Gramercy Property Trust 10-Q 7 Aug 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Aug. 05, 2015
Document And Entity Information [Abstract]
Entity Registrant Name	CHAMBERS STREET PROPERTIES
Entity Central Index Key	1,297,587
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding		236,860,294

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Investments in Real Estate:
Land	$ 618,142	$ 630,840
Land Available for Expansion	24,292	23,368
Buildings and Improvements	1,646,738	1,674,955
Gross investments in Real Estate	2,289,172	2,329,163
Less: Accumulated Depreciation and Amortization	(266,256)	(239,973)
Net Investments in Real Estate	2,022,916	2,089,190
Investments in Unconsolidated Entities	393,325	423,693
Cash and Cash Equivalents	94,252	40,139
Restricted Cash	17,721	14,718
Tenant and Other Receivables, Net	8,360	11,216
Deferred Rent	42,644	39,429
Deferred Leasing Costs and Intangible Assets, Net	195,836	220,490
Deferred Financing Costs, Net	7,896	9,321
Prepaid Expenses and Other Assets	17,713	21,612
Total Assets	2,800,663	2,869,808
LIABILITIES
Secured Notes Payable, Net	568,077	610,608
Unsecured Term Loan Facilities	570,000	570,000
Unsecured Revolving Credit Facility	240,044	200,044
Accounts Payable, Accrued Expenses and Other Liabilities	68,861	76,421
Intangible Liabilities, Net	22,869	26,248
Prepaid Rent and Security Deposits	15,987	15,569
Distributions Payable	10,096	9,951
Total Liabilities	$ 1,495,934	$ 1,508,841
COMMITMENTS AND CONTINGENCIES (NOTE 13)
SHAREHOLDERS' EQUITY
Common Shares of Beneficial Interest, $0.01 par value, 990,000,000 shares authorized; 236,860,294 and 236,920,675 issued and outstanding as of June 30, 2015 and December 31, 2014, respectively	$ 2,366	$ 2,364
Additional Paid-in-Capital	2,073,701	2,071,526
Accumulated Deficit	(734,416)	(689,654)
Accumulated Other Comprehensive Loss	(36,922)	(23,269)
Total Shareholders' Equity	1,304,729	1,360,967
Total Liabilities and Shareholders' Equity	$ 2,800,663	$ 2,869,808

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Common Shares, Par Value	$ 0.01	$ 0.01
Common Shares of Beneficial Interest, shares authorized	990,000,000	990,000,000
Common Shares of Beneficial Interest, issued	236,860,294	236,920,675
Common Shares of Beneficial Interest, outstanding	236,860,294	236,920,675

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
REVENUES
Rental	$ 56,759	$ 52,033	$ 111,105	$ 103,909
Tenant Reimbursements	14,832	14,595	31,271	29,815
Other Property Income	250	0	448	1,069
Total Revenues	71,841	66,628	142,824	134,793
EXPENSES
Property Operating	8,135	8,392	17,916	17,945
Real Estate Taxes	10,574	10,465	21,356	20,266
General and Administrative	11,697	5,953	21,570	12,817
Acquisition-Related	0	0	0	290
Depreciation and Amortization	27,933	27,126	55,853	54,364
Total Expenses	58,339	51,936	116,695	105,682
Income Before Other (Expenses) Income	13,502	14,692	26,129	29,111
OTHER EXPENSES AND INCOME
Interest and Other Income	12	151	92	318
Interest Expense	(12,986)	(13,907)	(26,045)	(27,968)
Interest Expense and Net Change in Fair Value of Non-Qualifying Derivative Financial Instruments	26	(14)	43	12
Gain on Sale of Real Estate	5,844	0	5,844	0
Total Other Expenses	(7,104)	(13,770)	(20,066)	(27,638)
Income Before Provision for Income Taxes and Equity in Income of Unconsolidated Entities	6,398	922	6,063	1,473
Provision For Income Taxes	(387)	(381)	(563)	(439)
Equity in Income of Unconsolidated Entities	3,676	4,612	10,181	7,438
NET INCOME	$ 9,687	$ 5,153	$ 15,681	$ 8,472
Net Income per Share (in usd per share)	$ 0.04	$ 0.02	$ 0.07	$ 0.03
Weighted Average Common Shares Outstanding - Basic (in shares)	236,900,677	237,000,613	236,922,064	236,793,334
Weighted Average Common Shares Outstanding - Diluted (in shares)	236,955,835	237,000,613	236,950,577	236,793,334
Dividends declared per Common Share (in usd per share)	$ 0.128	$ 0.126	$ 0.256	$ 0.252

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Statement of Comprehensive Income [Abstract]
NET INCOME	$ 9,687	$ 5,153	$ 15,681	$ 8,472
Foreign Currency Translation Gain (Loss)	7,749	1,330	(10,987)	2,153
Swap Fair Value Adjustments	3,377	(5,130)	(2,666)	(7,891)
COMPREHENSIVE INCOME	$ 20,813	$ 1,353	$ 2,028	$ 2,734

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income	$ 15,681	$ 8,472
Adjustments to Reconcile Net Income to Net Cash Flows Provided by Operating Activities:
Equity in Income of Unconsolidated Entities	(10,181)	(7,438)
Distributions from Unconsolidated Entities	20,596	22,609
Gain on Interest Rate Swaps	(43)	(12)
Gain on Sale of Real Estate	(5,844)	0
Prepaid Tenant Improvement Amortization	(733)	0
Lease Inducement Amortization	504	0
Depreciation and Amortization	55,853	54,364
Amortization of Non-Cash Interest Expense	(827)	(348)
Amortization of Above and Below Market Leases	1,913	2,883
Share-Based Compensation	4,630	1,924
Straight-Line Rent Adjustment	(3,403)	(2,545)
Changes in Operating Assets and Liabilities:
Tenant and Other Receivables	2,851	(1,856)
Prepaid Expenses and Other Assets	1,492	1,041
Accounts Payable, Accrued Expenses and Other Liabilities	(5,327)	(6,244)
Net Cash Flows Provided by Operating Activities	77,162	72,850
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of Real Property	(1,715)	(27,450)
Proceeds from Sale of Real Estate	55,119	0
Distributions from Unconsolidated Entities	8,848	19,690
Acquisition Deposit	0	(875)
Restricted Cash	(2,500)	2,443
Lease Commissions	(3,635)	(1,810)
Improvements to Investments in Real Estate	(15,332)	(4,202)
Net Cash Flows Provided by (Used in) Investing Activities	40,785	(12,204)
CASH FLOWS FROM FINANCING ACTIVITIES
Repurchase and Cancellation of Vested Shares	(3,240)	(247)
Payment of Distributions	(60,298)	(59,660)
Borrowings on Unsecured Revolving Credit Facility	40,000	10,000
Principal Payments on Unsecured Revolving Credit Facility	0	(10,000)
Principal Payments on Secured Notes Payable	(40,278)	(28,013)
Payment of Financing Costs	0	(160)
Net Cash Flows (Used in) Provided by Financing Activities	(63,816)	(88,080)
EFFECT OF FOREIGN CURRENCY TRANSLATION	(18)	15
Net Increase (Decrease) in Cash and Cash Equivalents	54,113	(27,419)
Cash and Cash Equivalents, Beginning of the Period	40,139	83,007
Cash and Cash Equivalents, End of the Period	94,252	55,588
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash Paid During the Period for Interest	27,197	28,464
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES
Distributions Declared and Payable	10,096	9,953
Accounts Payable and Accrued Expenses—Construction In Progress	2,155	430
JV Contribution/Distribution—Expansion	$ 0	$ 6,351

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Common Shares	Additional Paid-in-Capital	Accumulated Deficit	Accumulated Other Comprehensive Loss
Balance, Shares at Dec. 31, 2013		236,463,981
Balance at Dec. 31, 2013	$ 1,484,650	$ 2,359	$ 2,067,008	$ (589,313)	$ 4,596
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	8,472			8,472
Other Comprehensive Loss	(5,738)				(5,738)
Share Based Compensation, Shares		555,508
Share-Based Compensation	1,924	$ 2	1,922
Repurchase and Cancellation of Vested Shares, Shares		(31,959)
Repurchase and Cancellation of Vested Shares	(247)	$ 0	(247)
Distributions, $0.256 and $0.252 for 2015 and 2014 respectively	(59,682)			(59,682)
Balance, Shares at Jun. 30, 2014		236,987,530
Balance at Jun. 30, 2014	$ 1,429,379	$ 2,361	2,068,683	(640,523)	(1,142)
Balance, Shares at Dec. 31, 2014	236,920,675	236,920,675
Balance at Dec. 31, 2014	$ 1,360,967	$ 2,364	2,071,526	(689,654)	(23,269)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	15,681			15,681
Other Comprehensive Loss	(13,653)				(13,653)
Share Based Compensation, Shares		348,798
Share-Based Compensation	5,417	$ 6	5,411
Repurchase and Cancellation of Vested Shares, Shares		(409,179)
Repurchase and Cancellation of Vested Shares	(3,240)	$ (4)	(3,236)
Distributions, $0.256 and $0.252 for 2015 and 2014 respectively	$ (60,443)			(60,443)
Balance, Shares at Jun. 30, 2015	236,860,294	236,860,294
Balance at Jun. 30, 2015	$ 1,304,729	$ 2,366	$ 2,073,701	$ (734,416)	$ (36,922)

Consolidated Statements of Equ8

Consolidated Statements of Equity (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Statement of Stockholders' Equity [Abstract]
Distributions declared	$ 0.128	$ 0.126	$ 0.256	$ 0.252

