Subsequent Events

3 Months Ended

Mar. 31, 2015

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

Delaware Dispositions

On April 24, 2015, the Company sold two properties totaling 200,275 rentable square feet known as Delaware Corporate Center I and II in Wilmington, Delaware and three properties totaling 284,907 rentable square feet known as Christiana Corporate Center in Newark, Delaware for a total sales price of $50.1 million resulting in an estimated gain on sale of $1.7 million after closing and other related transaction costs. In order to comply with Article 11 of Regulation S-X under the Securities and Exchange Commission guidelines the Company has prepared unaudited pro forma consolidated financial statements. See Item 5., "Other Information."

Lake Merritt Tower Disposition

On April 9, 2015 the Company sold the Lake Merritt Tower for a sale price of $65.0 million (See Note 3, "Real Estate Investments," for discussion of impairment). The loss on sale, including closing costs, approximated the impairment loss recorded as of March 31, 2015.

25 M Street Acquisition

On April 6, 2015, the Company acquired a 0.8 acre parcel of land at 25 M Street in Washington, D.C. for $20.0 million.