions)
885 Third Avenue (3)	February 2016	Land	607,000	$	453.0	$	(8.8	)
520 White Plains Road	April 2017	Office	180,000	21.0		(14.6		)
102 Greene Street (4)	April 2017	Retail	9,200	43.5		4.9

(1) Sales price represents the gross sales price for a property or the gross asset valuation for interests in a property.

(2) The gain on sale for 102 Greene Street is net of $0.9 million in employee compensation awards accrued in connection with the realization of the investment gain as a bonus to certain employees that were instrumental in realizing the gain on sale. Additionally, gain on sale amounts do not include adjustments for expenses recorded in subsequent periods.

(3) In February 2016, we closed on the sale of 885 Third Avenue. The sale did not meet the criteria for sale accounting and as a result the property remained on our consolidated financial statements until the criteria was met in April 2017.

(4) In April, we closed on the sale of a 90% interest 102 Greene Street and have subsequently accounted for our interest in the properties as an investment in unconsolidated joint ventures. See Note 6, "Investments in Unconsolidated Joint Ventures".