Organization and Nature of Busi

Organization and Nature of Business	6 Months Ended
	Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Nature of Business	Organization and Nature of Business Chambers Street Properties (NYSE: CSG) is a self-administered real estate investment trust ("REIT") that focuses on acquiring, owning and managing net leased industrial and office properties leased to creditworthy tenants. We were formed under the laws of the state of Maryland on March 30, 2004, and have elected to be taxed as a REIT under sections 856 through 860 of the Internal Revenue Code of 1986 (the "Internal Revenue Code") beginning with the taxable period ended December 31, 2004. On July 1, 2015, we entered into an Agreement and Plan of Merger with Gramercy Property Trust Inc. ("Gramercy") (See Note 16 ). We operate in an umbrella partnership REIT structure in which our operating partnership, CSP Operating Partnership, LP ("CSP OP"), indirectly owns substantially all of the properties acquired on our behalf. CSP OP was formed in Delaware on March 30, 2004, and we are the 100% owner and sole general partner. For each interest in our common shares of beneficial interest $0.01 par value (the "common shares"), that we issue, an equal interest in the limited partnership units of CSP OP is issued to us in exchange for the cash proceeds from the issuance of the interest in our common shares. As of June 30, 2015 , we owned 100% of the limited partnership units of CSP OP directly or indirectly through a wholly-owned taxable REIT subsidiary. As of June 30, 2015 , we owned, on a consolidated basis, 100 industrial (primarily warehouse/distribution) and office properties located in 18 U.S. states ( Arizona, California, Colorado, Florida, Illinois, Indiana, Kansas, Kentucky, Maryland, Massachusetts, Minnesota, New Jersey, North Carolina, Ohio, Pennsylvania, South Carolina, Texas and Virginia ) and in the United Kingdom, encompassing approximately 24.9 million rentable square feet. Our consolidated properties were approximately 98.9% leased (based upon rentable square feet) as of June 30, 2015 . As of June 30, 2015 , 76 of our consolidated properties were net leased to single tenants, which encompassed approximately 20.2 million rentable square feet. We had ownership interests in four unconsolidated entities that, as of June 30, 2015 , owned interests in 27 properties. Excluding those properties owned through our investment in CB Richard Ellis Strategic Partners Asia II-A, L.P. ("CBRE Strategic Partners Asia"), we owned, on an unconsolidated basis, 25 industrial (primarily warehouse/distribution) and office properties located in seven U.S. states ( Arizona, Florida, Illinois, Indiana, Ohio, Tennessee and Texas ) and three countries in Europe (France, Germany and the United Kingdom), encompassing approximately 12.3 million rentable square feet. Our unconsolidated properties were approximately 99.9% leased (based upon rentable square feet) as of June 30, 2015 . As of June 30, 2015 , 20 of our unconsolidated properties were net leased to single tenants, which encompassed approximately 11.5 million rentable square feet. Unless the context otherwise requires or indicates, references to the "Company," "we," "our" and "us" refer to the activities of and the assets and liabilities of the business and operations of Chambers Street Properties and its subsidiaries. References to unconsolidated properties include properties owned through unconsolidated joint ventures and do not include properties owned by CBRE Strategic Partners Asia. See Note 4 "Investments in Unconsolidated Entities."

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation The accompanying consolidated financial statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles ("GAAP") and reflect the accounts of the Company, CSP OP and its consolidated subsidiaries. The Company consolidates its wholly-owned properties and joint ventures it controls through either 1) voting rights or similar rights or 2) by means other than voting rights if the Company is deemed to be the primary beneficiary of a variable interest entity. All intercompany accounts and transactions are eliminated in consolidation. Certain information and footnotes required for annual financial statement presentation have been condensed or excluded pursuant to Securities and Exchange Commission (the "SEC") rules and regulations. Accordingly, our interim financial statements do not include all of the information and disclosures required under GAAP for complete financial statements. In the opinion of management, all adjustments of a normal recurring nature considered necessary in all material respects to present fairly our financial position, results of our operations and cash flows as of and for the three and six months ended June 30, 2015 have been made. The results of operations for the three and six months ended June 30, 2015 are not necessarily indicative of the results of operations to be expected for the entire year. The consolidated financial statements and notes thereto should be read in conjunction with our current Annual Report on Form 10-K, which contains the latest available audited consolidated financial statements and notes thereto, which are as of and for the year ended December 31, 2014 . Use of Estimates The preparation of financial statements, in conformity with GAAP, requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Segment Information We currently operate our consolidated properties in two geographic areas, the United States and the United Kingdom. We view our consolidated property operations as two reportable segments, Industrial Properties and Office Properties, which participate in the acquisition, development, ownership, and operation of high quality real estate in their respective segments. Revenue Recognition and Valuation of Receivables All leases are classified as operating leases and minimum rents are recognized on a straight-line basis over the terms of the leases. The excess of rents recognized over amounts contractually due pursuant to the underlying leases is recorded as deferred rent. In connection with various leases, we have received irrevocable stand-by letters of credit totaling $20.3 million as security for such leases at June 30, 2015 and December 31, 2014 . Reimbursements from tenants, consisting of amounts due from tenants for common area maintenance, real estate taxes, insurance and other recoverable costs, are recognized as revenue in the period the expenses are incurred. Tenant reimbursements are recognized and presented on a gross basis, when we are the primary obligor with respect to incurring expenses and with respect to having the credit risk. Tenant receivables and deferred rent receivables are carried net of the allowances for uncollectible current tenant receivables and deferred rent. Management's determination of the adequacy of these allowances is based primarily upon evaluations of historical loss experience, individual receivables, current economic conditions, and other relevant factors. The allowances are increased or decreased through the provision for bad debts. The allowance for uncollectible rent receivable was $12,000 and $62,000 as of June 30, 2015 and December 31, 2014 , respectively. Translation of Non-U.S. Currency Amounts The financial statements and transactions of our United Kingdom properties are recorded in their functional currency, namely the Great Britain Pound ("GBP") and are then translated into U.S. dollars ("USD"). Assets and liabilities of these properties are denominated in the functional currency and are then translated at exchange rates in effect at the balance sheet date. Revenues and expenses are translated at the average exchange rate for the reporting period. Translation adjustments are reported in "Accumulated Other Comprehensive Income (Loss)," a component of Shareholders' Equity. The carrying value of our United Kingdom assets and liabilities fluctuate due to changes in the exchange rate between the USD and the GBP. The exchange rate of the USD to the GBP was $1.5713 and $1.5576 at June 30, 2015 and December 31, 2014 , respectively. The profit and loss average exchange rate of the USD to the GBP was approximately $1.5151 and $1.6764 for the three months ended June 30, 2015 and 2014 , respectively; and $1.5253 and $1.6675 for the six months ended June 30, 2015 and 2014 , respectively. The carrying value of our assets and liabilities held within our joint venture in Europe (the "European JV") fluctuate due to changes in the exchange rate between the USD and the Euro ("EUR"). The exchange rate of the USD to the EUR was $1.1147 and $1.2099 at June 30, 2015 and December 31, 2014 . The profit and loss average exchange rate of the USD to the EUR was approximately $1.0977 and $1.3757 for the three months ended June 30, 2015 and 2014 , respectively; and $1.1239 and $1.3718 for the six months ended June 30, 2015 and 2014 , respectively. Income Taxes We elected to be taxed as a REIT under the Internal Revenue Code commencing with our taxable year ended December 31, 2004. To qualify as a REIT, we must meet a number of organizational and operational requirements, including a requirement that we generally distribute at least 90% of our REIT taxable income (determined without regard to the dividends paid deduction and excluding net capital gain). It is our current intention to adhere to these requirements and maintain our REIT qualification. As a REIT, we generally will not be subject to corporate level U.S. federal income tax on net income we distribute currently to our shareholders. If we fail to qualify as a REIT in any taxable year, then we will be subject to U.S. federal income taxes at regular corporate rates (including any applicable alternative minimum tax) and may not be able to qualify as a REIT for four subsequent taxable years. We believe that we have met all the REIT organizational and operational requirements for the six months ended June 30, 2015 , and we were not subject to any U.S. federal income taxes, other than U.S. federal income taxes on income generated by our Taxable REIT Subsidiary. As such, we have not provided for income taxes other than as addressed below. ASC 740-10 Income Taxes requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. We recognize deferred tax assets to the extent that we believe that these assets are more likely than not to be realized. In making such a determination, we consider all available positive and negative evidence, including future reversals of existing taxable temporary difference, projected future taxable income, tax-planning strategies, and results of recent operations. If we determine that we would be able to realize our deferred tax assets in the future in excess of their net recorded amount, we would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes. No deferred tax assets or liabilities were recorded as of June 30, 2015 , other than as mentioned below related to the United Kingdom net operating losses. In addition, we believe that any current or deferred tax liability associated with our Taxable REIT Subsidiary would be de minimus . We record uncertain tax positions in accordance with ASC 740 on the basis of a two-step process in which (1) we determine whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position, and (2) for those tax positions that meet the more-likely-than-not recognition threshold, we recognize the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. We did not have any uncertain tax positions which would require us to record any unrecognized tax benefits or additional tax liabilities as of June 30, 2015 . Even if we qualify for taxation as a REIT, we may be subject to certain state, foreign, and local taxes on our income and property and to U.S. federal income and excise taxes on our undistributed taxable income, if any. Included as a component of our tax provision, we have incurred income and other taxes (franchise, local and state government and international) related to our continuing operations in the amount of $387,000 and $381,000 during the three months ended June 30, 2015 and 2014 , respectively; and $563,000 and $439,000 for the six months ended June 30, 2015 and 2014 , respectively. The United Kingdom taxes real property operating results at a statutory rate of 20% . The properties we own (or hold interest in) in the United Kingdom have operated at a taxable loss to date and have generated a deferred tax asset of approximately $0.6 million consisting of these net operating loss carryforwards. We have provided for a full valuation allowance of $0.6 million as of June 30, 2015 on deferred tax assets because it is not likely that future operating profits in the United Kingdom would be sufficient to absorb the net operating losses. The tax years from 2010 through 2014 remain open to examination by the taxing jurisdictions to which the Company is subject. Fair Value of Financial Instruments and Investments We generally determine or calculate the fair value of financial instruments using appropriate present value or other valuation techniques, such as discounted cash flow analyses, incorporating available market discount rate information for similar types of instruments and our estimates for non-performance and liquidity risk. These techniques are significantly affected by the assumptions used, including the discount rate, credit spreads, and estimates of future cash flow. The Investment Manager of CBRE Strategic Partners Asia applies valuation techniques for our investment carried at fair value based upon the application of the income approach, the direct market comparison approach, the replacement cost approach or third party appraisals to the underlying assets held in the unconsolidated entity in determining the net asset value attributable to our ownership interest therein. As of June 30, 2015 , the financial assets and liabilities recorded at fair value in our consolidated financial statements are our derivative instruments and our investment in CBRE Strategic Partners Asia. The remaining financial assets and liabilities which are only disclosed at fair value are comprised of all other notes payable, the unsecured line of credit and other debt instruments. We determined the fair value of our secured notes payable and other debt instruments by performing discounted cash flow analyses using an appropriate market discount rate. We calculate the market discount rate by obtaining period-end treasury rates for fixed-rate debt, or London Inter-Bank Offering Rate ("LIBOR") rates for variable-rate debt, for maturities that correspond to the maturities of our debt and then adding an appropriate credit spread derived from information obtained from third-party financial institutions. These credit spreads take into account factors such as our credit standing, the maturity of the debt, whether the debt is secured or unsecured, and the loan-to-value ratios of the debt. The carrying amounts of our cash and cash equivalents, restricted cash, tenant and other receivables and accounts payable approximate fair value due to their short-term maturities. Share-based Compensation For share-based awards for which there is no pre-established performance period, we recognize compensation costs over the service vesting period, which represents the requisite service period, on a straight-line basis. For share-based awards with service or market conditions, we record the cost of the awards based on the grant-date fair value of the award. That cost is recognized over the period during which an employee is required to provide service in exchange for the award. No compensation cost is recognized for equity instruments for which employees do not render the requisite service. For share-based awards in which the performance period precedes the grant date, we recognize compensation costs straight-lined over the requisite service period, which includes both the performance and service vesting periods. During the performance period for a share-based award program, we estimate the total compensation cost of the potential future awards. We then record compensation costs equal to the portion of the requisite service period that has elapsed through the end of the reporting period. For share-based awards granted by the Company, CSP OP issues a number of common units equal to the number of common shares ultimately granted by us in respect of such awards. New Accounting Standards In January 2015, the FASB issued ASU 2015-01, Income Statement - Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items . The ASU is a part of the Simplification Initiative, to identify, evaluate, and improve areas of generally accepted accounting principles (GAAP) for which cost and complexity can be reduced while maintaining or improving the usefulness of the information provided to the users of financial statements. The new standard eliminates the requirements for reporting entities to consider whether an underlying event or transaction is extraordinary but retains the presentation and disclosure guidance for items that are unusual in nature and occur infrequently. The ASU applies to all entities and is effective for fiscal years beginning after December 15, 2015, and interim periods thereafter, with early adoption permitted. The adoption of this guidance is not anticipated to have a material impact on our consolidated financial statements or notes to our consolidated financial statements. In February 2015, the FASB issued ASU 2015-02, Consolidated (Topic 810): Amendments to the Consolidation Analysis . The ASU changes the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. Key amendments under the new standard include the following: evaluation of whether limited partnerships and similar legal entities are variable interest entities (VIEs) or voting interest entities; elimination of the presumption that a general partner should consolidate a limited partnership; consolidation analysis of reporting entities that are involved with variable interest entities (VIEs), particularly those that have fee arrangements and related party relationship; addition of scope exception from consolidation guidance for reporting entities with interests in legal entities that are required to comply with or operate in accordance with requirements similar to those for registered money market funds. The ASU applies to all reporting entities that are required to evaluate whether they should consolidate certain legal entities and is effective for fiscal years beginning after December 15, 2015, and interim periods thereafter, with early adoption permitted. We are still assessing the impact of this guidance on our consolidated financial statements and notes to our consolidated financial statements. In April 7, 2015, the FASB issued ASU 2015-03, Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs . This ASU addresses balance sheet presentation requirements for debt issuance costs by requiring debt issuance costs to be presented as a deduction from the corresponding debt liability. This will make the presentation of debt issuance costs consistent with the presentation of debt discounts or premiums. The recognition and measurement guidance for debt issuance costs is not affected. The guidance is effective for public business entities for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. For all other entities, it is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within fiscal years beginning after December 15, 2016. Upon adoption, an entity must apply the new guidance retrospectively to all prior periods presented in the financial statements. An entity is also required in the year of adoption (and in interim periods within that year) to provide certain disclosures about the change in accounting principle, including the nature of and reason for the change, the transition method, a description of the prior-period information that has been retrospectively adjusted and the effect of the change on the financial statement line items (that is, debt issuance cost asset and the debt liability). We are still assessing the impact of this guidance on our consolidated financial statements and notes to our consolidated financial statements. In July 2015, the FASB deferred the effective date of ASU No. 2014-09, which outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including the guidance on real estate derecognition for most transactions. Entities have the option of using either a full retrospective or a modified approach to adopt the guidance in ASU 2014-09. For public entities, the ASU is effective for annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2017, with early adoption permitted. We are assessing the impact of this guidance on our consolidated financial statements and notes to our consolidated financial statements.

