During 2021 and 2020, the Company acquired three and one office properties, respectively. The following table summarizes these transactions and the resulting purchase price allocations ($ in thousands):


	300 Colorado			Heights Union		725 Ponce		The RailYard
Gross Purchase Price	$	162,500	(1)	$	144,800	$	300,200	$	201,000
Acquisition Date	December 2021			October 2021		July 2021		December 2020
Square Feet	369,000			294,000		372,000		329,000
Market	Austin			Tampa		Atlanta		Charlotte
Purchase Price Allocation
Tangible assets
Operating properties	$	297,259		$	133,489	$	292,946	$	201,153




	297,259			133,489		292,946		201,153

Intangible assets

In-place leases	13,974			5,894		12,788		8,850
Below market ground lease	840			—		—		—
Above market leases	21			1,322		1,770		439
	14,835			7,216		14,558		9,289

Intangible liabilities
Below market leases	(10,369)			(2,501)		(6,739)		(9,129)
	(10,369)			(2,501)		(6,739)		(9,129)

Total net assets acquired (2)	$	301,725		$	138,204	$	300,765	$	201,313

(1) Purchase price represents cost of acquiring partners' 50% interest in 300 Colorado Project LP, resulting in consolidation of this previously unconsolidated property (see note 7 for more information on this transaction).


	Market	Acres	Gross Purchase Price
2021:
887 West Peachtree (fka 901 West Peachtree)	Atlanta	0.7	$	10,000
3354/3356 Peachtree	Atlanta	0.2	$	8,000
2020:
South End Station	Charlotte	3.4	$	28,100
303 Tremont	Charlotte	2.4	$	18,800

During 2021 and 2020, the Company sold three and two office properties, respectively. The following table summarizes these transactions ($ in thousands):


Property	Location	Date	Square Feet	Sales Price		Gain/(Loss) on Sale, net
2021:
816 Congress	Austin	December 2021	435,000	$	174,000	$	77,400
One South at the Plaza	Charlotte	July 2021	891,000	$	271,500	$	12,700
Burnett Plaza	Fort Worth	April 2021	1,000,000	$	137,500	$	(19)
2020:
Hearst Tower	Charlotte	March 2020	966,000	$	455,500	$	90,300
Woodcrest	Cherry Hill, NJ	February 2020	386,000	$	25,300	$	—

The Company sold the properties noted above as part of its ongoing investment strategy, using these proceeds to fund new investment activity. The Company recorded a gain of $90.2 million from the 2021 sales. The Company recorded a gain of $90.3 million from the 2020 sales, which is net of $459,000 of state income tax. The Company did not sell any operating properties in 2019.

In July 2021, the Company sold 0.7 acres of land in Phoenix, adjacent to our 100 Mill development, to a hotel developer for $6.4 million. Net proceeds approximated our book value.

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

The Company's Burnett Plaza property in Fort Worth was classified as held for sale as of December 31, 2020 as the result of the Company accepting an offer for the sale of the property in the fourth quarter of 2020. The major classes of assets and liabilities of this property held for sale were as follows (in thousands):


	December 31, 2020
Real estate asset and other assets held for sale
Operating property, net of accumulated depreciation of $8,123	$	106,864
Notes and accounts receivable	439
Deferred rents receivable	2,480
Intangible assets, net of accumulated amortization of $6,065	15,830
Other assets	133
Total real estate asset and other assets held for sale	$	125,746

Liabilities of real estate asset held for sale
Accounts payable and accrued expenses	$	7,399
Deferred income	44
Intangible liabilities, net of accumulated amortization of $1,205	3,014
Other liabilities	2,149
Total liabilities of real estate asset held for sale	$	12,606

The Company tests for impairment whenever changes in circumstances indicate a building’s carrying value may not be recoverable. The test is conducted using undiscounted cash flows for the shorter of the building’s estimated hold period or its remaining useful life. When testing for recoverability of buildings held for investment, projected cash flows are used over its expected hold period. If the expected hold period includes some likelihood of shorter-term hold period from a potential sale, the probability of a sale is layered into the analysis. If any building's held for investment analysis were to fail the impairment

test, its book value would be written down to its then current estimated fair value, before any selling expense, and that building would continue to depreciate over its remaining useful life. None of the Company’s buildings were impaired during any periods presented while under the held for investments classification.

During the fourth quarter of 2020, the Company decided to accept an offer, with conditions, on Burnett Plaza. Based on the status of this offer as of December 31, 2020, the Company concluded the sale was probable within one year and, therefore, transferred the assets and liabilities of the building to held for sale. Because the carrying value of the building exceeded the expected net sale proceeds (including selling costs), the Company recorded a $14.8 million impairment charge in the accompanying statement of operations. The net proceeds were based on the third-party offer to purchase (a Level 2 input under authoritative guidance for fair value measurements).

The Company may record additional impairment charges if operating results of individual buildings are materially different from our forecasts, the economy and the office industry weakens, or we shorten our contemplated holding period for additional buildings.