Real Estate Investments

6 Months Ended

Jun. 30, 2013

Real Estate [Abstract]

Real Estate Disclosure [Text Block]

As of June 30, 2013 and December 31, 2012, the gross carrying value of the Company’s Properties was as follows (in thousands):

	June 30, 2013		December 31, 2012
Land	$	665,416	$	662,107
Building and improvements	3,466,460		3,576,065
Tenant improvements	488,584		487,997
	$	4,620,460	$	4,726,169

Acquisitions

On June 19, 2013, the Company acquired the remaining ownership interest in the Real Estate Venture known as "Six Tower Bridge" that it did not already own. See Note 4 "Investments in Unconsolidated Real Estate Ventures" for further discussion.

On April 25, 2013, the Company exercised its purchase option under the long term ground lease agreement it held through its acquisition of Three Logan Square on August 5, 2010 and acquired the 1.8 acre land parcel underlying Three Logan Square in Philadelphia, Pennsylvania for $20.8 million. The Company has accounted for the transaction as an asset acquisition. A portion of the original purchase price of Three Logan Square was allocated to the below market ground lease intangible asset, and as the sum of the purchase price of the land and the $4.3 million remaining balance for the intangible asset approximates the fair value of the land as unencumbered by the ground lease. The remaining intangible asset balance was reclassified to land upon exercise of the purchase option. The Company funded the cost of the acquisition with available corporate funds and capitalized $0.1 million of acquisition related costs as part of the basis in the operating land.

Dispositions

On June 28, 2013, the Company sold 16870 West Bernardo Drive, a 67,909 net rentable square feet office property located in San Diego, California, for a sales price of $18.0 million. The property was 98.8% occupied as of the date of sale.

On June 28, 2013, the Company sold 100 Arrandale Boulevard, a 34,931 net rentable square feet office property located in Exton, Pennsylvania, for a sales price of $3.5 million. The property was vacant at the date of sale.

On June 19, 2013, the Company sold 1700 Paoli Pike, a 28,000 net rentable square feet office property located in Malvern, Pennsylvania, for a sales price of $2.7 million. The property was vacant at the date of sale.

On June 14, 2013, the Company sold Pacific View Plaza, a 51,695 net rentable square feet office property located in Carlsbad, California, for a sales price of $10.3 million. The property was 90.5% occupied as of the date of sale.

On February 25, 2013, the Company sold a portfolio of eight office properties containing 800,546 square feet in Lawrenceville, New Jersey for an aggregate sales price of $121.0 million. These properties, collectively known as "Princeton Pike Corporate Center," were 86.9% occupied as of the date of sale.

The sales of these properties are included in discontinued operations (see Note 10).