Investment in Real Estate Activ

Investment in Real Estate Activity	6 Months Ended
	Jun. 30, 2015
Real Estate [Abstract]
Investment in Real Estate Activity	Investment in Real Estate Activity Wholly-Owned Acquisitions During the six months ended June 30, 2015 , we acquired an 11.8 acre undeveloped parcel in Phoenix, Arizona for approximately $1.7 million . The undeveloped parcel is situated immediately adjacent to our Goodyear Crossing II property. Dispositions During the six months ended June 30, 2015 , we completed the sale of 300 Constitution Drive, a 330,000 square foot distribution warehouse located in Boston, Massachusetts. The industrial property was sold for a gross sales price of $20.3 million , resulting in a gain of approximately $3.5 million , after closing and other transaction related costs. We also completed the sale of 225 Summit Avenue, a 142,500 square foot office building located in Northern New Jersey. The office property was sold for a gross sales price of $37.0 million , resulting in a gain of approximately $2.3 million , after closing and other transaction related costs.

Investments in Unconsolidated E

Investments in Unconsolidated Entities	6 Months Ended
	Jun. 30, 2015
Equity Method Investments and Joint Ventures [Abstract]
Investments in Unconsolidated Entities	Investments in Unconsolidated Entities As of June 30, 2015 and December 31, 2014 , we owned the following number of properties through unconsolidated entities: Ownership % Number of Properties June 30, December 31, 2015 2014 Duke JV 80.0% 13 14 European JV 80.0% 9 9 UK JV 80.0% 3 3 CBRE Strategic Partners Asia 5.07% 2 3 27 29 Investments in unconsolidated entities at June 30, 2015 and December 31, 2014 consist of the following (in thousands): June 30, December 31, 2015 2014 Duke JV $ 226,444 $ 239,376 European JV 128,815 144,141 UK JV 32,749 33,189 Afton Ridge — 117 CBRE Strategic Partners Asia 5,317 6,870 $ 393,325 $ 423,693 The following is a summary of the investments in unconsolidated entities for the six months ended June 30, 2015 and the year ended December 31, 2014 (in thousands): June 30, December 31, 2015 2014 Investment Balance, January 1 $ 423,693 $ 514,802 Contributions — 7,625 Company's Equity in Net Income (including adjustments for basis differences) 10,181 28,823 Other Comprehensive Loss of Unconsolidated Entities (11,105 ) (22,342 ) Distributions (29,444 ) (105,215 ) Investment Balance, End of Period $ 393,325 $ 423,693 The following are the balance sheets of our investments in unconsolidated entities at June 30, 2015 (in thousands): Duke JV European JV Other (2) Total Assets Investments in Real Estate (1) $ 315,944 $ 249,185 $ 157,032 $ 722,161 Other Assets 29,968 40,669 12,871 83,508 Total Assets $ 345,912 $ 289,854 $ 169,903 $ 805,669 Liabilities and Equity Secured Notes Payable, net $ 56,671 $ 124,535 $ — $ 181,206 Other Liabilities 6,722 4,299 20,276 31,297 Total Liabilities 63,393 128,834 20,276 212,503 CSP Equity 226,444 128,815 38,066 393,325 Other Investors' Equity 56,075 32,205 111,561 199,841 Total Liabilities and Equity $ 345,912 $ 289,854 $ 169,903 $ 805,669 __________ (1) Includes REIT Basis Adjustments for costs incurred by the Company outside of the Duke/Hulfish, LLC joint venture (the "Duke JV") that are directly capitalizable to its investment in real estate assets acquired, including acquisition costs paid to our former investment advisor prior to January 1, 2009. (2) Includes the Goodman Princeton Holdings (Jersey) Limited joint venture (the "UK JV") and CBRE Strategic Partners Asia. The following are the balance sheets of our investments in unconsolidated entities at December 31, 2014 (in thousands): Duke JV European JV Other (2) Total Assets Investments in Real Estate (1) $ 323,236 $ 274,128 $ 186,360 $ 783,724 Real Estate Investments and Other Assets Held-for-Sale 17,230 — — 17,230 Other Assets 32,474 49,435 11,553 93,462 Total Assets $ 372,940 $ 323,563 $ 197,913 $ 894,416 Liabilities and Equity Liabilities Related to Real Estate Investments Held-for-Sale $ 11,048 $ — $ — $ 11,048 Secured Notes Payable, net 57,222 135,173 — 192,395 Other Liabilities 6,013 8,214 17,093 31,320 Total Liabilities 74,283 143,387 17,093 234,763 CSP Equity 239,376 144,141 40,176 423,693 Other Investors' Equity 59,281 36,035 140,644 235,960 Total Liabilities and Equity $ 372,940 $ 323,563 $ 197,913 $ 894,416 __________ (1) Includes REIT Basis Adjustments for costs incurred by the Company outside of the Duke JV that are directly capitalizable to its investment in real estate assets acquired, including acquisition costs paid to our former investment advisor prior to January 1, 2009. (2) Includes UK JV, Afton Ridge, and CBRE Strategic Partners Asia. The following are the statements of operations for our investments in unconsolidated entities for the three months ended June 30, 2015 and June 30, 2014 (in thousands): Three Months Ended June 30, 2015 June 30, 2014 Duke JV European JV Other (1) Total Duke JV European JV Other (2) Total Total Revenue $ 11,159 $ 6,100 $ 2,147 $ 19,406 $ 14,693 $ 7,783 $ 1,253 $ 23,729 Operating Expenses 3,124 656 563 4,343 4,293 863 722 5,878 Net Operating Income 8,035 5,444 1,584 15,063 10,400 6,920 531 17,851 Depreciation and Amortization 5,219 2,432 478 8,129 6,683 3,087 528 10,298 Interest Expense 755 917 — 1,672 1,035 1,165 — 2,200 Gain on Sale of Real Estate 19 — — 19 — — — — Net Income 2,080 2,095 1,106 5,281 2,682 2,668 3 5,353 Company Share in Net Income 1,664 1,676 363 3,703 2,146 2,134 362 4,642 Adjustments for REIT basis (27 ) — — (27 ) (30 ) — — (30 ) CSP Equity in Net Income $ 1,637 $ 1,676 $ 363 $ 3,676 $ 2,116 $ 2,134 $ 362 $ 4,612 __________ (1) Includes UK JV and CBRE Strategic Partners Asia. (2) Includes UK JV, Afton Ridge, and CBRE Strategic Partners Asia. The following are the statements of operations for our investments in unconsolidated entities for the six months ended June 30, 2015 and June 30, 2014 (in thousands): Six Months Ended June 30, 2015 June 30, 2014 Duke JV European JV Other (1) Total Duke JV European JV Other (2) Total Total Revenue $ 23,790 $ 12,673 $ (187 ) $ 36,276 $ 29,353 $ 15,119 $ 854 $ 45,326 Operating Expenses 6,547 1,871 1,181 9,599 9,329 1,992 1,467 12,788 Net Operating Income 17,243 10,802 (1,368 ) 26,677 20,024 13,127 (613 ) 32,538 Depreciation and Amortization 10,433 5,033 962 16,428 14,199 6,016 1,051 21,266 Interest Expense 1,549 1,874 — 3,423 2,075 2,298 — 4,373 Gain on Sale of Real Estate 3,039 — — 3,039 — — — — Loss on Extinguishment of Debt (73 ) — — (73 ) — — — — Net Income (Loss) 8,227 3,895 (2,330 ) 9,792 3,750 4,813 (1,664 ) 6,899 Company Share in Net Income 6,581 3,116 537 10,234 3,000 3,850 649 7,499 Adjustments for REIT basis (53 ) — — (53 ) (61 ) — — (61 ) CSP Equity in Net Income $ 6,528 $ 3,116 $ 537 $ 10,181 $ 2,939 $ 3,850 $ 649 $ 7,438 __________ (1) Includes UK JV and CBRE Strategic Partners Asia. (2) Includes UK JV, Afton Ridge, and CBRE Strategic Partners Asia. Investments in Unconsolidated Entities Activity On January 23, 2015, the Duke JV sold one office property located in Raleigh, North Carolina for approximately $20.6 million , of which our pro rata share was approximately $16.4 million and our pro rata gain was approximately $2.4 million . On April 30, 2015, CBRE Strategic Partners Asia sold the remaining three floors at the Kowloon Commerce Center in Hong Kong for approximately $42.2 million , of which our pro rata share was approximately $1.4 million .

