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Subsequent Events
3 Months Ended
Mar. 31, 2014
Subsequent Events [Abstract]  
Subsequent Events
Subsequent Events

On April 1, 2014, the Company entered into an Amended, Restated and Consolidated Credit Agreement for its senior unsecured credit facilities (the "Amended Agreement") which provides for a $250.0 million revolving credit facility, a $250.0 million five-year unsecured term loan, and a $100.0 million seven-year term loan. The Amended Agreement amended and restated the agreements governing the Company's $215.0 million revolving credit facility, $125.0 million unsecured term loan, and $120.0 million term loan facility. The maturity date of the revolving credit facility has been extended to March 30, 2018, with an additional one-year extension option, and the five-year term loan and seven-year term loan have maturity dates of March 29, 2019 and March 31, 2021, respectively. The seven-year term loan tranche had a delayed-draw feature which allowed the Company to draw all or a portion of the $100.0 million commitment in not more than two draws over a 12-month period. The Company drew the full amount on April 8, 2014 and simultaneously repaid in full the first mortgage debt secured by the Bank of America Center in Orlando, Florida, which had an outstanding balance of $34.2 million, including breakage costs.

Additionally, the Company amended its $10.0 million working capital revolving credit facility under terms and conditions similar to the Amended Agreement.

On April 1, 2014, the Company redesignated two of its existing floating-to-fixed interest rate swaps totaling $125.0 million that were previously associated with the $125.0 million five-year term loan and redesignated the swaps as a cash flow hedge of the risk of changes in cash flows attributable to changes in the benchmark interest rate for one month USD-LIBOR related to indexed interest payments made each month, irrespective of the specific debt agreement from which they may flow. Additionally, on the same date, the Company entered into a new $5.0 million floating-to-fixed interest rate swap attributable to one month USD-LIBOR indexed interest payments made each month. The new $5.0 million swap has a fixed rate of 1.7%, an effective date of April 1, 2014 and matures on April 1, 2019.

On April 8, 2014, the Company terminated its $33.9 million floating-to-fixed interest rate swap associated with the first mortgage debt secured by Bank of America Center and entered into a new $100.0 million floating-to-fixed interest rate swap attributable to one month USD-LIBOR indexed interest payments made each month. The terminated $33.9 million swap had a liability value of $1.9 million which was rolled into the pricing set for the new $100.0 million swap. The $100.0 million swap has a fixed rate of 2.6%, an effective date of April 11, 2014 and matures on March 31, 2021.

On April 10, 2014, the Company completed the acquisition of Courvoisier Centre, a complex of two office buildings totaling 346,000 square feet located in the Brickell submarket of Miami, Florida, for a gross purchase price of $145.8 million. The acquisition was financed through available cash and borrowings under the Company's new seven-year term loan. As of April 10, 2014, the Courvoisier Centre properties had a combined occupancy of 83.4%.

On April 14, 2014, the Company commenced construction of Hayden Ferry Lakeside III, a 261,000 square foot, Class A development in the Tempe submarket of Phoenix, Arizona. Our operating partnership entered into an amendment to the Fund II partnership agreement to, among other things, authorize the Hayden Ferry Lakeside III development and authorize the general partner of Fund II to transfer an interest in the owner of Hayden Ferry Lakeside III, a subsidiary of Fund II, to our operating partnership, such that the Company owns a 70% indirect interest in Hayden Ferry Lakeside III.

On April 14, 2014, the Company completed the acquisition of One Orlando Center, a Class A office building totaling 356,000 square feet located in the central business district of Orlando, Florida, for a gross purchase price of $55.0 million. The Company made an $8.0 million equity investment that will be held in lender reserve accounts to fund the leasing and repositioning of the asset. Simultaneously with the equity investment, the existing $68.3 million first mortgage note was restructured into a new $54.0 million first mortgage and $15.3 million B-note, which is subordinated to the Company's equity investment. As of April 14, 2014, One Orlando Center had a combined occupancy of 81.3%.