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Real Estate Investments - Summary of Properties Classified as Held for Sale Included in Continuing Operations (Details) - USD ($)
$ in Thousands
Dec. 31, 2015
Dec. 31, 2014
ASSETS HELD FOR SALE    
Total assets held for sale, net $ 584,365 $ 18,295
LIABILITIES HELD FOR SALE    
Total liabilities held for sale 2,151 $ 602
Held for Sale Properties Included in Continuing Operations [Member]    
ASSETS HELD FOR SALE    
Operating properties 794,588  
Accumulated depreciation (213,581)  
Operating real estate investments, net 581,007  
Construction-in-progress 1,940  
Land held for development 837  
Total real estate investments, net 583,784  
Intangible assets, net 581  
Total assets held for sale, net 584,365  
LIABILITIES HELD FOR SALE    
Acquired lease intangibles, net 192  
Other liabilities 1,959  
Total liabilities held for sale 2,151  
Held for Sale Properties Included in Continuing Operations [Member] | Och Ziff Properties [Member]    
ASSETS HELD FOR SALE    
Operating properties [1] 526,099  
Accumulated depreciation [1] (179,092)  
Operating real estate investments, net [1] 347,007  
Construction-in-progress [1] 1,915  
Land held for development [1] 0  
Total real estate investments, net [1] 348,922  
Intangible assets, net [1] 581  
Total assets held for sale, net [1] 349,503  
LIABILITIES HELD FOR SALE    
Acquired lease intangibles, net [1] 192  
Other liabilities [1] 1,959  
Total liabilities held for sale [1] 2,151  
Held for Sale Properties Included in Continuing Operations [Member] | 2970 Market Street [Member]    
ASSETS HELD FOR SALE    
Operating properties [2] 268,489  
Accumulated depreciation [2] (34,489)  
Operating real estate investments, net [2] 234,000  
Construction-in-progress [2] 25  
Land held for development [2] 0  
Total real estate investments, net [2] 234,025  
Intangible assets, net [2] 0  
Total assets held for sale, net [2] 234,025  
LIABILITIES HELD FOR SALE    
Acquired lease intangibles, net [2] 0  
Other liabilities [2] 0  
Total liabilities held for sale [2] 0  
Held for Sale Properties Included in Continuing Operations [Member] | Greenhills Land [Member]    
ASSETS HELD FOR SALE    
Operating properties [3] 0  
Accumulated depreciation [3] 0  
Operating real estate investments, net [3] 0  
Construction-in-progress [3] 0  
Land held for development [3] 837  
Total real estate investments, net [3] 837  
Intangible assets, net [3] 0  
Total assets held for sale, net [3] 837  
LIABILITIES HELD FOR SALE    
Acquired lease intangibles, net [3] 0  
Other liabilities [3] 0  
Total liabilities held for sale [3] $ 0  
[1] On February 4, 2016, the Company disposed of its interests in 58 properties located in the Pennsylvania Suburbs, New Jersey/Delaware, Metropolitan Washington, D.C. and Richmond, Virginia segments in a series of related transactions with Och Ziff Real Estate. During the fourth quarter of 2015, significant provisions were agreed upon by both the Company and Och Ziff Real Estate and, as a result, the Company determined that the sale of the portfolio was probable and classified these properties as held for sale in accordance with applicable accounting standards for long lived assets. At such date, the carrying value of the properties exceeded the fair value less the anticipated costs of sale. As a result, the Company recognized an impairment loss totaling approximately $45.4 million during the year ended December 31, 2015. The fair value measurement was based on the pricing in the purchase and sale agreement. As the significant inputs to the model are unobservable, the Company determined that the value determined for these real estate investments fall within Level 3 for fair value reporting.
[2] On December 23, 2015 the Company entered into a purchase and sale agreement to dispose of its equity interests in the office property located at 2970 Market Street in Philadelphia commonly known as 30th Street Main Post Office (“Cira Square”), which includes 862,692 square feet of rentable space and is fully leased to a single tenant. As of December 31, 2015, the Company determined the sale was probable and classified the property as held for sale in accordance with applicable accounting standards for long lived assets. As the fair value less anticipated costs to sell exceeded the carrying value of the property no impairment loss was recorded. The fair value measurement was based on the pricing in the purchase and sale agreement. As the sales price is unobservable, the Company determined that the significant inputs used to value this real estate investment falls within Level 3 for fair value reporting. On February 5, 2016 the Company completed the disposition of our equity interests in Cira Square.
[3] On January 15, 2016, the Company sold the fee interest in a 120 acre land parcel located in Berks County, Pennsylvania for $0.9 million. As of December 31, 2015, the Company classified this land parcel as held for sale in accordance with the applicable accounting standards for long lived assets. At such date, the carrying value of the properties exceeded the fair value less the anticipated costs of sale. As a result, the Company recognized an impairment loss totaling approximately $0.3 million during the year ended December 31, 2015.