Deferred Leasing Costs and Inta

Deferred Leasing Costs and Intangible Assets and Liabilities	6 Months Ended
	Jun. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Deferred Leasing Costs and Intangible Assets and Liabilities	Deferred Leasing Costs and Intangible Assets and Liabilities The following table summarizes our deferred leasing costs and intangible assets, including acquired above-market leases, acquired in-place leases and other intangible assets and intangible liabilities, including acquired below-market leases and acquired above-market ground lease obligations (in thousands): June 30, December 31, 2015 2014 Deferred Leasing Costs and Intangible Assets, Net: Deferred Leasing Costs $ 25,797 $ 22,481 Accumulated Amortization (5,760 ) (4,218 ) Deferred Leasing Costs, Net 20,037 18,263 Above-Market Leases 63,566 63,566 Accumulated Amortization (34,575 ) (30,311 ) Above-Market Leases, Net 28,991 33,255 In-Place Leases 290,758 300,124 Accumulated Amortization (145,141 ) (132,414 ) In-Place Leases, Net 145,617 167,710 Other Intangible Assets 1,425 1,425 Accumulated Amortization (234 ) (163 ) Other Intangible Assets, Net 1,191 1,262 Total Deferred Leasing Costs and Intangible Assets, Net $ 195,836 $ 220,490 Intangible Liabilities, Net: Below-Market Leases $ 46,766 $ 51,653 Accumulated Amortization (25,131 ) (26,675 ) Below-Market Leases, Net 21,635 24,978 Above-Market Ground Lease Obligation 1,501 1,501 Accumulated Amortization (267 ) (231 ) Above-Market Ground Lease Obligation, Net 1,234 1,270 Total Intangible Liabilities, Net $ 22,869 $ 26,248 The following table sets forth amortization related to intangible assets and liabilities for the three and six months ended June 30, 2015 and 2014 (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Deferred Leasing Costs (1) $ 792 $ 364 $ 1,541 $ 718 Above-Market Leases (2) 2,125 2,433 4,263 4,948 In-Place Leases (1) 9,285 9,284 18,611 18,753 Other Intangible Assets (1) 36 — 72 — Below-Market Leases (2) (1,187 ) (1,032 ) (2,350 ) (2,065 ) Above-Market Ground Lease Obligation (3) (17 ) (17 ) (35 ) (35 ) __________ (1) The amortization of deferred leasing costs, in-place leases and other intangible assets are recorded to depreciation and amortization expense in the consolidated statements of operations for the periods presented. (2) The amortization of above-market leases and below-market leases are recorded as reductions and additions to rental income, respectively, in the consolidated statements of operations for the periods presented. (3) The amortization of the above-market ground lease obligation is recorded as a decrease to property operating expense in the consolidated statements of operations for the periods presented. The following is a schedule of future amortization of deferred leasing costs, intangible assets and liabilities as of June 30, 2015 (in thousands): Intangible Assets Intangible Liabilities Deferred Leasing Costs Acquired Above-Market Leases Acquired In-Place Leases Other Intangible Assets Acquired Below-Market Leases Above-Market Ground Lease Obligations Remaining 2015 $ 1,042 $ 4,201 $ 17,617 $ 72 $ 2,085 $ 35 2016 1,956 5,557 29,075 144 3,404 71 2017 1,809 4,466 24,603 144 2,912 71 2018 1,718 3,862 20,399 144 2,639 71 2019 1,516 3,300 16,633 144 2,418 71 Thereafter 11,996 7,605 37,290 543 8,177 915 $ 20,037 $ 28,991 $ 145,617 $ 1,191 $ 21,635 $ 1,234

