Real Estate (Tables)

12 Months Ended

Dec. 31, 2021

Real Estate [Abstract]

Asset acquisition

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).

(2) Represents net purchase price, including acquisition costs.

The following table summarizes these transactions ($ in thousands):

	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

Schedule of assets and liabilities of properties held for sale

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 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