Real Estate Transactions

6 Months Ended

Jun. 30, 2020

Real Estate [Abstract]

REAL ESTATE TRANSACTIONS

REAL ESTATE TRANSACTIONS

During May 2020, the Company purchased a 1,550 space parking garage in Charlotte, North Carolina for a gross purchase price of $85.0 million. This property is included in real estate assets on the condensed consolidated balance sheet and in the Company's Charlotte/Office operating segment.

During March 2020, the Company sold Hearst Tower, a 966,000 square foot office building in Charlotte, North Carolina, for a gross purchase price of $455.5 million. This property was included in the Company's Charlotte/Office operating segment. This transaction was triggered by the exercise of a purchase option by the building's primary lessee. The Company recognized a net gain of $90.7 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, for a gross purchase price of $25.3 million. This property was included in the Company's Other/Office operating segment. 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.