Debt

Debt	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Debt	Debt Secured Debt Secured notes payable are summarized as follows (in thousands): Property Stated Interest Rate Effective Interest Rate (1) Maturity Date Outstanding Balance June 30, December 31, 2015 2014 Celebration Office Center III (2) 4.25% 2.50% 12/1/2015 $ 8,723 $ 8,817 22535 Colonial Pkwy (2) 4.25% 2.50% 12/1/2015 7,804 7,889 Northpoint III (2) 4.25% 2.50% 12/1/2015 10,100 10,209 Goodyear Crossing II (2) 4.25% 2.50% 12/1/2015 19,282 19,489 3900 North Paramount Parkway (2) 4.25% 2.50% 12/1/2015 7,575 7,656 3900 South Paramount Parkway (2) 4.25% 2.50% 12/1/2015 7,575 7,656 1400 Perimeter Park Drive (2) 4.25% 2.50% 12/1/2015 2,295 2,320 Miramar I (2) 4.25% 2.50% 12/1/2015 8,998 9,095 Miramar II (2) 4.25% 2.50% 12/1/2015 12,120 12,250 70 Hudson Street (3) 5.65% 5.15% 4/11/2016 113,060 114,108 Point West I - Swapped to Fixed 3.41% 3.41% 12/6/2016 10,553 10,716 100 Tice Blvd 5.97% 4.38% 9/15/2017 18,655 18,960 100 Tice Blvd 5.97% 4.38% 9/15/2017 18,655 18,960 4701 Gold Spike Drive (4) 4.45% 4.45% 3/1/2018 9,857 9,958 1985 International Way (4) 4.45% 4.45% 3/1/2018 6,849 6,920 3660 Deerpark Boulevard (4) 4.45% 4.45% 3/1/2018 7,080 7,153 Tolleson Commerce Park II (4) 4.45% 4.45% 3/1/2018 4,258 4,301 20000 S. Diamond Lake Road (4) 4.45% 4.45% 3/1/2018 6,201 6,265 Atrium I - Swapped to Fixed 3.78% 3.78% 5/31/2018 21,112 21,580 McAuley Place 3.98% 3.50% 9/1/2018 12,677 12,865 Easton III - Swapped to Fixed 3.95% 3.95% 1/31/2019 6,187 6,280 90 Hudson Street 5.66% 5.26% 5/1/2019 102,452 103,301 Fairforest Bldg. 6 5.42% 6.50% 6/1/2019 1,577 1,751 North Rhett I 5.65% 6.50% 8/1/2019 1,725 1,958 Kings Mountain II 5.47% 6.50% 1/1/2020 3,167 3,467 1 Rocket Road 6.60% 4.00% 8/1/2020 18,314 18,516 North Rhett II 5.20% 6.50% 10/1/2020 1,319 1,425 Mount Holly Bldg. 5.20% 6.50% 10/1/2020 1,319 1,425 Orangeburg Park Bldg. 5.20% 6.50% 10/1/2020 1,341 1,449 Kings Mountain I 5.27% 6.50% 10/1/2020 1,143 1,235 Ten Parkway North 4.75% 4.75% 1/1/2021 11,308 11,469 Union Cross Bldg. II 5.53% 6.50% 6/1/2021 5,382 5,755 Union Cross Bldg. I 5.50% 6.50% 7/1/2021 1,771 1,892 Norman Pointe I 5.24% 3.50% 10/1/2021 20,003 20,177 Property Stated Interest Rate Effective Interest Rate (1) Maturity Date Outstanding Balance June 30, December 31, 2015 2014 Norman Pointe II 5.24% 3.50% 10/1/2021 22,022 22,214 The Landings I 5.24% 3.50% 10/1/2021 15,054 15,185 The Landings II 5.24% 3.50% 10/1/2021 13,278 13,393 Fairforest Bldg. 5 6.33% 6.50% 2/1/2024 7,364 7,678 North Rhett IV 5.80% 6.50% 2/1/2025 7,574 7,862 One Wayside Road (5) 5.66% 5.25% 8/1/2015 — 12,938 One Wayside Road (5) 5.92% 5.25% 8/1/2015 — 10,854 Lakeside Office Center (6) 6.03% 6.03% 9/1/2015 — 8,617 Total Secured Notes Payable 555,729 596,008 Plus Premium 13,129 15,494 Less Discount (781 ) (894 ) Total Secured Notes Payable, Net $ 568,077 $ 610,608 __________ (1) Represents the rate at which interest expense is recorded for financial reporting purposes, which reflects the amortization of any discounts/premiums, excluding debt issuance costs. (2) These nine loans are cross-collateralized. (3) In accordance with the provisions of this loan, beginning in February 2015, the property's excess cash proceeds after the payment of debt service, impounds and budgeted operating expenses are being held by the lender until the loan is repaid or the property is re-leased to the existing tenant under terms described in the loan agreement. (4) These five loans are cross-collaterialized. (5) This loan was paid off in full on February 2, 2015 prior to the maturity date. (6) This loan was paid off in full on June 3, 2015 prior to the maturity date. Unsecured Term Loan Facilities The terms of our unsecured term loan facilities and outstanding balances as of June 30, 2015 and December 31, 2014 are set forth in the table below (in thousands): Term Loan Facility Unswapped Interest Rate Effective Interest Rate (1) Maturity Date Outstanding Balance June 30, December 31, 2015 2014 WF Term Loan #2 (2) LIBOR + 1.50% 2.49% 3/7/2018 $ 200,000 $ 200,000 WF Term Loan #3 (2) LIBOR + 1.50% 3.12% 1/15/2019 200,000 200,000 TD Term Loan (3) LIBOR + 1.75% 3.28% 3/6/2020 50,000 50,000 Capital One Term Loan (2) LIBOR + 1.75% 4.32% 1/31/2021 120,000 120,000 Total Unsecured Term Loan Facilities $ 570,000 $ 570,000 __________ (1) Represents the rate at which interest expense is recorded for financial reporting purposes, which reflects the effect of the interest rate swaps, excluding debt issuance costs. (2) As of June 30, 2015 and December 31, 2014, the applicable LIBOR rate was 0.184% and 0.156% , respectively, for these loans. (3) As of June 30, 2015 and December 31, 2014, the applicable LIBOR rate was 0.184% and 0.155% , respectively, for this loan. Unsecured Revolving Credit Facility The terms of our unsecured revolving credit facility are set forth in the table below (in thousands): June 30, December 31, 2015 2014 Outstanding Borrowings $ 240,044 $ 200,044 Remaining Borrowing Capacity 609,956 649,956 Total Borrowing Capacity $ 850,000 $ 850,000 Interest Rate (1) 1.49 % 1.46 % Facility Fee (2) 30 bps 30 bps Maturity Date (3) January 15, 2018 January 15, 2018 __________ (1) Calculated based on one-month LIBOR plus 1.30% as of June 30, 2015 and December 31, 2014 . (2) The facility fee is based on the unsecured revolving credit facility's total borrowing capacity. (3) We may exercise an option to extend the maturity date by one year. Debt Covenants and Restrictions Certain of our secured notes payable are subject to financial covenants (interest coverage and loan to value ratio). As of June 30, 2015 , our unsecured term loan facilities and revolving credit facility were subject to certain financial covenants that require, among other things: the maintenance of (i) a leverage ratio of not more than 0.60 ; (ii) a fixed charge coverage ratio of at least 1.50 ; (iii) a secured leverage ratio of not more than (a) 0.45 prior to September 30, 2014 for the Capital One Term Loan, September 26, 2015 for WF Term Loan #2, WF Term Loan #3, and unsecured revolving credit facility, or March 6, 2015 for the TD Term Loan, or (b) 0.40 thereafter; (iv) an unencumbered leverage ratio of not more than 0.60 ; (v) minimum tangible net worth of $1.5 billion plus 85% of the net proceeds of certain future equity issuances; (vi) unencumbered asset value of at least $400.0 million ; and (vii) a minimum of 10 Eligible Properties. In addition, our unsecured term loan facilities and revolving credit facility contain a number of customary non-financial covenants including those restricting liens, mergers, sales of assets, certain investments in unimproved land and mortgage receivables, intercompany transfers, transactions with affiliates and distributions. The Company has provided guarantees in connection with our unsecured term loan facilities and revolving credit facility. As of June 30, 2015 , we were in compliance with all financial debt covenants. The minimum principal payments due for our secured notes payable, unsecured term loan facilities and unsecured revolving credit facility are as follows as of June 30, 2015 (in thousands): Remaining 2015 $ 91,438 2016 134,612 2017 46,822 2018 512,612 2019 308,768 Thereafter 271,521 $ 1,365,773

Risk Management and Use of Fina

Risk Management and Use of Financial Instruments	6 Months Ended
	Jun. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Risk Management and Use of Financial Instruments	Risk Management and Use of Financial Instruments Risk Management In the course of our ongoing business operations, we encounter economic risk. There are three main components of economic risk: interest rate risk, credit risk and market risk. We are subject to interest rate risk on our interest-bearing liabilities. Credit risk is primarily the risk of inability or unwillingness of tenants to make contractually required payments and of counterparties on derivatives contracts to fulfill their obligations. Market risk is the risk of declines in the value of our properties due to changes in rental rates, interest rates, supply and demand of similar products and other market factors affecting the valuation of properties. Derivative Financial Instruments We utilize interest rate swaps to mitigate the effects of interest rate fluctuations on our variable-rate loans. Our strategy is to use a swap to convert the floating-rate borrowing (usually a secured note payable or an unsecured term loan facility) where LIBOR is consistently applied into a fixed-rate obligation with the only variable piece remaining is the spread between different reset dates when/if the swap and debt are not lined up. We generally enter into an interest rate swap agreement concurrently with the origination of the variable-rate loan for an equivalent principal amount for a period covering the term of the loan, which effectively converts our variable-rate debt to a fixed-rate loan. Our use of derivative instruments, including swaps, is limited by policy to hedging or mitigating commercial risk and we do not use derivative instruments for speculative, trading or investment purposes. The following table sets forth the terms of our interest rate swaps at June 30, 2015 and December 31, 2014 (amounts in thousands): Notional Amount Fair Value Rate Type of Hedging Instrument June 30, December 31, June 30, December 31, June 30, December 31, Index Maturity Date 2015 2014 2015 2014 2015 2014 Interest Rate Swap (1) $ 10,553 $ 10,716 $ (127 ) $ (135 ) 1.2 % 1.3 % LIBOR 12/6/2016 Interest Rate Swap (2) 200,000 200,000 72 1,467 0.8 % 0.8 % LIBOR 3/7/2018 Interest Rate Swap (1) 21,112 21,580 (413 ) (354 ) 1.6 % 1.6 % LIBOR 5/31/2018 Interest Rate Swap 200,000 200,000 (2,615 ) (1,540 ) 1.4 % 1.5 % LIBOR 1/15/2019 Interest Rate Swap (1) 6,187 6,280 (145 ) (127 ) 1.8 % 1.8 % LIBOR 1/31/2019 Interest Rate Swap (2) 50,000 50,000 40 266 1.3 % 1.4 % LIBOR 3/6/2020 Interest Rate Swap 120,000 120,000 (5,401 ) (5,543 ) 2.4 % 2.4 % LIBOR 1/31/2021 __________ (1) We assumed this swap in connection with the purchase of the Duke Portfolio on March 1, 2013. This swap is considered a hedging instrument under ASC 815-20 as of June 30, 2015 . The swap was not considered a hedging instrument under ASC 815-20 during the period from March 1, 2013 to March 31, 2013. (2) We entered into these swaps in connection with the origination of the TD Term Loan and WF Term Loan #1 in March 2013. These swaps are considered hedging instruments under ASC 815-20 as of June 30, 2015 . These swaps were not considered hedging instruments under ASC 815-20 during the period from March 11, 2013 and March 12, 2013, respectively, to May 29, 2013. We record all derivative instruments on a gross basis in the consolidated balance sheets. Accordingly, there are no offsetting amounts that net assets against liabilities. The asset and liability balances presented in the table below reflect the gross amounts of derivatives recorded in the consolidated balance sheets (in thousands): Asset Derivatives Liability Derivatives Fair Value Fair Value June 30, December 31, June 30, December 31, Type of Instrument Balance Sheet Location 2015 2014 Balance Sheet Location 2015 2014 Derivatives designated as hedging instruments Interest Rate Swaps Prepaid Expenses and Other Assets $ 112 $ 1,733 Accounts Payable, Accrued Expenses and Other Liabilities $ 8,701 $ 7,699 The table below presents the effect of our derivative instruments on our consolidated statement of operations and consolidated statement of comprehensive income for the three and six months ended June 30, 2015 and 2014 (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Derivatives Designated as Cash Flow Hedges: Gain (Loss) Recognized in Other Comprehensive Income (OCI) (Effective Portion) $ 1,225 $ (7,497 ) $ (6,963 ) $ (12,586 ) Loss Reclassified from AOCI into Interest Expense (Effective Portion) (2,152 ) (2,367 ) (4,297 ) (4,695 ) Net Change in Fair Value of Derivative Financial Instruments (Ineffective Portion and Amount Excluded from Effectiveness Testing) 26 (14 ) 43 12 At June 30, 2015 , the Company expects that the hedged forecasted transactions, for each of the outstanding qualifying cash flow hedging relationships, remains probable of occurring. During the next twelve months we anticipate reclassifying $7.2 million of amounts currently recorded in accumulated other comprehensive income to earnings. Concentration of Credit Risk Our credit risk relates primarily to cash, restricted cash, and interest rate swap agreements. Cash accounts at each U.S. institution are insured by the Federal Deposit Insurance Corporation up to $250,000 through December 31, 2015 . We have not experienced any losses to date on our invested cash and restricted cash. The interest rate swap agreements create credit risk. Credit risk arises from the potential failure of counterparties to perform in accordance with the terms of their contracts. Our risk management policies define parameters of acceptable market risk and limit exposure to credit risk. Credit exposure resulting from derivative financial instruments is represented by their fair value amounts, increased by an estimate of potential adverse position exposure arising from changes over time in interest rates, maturities, and other relevant factors. We do not anticipate nonperformance by any of our counterparties. Our consolidated properties are located throughout the United States and in the United Kingdom. The ability of the tenants to honor the terms of their respective leases is dependent upon the economic, regulatory, and social factors affecting the communities in which the tenants operate. In addition, we do not have any tenant whose rent exceeds 10% of our total rental revenue.

