Real Estate Transactions

3 Months Ended

Mar. 31, 2020

Real Estate [Abstract]

REAL ESTATE TRANSACTIONS

REAL ESTATE TRANSACTIONS

During March 2020, the Company sold Hearst Tower, a 966,000 square foot office building in Charlotte, North Carolina that was included in the Company's Charlotte/Office operating segment, for a gross purchase price of $455.5 million. This transaction was triggered by the exercise of a purchase option by the building's primary lessee. The Company recognized a gain of $90.9 million on the sale of Hearst Tower.

During February 2020, as part of the Company's strategy in regards to disposal of non-core assets, the Company sold Woodcrest, a 386,000 square foot office property in Cherry Hill, New Jersey that was included in the Company's Other/Office operating segment, for a gross purchase price of $25.3 million. The Company acquired Woodcrest in the Merger with TIER and did not record any gain or loss on the sale of Woodcrest.

During February 2019, the Company sold air rights that cover eight acres in Downtown Atlanta for a gross sales price of $13.3 million and recorded a gain of $13.1 million.