Future Minimum Rents

Future Minimum Rents	6 Months Ended
	Jun. 30, 2015
Leases [Abstract]
Future Minimum Rents	Future Minimum Rents The following is a schedule of future minimum rents to be received on non-cancelable operating leases from consolidated properties as of June 30, 2015 (in thousands): Remaining 2015 $ 105,969 2016 194,475 2017 181,266 2018 163,914 2019 144,816 Thereafter 460,575 $ 1,251,015

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2015
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions As required by the Transitional Services Agreement, we and the former investment advisor have agreed on a list of unacquired real estate investments for which the former investment advisor has performed certain acquisition related consulting services prior to the termination of the Transitional Service Agreement (a "Qualifying Property"). If any Qualifying Property is acquired by us within the nine months following the termination of the Transitional Services Agreement then we shall pay an acquisition consulting fee equal to 0.75% of (i) the contract purchase price of the real estate investments (including debt), or (ii) when we make an investment indirectly through another entity, such investment's pro rata share of the gross asset value of real estate investments held by that entity to the former investment advisor. During the year ended December 31, 2014, we acquired one Qualifying Property and paid the former investment advisor $0.2 million in acquisition consulting fees. There are no further Qualifying Properties under the Transitional Services Agreement and we do not anticipate paying the former investment advisor any further acquisition consulting fees. Additionally, until June 30, 2017, if we attempt to effect certain types of transactions, including, but not limited to, a merger, consolidation or sale of 10% of more of our business, assets or voting securities (excluding the sale of any securities pursuant to a registration statement filed pursuant to the Securities Act of 1933, as amended), we have agreed under our Transition to Self-Management Agreement, by and among CB Richard Ellis Realty Trust, CBRE Operating Partnership, L.P., CBRE Global Investors, LLC and CBRE Advisors LLC, dated April 27, 2012 (the “Transition to Self-Management Agreement”) to engage CBRE Global Investors, LLC, our former sponsor, or an affiliate of our former sponsor to provide financial advice and assistance in connection therewith provided that such entity continues to have the sufficient expertise and resources to provide such financial advice and assistance. The transactional financial advisory fee payable by the Company to CBRE Global Investors or its affiliate upon the closing of a transaction will be equal to one-quarter of one percent ( 0.25% ) of the consideration in the transaction, as defined in the Transition to Self-Management Agreement, plus the reimbursement of reasonable expenses. In accordance with the Transition to Self-Management Agreement, we engaged CBRE Global Investors, LLC in connection with the proposed merger with Gramercy, and CBRE Global Investors, LLC will be entitled to receive the aforementioned transaction advisory fee upon consummation of such merger.

Equity Incentive Plan and Perfo

Equity Incentive Plan and Performance Bonus Plan	6 Months Ended
	Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Equity Incentive Plan and Performance Bonus Plan	Equity Incentive Plan and Performance Bonus Plan Equity Incentive Plan At our annual shareholders' meeting held on May 31, 2013, our shareholders approved the 2013 Equity Incentive Plan. Our key employees, directors, trustees, officers, advisors, consultants or other personnel of ours and our subsidiaries or other persons expected to provide significant services to us or our subsidiaries would be eligible to be granted incentive share options, non-qualified share options, share appreciation rights, restricted shares, restricted share units, dividend equivalent rights and other equity-based awards as contemplated in the 2013 Equity Incentive Plan. As of June 30, 2015 , there were 3,332,627 common shares available for grant under the 2013 Equity Incentive Plan. 2015 Awards On January 9, 2015, our Board of Trustees' independent trustees, Messrs. Charles Black, Mark Brugger, James Francis, James Orphanides and Louis Salvatore, were awarded restricted shares units ("Trustee RSUs") under the Company's 2013 Equity Incentive Plan on the following terms: (i) (y) Mr. Black was awarded 20,000 Trustee RSUs, and (z) Messrs. Brugger, Francis, Orphanides and Salvatore each were awarded 5,000 Trustee RSUs; and (ii) each award is subject to a mandatory deferral program. Pursuant to the mandatory deferral program, each Trustee RSU entitles a holder to receive one common share upon the earlier of (i) the sixth month anniversary of the holder's separation of service from the Company, and (ii) a change in control of the Company. Each Trustee RSU also entitles a holder to receive an amount equal to the dividends paid on one common share. The fair value of the Trustee RSUs was valued by a third-party valuation firm taking into consideration the mandatory deferral program restrictions. Based on the valuation analysis, the fair value of each Trustee RSU was determined to be $7.13 , which represents a discount of 12.5% from the grant date closing share price of $8.15 . The expected remaining tenure is estimated to be two years . On March 13, 2015, our employees were awarded an aggregate of 474,862 restricted share units under the Company's 2013 Equity Incentive Plan, of which 237,440 are subject to market and service vesting requirements ("Performance Share Units" or "PSUs") and 237,422 are subject to time-based vesting requirements ("Time-Based RSUs" or "RSUs"). The Time-Based RSUs are subject to vest in three equal annual installments from the date of grant contingent on the grantee's continued employment with the Company. The Company pays an amount into an escrow account for the benefit of the grantee, measured by the dividends and other distributions paid with respect to the number of shares underlying the Time-Based RSU, or a Dividend Equivalent, between the grant date and the date such Time-Based RSU vests. The Dividend Equivalent is paid to the grantee on the relevant vesting dates of the Time-Based RSU. The PSUs are restricted share units that vest at the end of a three -year performance period. Each employee is granted a target number of PSUs (the “PSU Target Award”). The actual number of common shares issued to each employee is subject to the achievement of certain levels of total shareholder return relative to the total shareholder return of a peer group of publicly-traded REITs included in the FTSE NAREIT All Equity Total Return Index, over a three -year performance period. There will be no payout of our common shares if our total shareholder return falls below the 30th percentile of the total shareholder returns of the peer group. The maximum number of common shares issued to an employee is equal to 150% of the PSU Target Award and is earned if our total shareholder return is equal to or greater than the 75th percentile of the total shareholder returns of the peer group. The number of PSUs can ultimately fluctuate from the 237,440 granted based upon the levels of achievement for shareholder returns. Compensation expense for the PSU's will be recorded on a straight-line basis over the three year period. The fair value of the Performance Share Unit award was determined using a Monte Carlo simulation performed by a third-party valuation firm. The following table summarizes the assumptions utilized in the Monte Carlo simulation pricing model: Assumptions Fair value per unit at March 13, 2015 $ 6.00 Expected share price volatility 22.0 % Dividend yield 6.0 % Risk-free interest rate 0.99 % Remaining expected life 2.8 years The computations of expected volatility are based on a blend of the historical volatility of our common shares and those of our peer group companies with similar operations over approximately five and a half years as that is expected to be most consistent with future volatility and equates to a time period twice as long as the approximate two and four-fifths year remaining performance period of the PSUs. Implied volatility data is based on the observed pricing of six month (180 day) publicly-traded options on each company's common stock. The risk-free interest rate corresponds to the length of the remaining Performance Cycle and is based on the prevailing zero-coupon U.S. Treasury yield as of March 13, 2015. The expected dividend yield is estimated by examining the Company's average dividend yield over the preceding five years, as well as its current dividend yield as of March 13, 2015. The expected life of the PSUs is equal to the remaining 2.8 year vesting period as of March 13, 2015. Retirement of Mr. Cuneo On March 5, 2015, Mr. Cuneo stepped down as President and Chief Executive Officer of the Company and resigned from the Board of Trustees of the Company. Pursuant to his Memorandum of Retirement dated November 9, 2014, Mr. Cuneo remained employed by the Company in a non-officer position through March 16, 2015. As part of his 2014 performance bonus, Mr. Cuneo received 75,000 Time-Based RSUs and 75,000 PSUs, which became fully vested upon his retirement. We recognized cash compensation of approximately $187,000 and non-cash compensation of approximately $3.3 million related to Mr. Cuneo’s retirement in 2015. 2014 Awards On January 29, 2014, our Board's independent trustees, Messrs. Black, Brugger, Francis, Orphanides and Salvatore, were awarded equity grants under our 2013 Equity Incentive Plan on the following terms: (i) (x) Mr. Black's award was for 20,000 common shares, (y) Messrs. Orphanides and Salvatore each were awarded 5,000 common shares and (z) Messrs. Brugger and Francis each were awarded 1,550 common shares, for a total of 33,100 common shares awarded to trustees and (ii) each award vested in its entirety, upon issuance. We recorded compensation expense based upon the $7.87 price per share on January 29, 2014. On February 26, 2014, the Company and Operating Partnership entered into an amendment to Martin A. Reid's employment agreement, effective as of January 1, 2013, increasing Mr. Reid's annual target Long Term Incentive Award to 90,000 restricted common shares of the Company. On March 15, 2014, a total of 401,875 restricted common shares were granted to our named executive officers (Messrs. Cuneo, Kianka and Reid) based on each executive's achievement of performance objectives during 2013, as determined at the discretion of our Compensation Committee. Additionally, 25 of our employees were granted 143,450 restricted common shares, in the aggregate, on March 15, 2014. One-third of the restricted shares granted to our named executive officers and employees will vest on each of the first three anniversaries of grant if the grantee is employed by the Company on such anniversary . We recorded compensation expense based upon the $7.74 price per share on March 15, 2014. Compensation expense is recognized on a straight-line basis over the service vesting period of three years . We recognized share-based compensation expense of $169,000 and $339,000 during the three months ended June 30, 2015 and 2014 , respectively, and $340,000 and $405,000 during the six months ended June 30, 2015 and 2014 , respectively, as a result of granting the awards to our named executive officers and our employees. On July 31, 2014, the Compensation Committee of the Board of Trustees of the Company (the “Compensation Committee”) adopted and approved an incentive bonus plan, a form of restricted share award agreement, and a form of restricted share unit award agreement that may be used in connection with awards made pursuant to the 2013 Equity Incentive Plan from time to time to the Company’s trustees, executive officers and other employees. The incentive bonus plan is intended to provide additional incentive for key employees of the Company to perform to the best of their abilities, to further the growth, development and financial success of the Company, and to enable us to attract and retain qualified and talented individuals. Restricted shares are awarded to grantees based on a time-based vesting formula. Restricted share units represent a contingent commitment of the Company to issue shares to a grantee based on certain performance-based goals determined by the Compensation Committee. Summary of Time-Based Restricted Common Shares A summary of our Time-Based Restricted Common Shares from January 1, 2015 through June 30, 2015 is presented below: Nonvested Restricted Stock Common Shares Weighted-Average Grant Date Fair Value per Share Outstanding at January 1, 2015 800,699 $ 8.68 Granted (1) 200,000 8.10 Vested (1)(2) (728,963 ) 8.50 Forfeited (1,202 ) 8.37 Outstanding at June 30, 2015 270,534 $ 8.53 __________ (1) Shares granted to Mr. Cuneo were fully vested upon his retirement. (2) Total shares vested include 331,485 common shares that were tendered in accordance with the terms of our 2013 Equity Incentive Plan to satisfy minimum state tax withholding requirements related to the restricted common shares that have vested. We accept the return of shares at the current quoted closing share price of the Company's common shares on the NYSE to satisfy tax obligations. Summary of Time-Based Restricted Share Units A summary of our Time-Based Restricted Share Units from January 1, 2015 through June 30, 2015 is presented below: Nonvested RSUs Amount Weighted-Average Grant Date Fair Value Per Share Vested RSUs Total RSUs Outstanding at January 1, 2015 — $ — — — Granted 237,422 7.78 — 237,422 Vested (75,000 ) 7.78 75,000 — Forfeited (397 ) 7.78 — (397 ) Settled (1) — — (75,000 ) (75,000 ) Outstanding at June 30, 2015 162,025 $ 7.78 — 162,025 __________ (1) Represents vested RSUs that were settled in shares of the Company's common shares. Total shares settled include 38,806 shares that were tendered in accordance with the terms of our 2013 Equity Incentive Plan to satisfy minimum state tax withholding requirements related to the RSU settled. We accept the return of shares at the current quoted closing share price of the Company's common shares on the NYSE to satisfy tax obligations. Summary of Performance Share Units A summary of our Performance Share Units from January 1, 2015 through June 30, 2015 is presented below: Nonvested PSUs Amount Weighted-Average Grant Date Fair Value Per Share Vested PSUs Total PSUs Outstanding at January 1, 2015 — $ — — — Granted 237,440 6.56 — 237,440 Vested (75,000 ) 7.78 75,000 — Forfeited (397 ) 6.00 — (397 ) Settled (1) — — (75,000 ) (75,000 ) Outstanding at June 30, 2015 162,043 $ 6.00 — 162,043 __________ (1) Represents vested PSUs that were settled in shares of the Company's common shares. Total shares settled include 38,888 shares that were tendered in accordance with the terms of our 2013 Equity Incentive Plan to satisfy minimum state tax withholding requirements related to the PSU settled. We accept the return of shares at the current quoted closing share price of the Company's common shares on the NYSE to satisfy tax obligations. 2015 2014 (in thousands, except share data) Compensation Expense Recorded During the Six Months Ended June 30 (1) $ 4,629 $ 1,924 Unamortized Compensation Costs $ 3,656 $ 7,351 Shares Available for the Future Awards (2) 3,332,627 4,041,992 __________ (1) 2015 compensation expense includes severance expense totaling $3.3 million . (2) Shares available for the future awards includes units under our 2013 Equity Incentive Plan.

Shareholders' Equity

Shareholders' Equity	6 Months Ended
	Jun. 30, 2015
Equity [Abstract]
Shareholders' Equity	Shareholders' Equity Common Shares Under our current declaration of trust, we have the authority to issue a total of 1,000,000,000 shares of beneficial interest. Of the total shares authorized, 990,000,000 shares are designated as common shares, with a par value of $0.01 per share, and 10,000,000 shares are designated as preferred shares, with a par value of $0.01 per share. As of June 30, 2015 and December 31, 2014, there were no preferred shares issued or outstanding. At-The-Market Offering On November 6, 2013, we and CSP OP entered into four separate Equity Distribution Agreements with certain sales agents, pursuant to which we may sell, from time to time, subject to the restrictions contained in the Merger Agreement (as defined herein), our common shares having an aggregate offering price of up to $250.0 million . Sales of our common shares may be made in ordinary brokers' transactions on the NYSE, in negotiated transactions or transactions that are deemed to be "at the market" ("ATM") offerings, including sales made to or through a market maker other than on an exchange, at prices related to the prevailing market prices or at negotiated prices. We may use these proceeds and proceeds from the sale of its debt securities to repay debt, including borrowings under our unsecured revolving credit facility, to make acquisitions of properties or portfolios of properties, or for general corporate purposes. As of June 30, 2015 there have been no sales of common shares under the ATM program. Accumulated Other Comprehensive Income (Loss) The following presents the changes in the balances of each component of accumulated other comprehensive income (loss) for the six months ended June 30, 2015 and 2014 (in thousands): Foreign Currency Translation Gain (Loss) Swap Fair Value Adjustment Accumulated Other Comprehensive Income (Loss) Balance at January 1, 2015 $ (17,513 ) $ (5,756 ) $ (23,269 ) Other Comprehensive Loss Before Reclassifications (10,987 ) (6,963 ) (17,950 ) Amounts Reclassified from Accumulated Other Comprehensive Income to Interest Expense — 4,297 4,297 Balance at June 30, 2015 $ (28,500 ) $ (8,422 ) $ (36,922 ) Foreign Currency Translation Gain Swap Fair Value Adjustment Accumulated Other Comprehensive Income (Loss) Balance at January 1, 2014 $ 1,670 $ 2,926 $ 4,596 Other Comprehensive Income (Loss) Before Reclassifications 2,153 (12,586 ) (10,433 ) Amounts reclassified from Accumulated Other Comprehensive Income to Interest Expense — 4,695 4,695 Balance at June 30, 2014 $ 3,823 $ (4,965 ) $ (1,142 )

Fair Value of Financial Instrum

Fair Value of Financial Instruments and Investments	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments and Investments	Fair Value of Financial Instruments and Investments We apply the three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices for identical financial instruments in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as instruments that have little to no pricing observability as of the reported date. These financial instruments do not have two-way markets and are measured using management’s best estimate of fair value, where the inputs into the determination of fair value require significant management judgment or estimation. As of June 30, 2015 and December 31, 2014 , we held certain items that were required to be measured at fair value on a recurring basis. These included cash equivalents, interest rate swap derivative contracts and our equity method investment in CBRE Strategic Partners Asia. Cash equivalents consist of short-term, highly liquid, income-producing investments, all of which have original maturities of 90 days or less, including money market funds and U.S. Government obligations. Derivative instruments are related to our economic hedging activities with respect to interest rates. The fair values of the interest rate swap derivative agreements are estimated with the assistance of a third-party valuation specialist using the market standard methodology of discounting the future expected cash payments and receipts on the pay and receive legs of the interest rate swap agreements that swap the estimated variable rate mortgage note payment stream for a fixed rate receive payment stream over the period of the loan. The variable interest rates used in the calculation of projected receipts on the interest rate swap agreements are based on an expectation of future interest rates derived from observable market interest rate curves and volatilities. We incorporate credit valuation adjustments to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements (where appropriate). Although we have determined that the majority of the inputs used to value our derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with our derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by us and our counterparties. However, as of June 30, 2015 and December 31, 2014 , we have assessed the significance of the impact of the credit valuation adjustments on the overall valuation and have determined that the credit valuation adjustments are not significant to the overall valuation of our derivatives. As a result, we have determined that our derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. We have consistently applied these valuation techniques in all periods presented and believe we have obtained the most accurate information available for the types of derivative contracts we hold. Our investment in CBRE Strategic Partners Asia is based on the Level 3 valuation inputs applied by the Investment Manager of this investment company utilizing a mix of different approaches for valuing the underlying real estate related investments within the investment company. The approaches include the income approach, direct market comparison approach and the replacement cost approach for newer properties. For investments owned more than one year, except for investments under construction or incurring significant renovation, it is CBRE Strategic Partners Asia’s policy to obtain a third-party appraisal. For investments in real estate under construction or incurring significant renovation, the valuation analysis is prepared by the Investment Manager. On a quarterly basis, the Company obtains the financial results of CBRE Strategic Partners Asia and on an annual basis the Company receives audited financial statements. Impairment of Real Estate During the year ended December 31, 2014, we recognized an impairment charge of $27.6 million in continuing operations related to our 70 Hudson Street property. Accordingly, we reduced the carrying value of this property to the property’s current estimated fair value of approximately $94.0 million . The inputs used to calculate the fair value included projected cash flows and risk-adjusted rate of return that we estimated would be used by a market participant in valuing the asset or by obtaining a range of third-party broker valuation estimates. We utilized a discounted cash flow analysis to estimate the property's fair value. The unobservable inputs (Level 3) of our real estate that was recorded at fair value as of December 31, 2014 included a discount rate of 12% , a terminal capitalization rate of 6.5% , a market rent growth rate range of 3% - 3.4% and an expense growth rate of 3% . The following items are measured at fair value on a recurring basis and non-recurring basis at June 30, 2015 and December 31, 2014 (in thousands): As of June 30, 2015 Fair Value Measurements Using: Quoted Markets Prices (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Fair Value Assets (Liabilities) Cash and Cash Equivalents $ 1,574 $ — $ — $ 1,574 Interest Rate Swaps Designated as Cash Flow Hedges - Assets — 112 — 112 Interest Rate Swaps Designated as Cash Flow Hedges - Liabilities — (8,701 ) — (8,701 ) Investment in CBRE Strategic Partners Asia — — 5,317 5,317 As of December 31, 2014 Fair Value Measurements Using: Quoted Markets Prices (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Fair Value Assets (Liabilities) Cash and Cash Equivalents $ 1,573 $ — $ — $ 1,573 Interest Rate Swaps Designated as Cash Flow Hedges - Assets — 1,733 — 1,733 Interest Rate Swaps Designated as Cash Flow Hedges - Liabilities — (7,699 ) — (7,699 ) Investment in CBRE Strategic Partners Asia — — 6,870 6,870 Fair Value of Real Estate at Impairment (1) — — 94,000 94,000 __________ (1) Represents a non-recurring fair value measurement. The following table presents our activity for our investment in CBRE Strategic Partners Asia measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the six months ended June 30, 2015 and 2014 , respectively (in thousands): Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Investment in CBRE Strategic Partners Asia Balance at January 1, 2015 $ 6,870 Distributions (1,385 ) Total Income on Fair Value Adjustment 762 Unrealized Loss in Fair Value Adjustment (930 ) Balance at June 30, 2015 $ 5,317 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Investment in CBRE Strategic Partners Asia Balance at January 1, 2014 $ 9,676 Total Loss on Fair Value Adjustment (141 ) Balance at June 30, 2014 $ 9,535 Disclosure of Fair Value Financial Instruments For disclosure purposes only, the following table summarizes our notes payable and their estimated fair value at June 30, 2015 and December 31, 2014 (in thousands): June 30, 2015 December 31, 2014 Financial Instrument Carrying Value Fair Value Carrying Value Fair Value Secured Notes Payable (1) $ 568,077 $ 588,098 $ 610,608 $ 628,194 Unsecured Term Loan Facilities (1) $ 570,000 $ 580,364 $ 570,000 $ 577,196 Unsecured Revolving Credit Facility (1) $ 240,044 $ 240,044 $ 200,044 $ 200,044 __________ (1) Items are measured using Level 2 inputs. These financial instruments do not have two-way markets and are measured using management’s best estimate of fair value, where the inputs into the determination of fair value require significant management judgment or estimation.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Ground Leases - We own a property that is subject to a long-term noncancellable ground lease obligation that contractually expires on November 30, 2032. We have three ten -year renewal options that will allow us to extend the expiration of the ground lease through November 30, 2062. The minimum commitment under the ground lease as of June 30, 2015 and thereafter is as follows (in thousands): Remaining 2015 $ 136 2016 273 2017 273 2018 276 2019 308 Thereafter 4,474 $ 5,740 Litigation—From time to time, we and our properties may be subject to legal proceedings, which arise in the ordinary course of our business. Two putative class action lawsuits challenging the proposed merger between the Company and Gramercy have been filed in New York Supreme Court, New York County. A separate action asserting both class action and shareholder derivative claims challenging the proposed merger has been filed in the Circuit Court for Baltimore City, Maryland. The New York actions are captioned Berliner v. Gramercy Property Trust, et al., Index No. 652424/2015 (filed July 9, 2015) and Gensler v. Baum, et al., Index No. 157432/2015 (filed July 22, 2015) and the Maryland action is captioned Jobin v. DuGan, et al., Index No. 24-C-15-003942 (filed July 27, 2015). The lawsuits allege that the directors of Gramercy breached their fiduciary duties to Gramercy stockholders by agreeing to sell Gramercy for inadequate consideration and agreeing to improper deal protection terms in the Merger Agreement. The complaints further allege, among other things, that the Company and certain of its affiliates aided and abetted these purported breaches of fiduciary duties. The lawsuits seek, among other things, an injunction barring the merger, rescission of the merger to the extent it is already implemented, and an award of damages. The defendants believe the lawsuits are without merit and will vigorously defend themselves in these actions. Environmental Matters—We are not aware of any material environmental liability or any unasserted claim or assessment with respect to a material environmental liability that we believe would require additional disclosure or the recording of a loss contingency.

Segment Disclosure

Segment Disclosure	6 Months Ended
	Jun. 30, 2015
Segment Reporting [Abstract]
Segment Disclosure	Segment Disclosure We view our consolidated property operations as two reportable segments: Industrial Properties and Office Properties. In addition, we had one non-reportable segment, which was Retail Properties. However, during the third quarter ended September 30, 2014 we sold our last remaining retail property, therefore, eliminating the non-reportable segment from future reportable presentations. Management internally evaluates the operating performance and financial results of our segments based on net operating income. We also have certain general and administrative level activities including legal, accounting, tax preparation and shareholder servicing costs that are not considered separate operating segments. We evaluate the performance of our segments based on net operating income, defined as: rental income, tenant reimbursements and other property income less property and related expenses (operating and maintenance and real estate taxes) and excludes other non-property income and expenses, interest expense, depreciation and amortization, and corporate general and administrative expenses. The following table compares the net operating income for the three and six months ended June 30, 2015 and 2014 (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Industrial Properties Revenues: Rental $ 18,568 $ 13,980 $ 36,954 $ 28,125 Tenant Reimbursements 4,933 4,249 9,881 7,970 Other Property Income 250 448 — Total Revenues 23,751 18,229 47,283 36,095 Property and Related Expenses: Property Operating 1,359 1,215 3,231 2,706 Real Estate Taxes 3,884 3,601 7,716 6,730 Total Property and Related Expenses 5,243 4,816 10,947 9,436 Net Operating Income $ 18,508 $ 13,413 $ 36,336 $ 26,659 Office Properties Revenues: Rental $ 38,191 $ 37,015 $ 74,151 $ 73,715 Tenant Reimbursements 9,899 10,300 21,390 21,776 Other Property Income — — — 1,069 Total Revenues 48,090 47,315 95,541 96,560 Property and Related Expenses: Property Operating 6,776 7,097 14,685 15,099 Real Estate Taxes 6,690 6,864 13,640 13,536 Total Property and Related Expenses 13,466 13,961 28,325 28,635 Net Operating Income $ 34,624 $ 33,354 $ 67,216 $ 67,925 Non-Reportable Properties Revenues: Rental $ — $ 1,038 $ — $ 2,069 Tenant Reimbursements — 46 — 69 Total Revenues — 1,084 — 2,138 Property and Related Expenses: Property Operating — 80 — 140 Real Estate Taxes — — — — Total Property and Related Expenses — 80 — 140 Net Operating Income $ — $ 1,004 $ — $ 1,998 Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Reconciliation to Consolidated Net Income Total Segment Net Operating Income $ 53,132 $ 47,771 $ 103,552 $ 96,582 Expenses: General and Administrative 11,697 5,953 21,570 12,817 Acquisition-Related — — — 290 Depreciation and Amortization 27,933 27,126 55,853 54,364 Total Expenses 39,630 33,079 77,423 67,471 Income Before Other (Expenses) Income 13,502 14,692 26,129 29,111 Other Expenses and Income Interest and Other Income 12 151 92 318 Interest Expense (12,986 ) (13,907 ) (26,045 ) (27,968 ) Interest Expense and Net Change in Fair Value of Non-Qualifying Derivative Financial Instruments 26 (14 ) 43 12 Gain on Sale of Real Estate 5,844 — 5,844 — Income Before Provision for Income Taxes and Equity in Income of Unconsolidated Entities 6,398 922 6,063 1,473 Provision for Income Taxes (387 ) (381 ) (563 ) (439 ) Equity in Income of Unconsolidated Entities 3,676 4,612 10,181 7,438 Net Income $ 9,687 $ 5,153 $ 15,681 $ 8,472 June 30, December 31, Assets 2015 2014 Industrial Properties $ 890,611 $ 916,038 Office Properties 1,444,676 1,504,285 Non-Segment Assets (1) 465,376 449,485 Total Assets $ 2,800,663 $ 2,869,808 _________ (1) Non-segment assets primarily include our investments in unconsolidated entities.

Earnings per Share

Earnings per Share	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Earnings per Share	Earnings per Share The following table reconciles the numerator and denominator in computing the Company's basic and diluted per-share computations for net income for the three and six months ended June 30, 2015 and 2014 (in thousands except share data): Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Numerator: Net Income $ 9,687 $ 5,153 $ 15,681 $ 8,472 Allocation to Participating Securities (Nonvested Restricted Shares and Vested RSUs) (40 ) (125 ) (80 ) (252 ) Numerator for Basic and Diluted Net Income $ 9,647 $ 5,028 $ 15,601 $ 8,220 Denominator: Basic Weighted Average Shares Outstanding 236,900,677 237,000,613 236,922,064 236,793,334 Effect of Dilutive Securities - Non-Vested Time-Based RSU and PSUs 55,158 — 28,513 — Diluted Weighted Average Shares Outstanding 236,955,835 237,000,613 236,950,577 236,793,334 Basic and Diluted Earnings Per Share: Net Income per Share $ 0.04 $ 0.02 $ 0.07 $ 0.03

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2015
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Proposed Merger with Gramercy On July 1, 2015, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Gramercy, and Columbus Merger Sub, LLC, a Maryland limited liability company and indirect wholly owned subsidiary of the Company (“Merger Sub” and together with the Company, the “Company Parties”), pursuant to which Gramercy will be merged with and into Merger Sub (the “Merger”), with Merger Sub continuing as the surviving entity of the Merger. Pursuant to the terms and conditions in the Merger Agreement, at the effective time of the Merger, each share of Gramercy common stock issued and outstanding immediately prior to the effective time will be converted into the right to receive 3.1898 (the “Exchange Ratio”) validly issued, fully paid and nonassessable Company common shares of beneficial interest, par value $0.01 per share (the “Merger Consideration”). Additionally, each share of Gramercy’s 7.125% Series B Cumulative Redeemable Preferred Stock (“Gramercy Preferred Stock”) issued and outstanding prior to the effective time will be converted into a right to receive one newly issued share of 7.125% Series A Cumulative Redeemable Preferred Shares of the Company (“New Company Preferred Shares”), having preferences, rights and privileges substantially identical to the preferences, rights and privileges of the Gramercy Preferred Stock. Following the completion of the Merger, the Company will change its name to “Gramercy Property Trust” and it is anticipated that the Company’s common shares will cease to trade under its current ticker but rather trade on the New York Stock Exchange under the Gramercy ticker symbol “GPT”. The Merger Agreement provides that, at the effective time of the Merger, Gramercy’s stock options, restricted stock awards, and restricted stock unit awards generally will convert upon the effective time of the Merger into share options, restricted share awards, and restricted share unit awards of the Company, as applicable, with respect to a number of Company common shares, after giving effect to appropriate adjustments to reflect the consummation of the Merger. The Company Parties and Gramercy each made certain customary representations, warranties and covenants in the Merger Agreement, including, among others, covenants by each party to conduct its business in all material respects in the ordinary course of business and use commercially reasonable efforts to preserve its business organization intact during the period between the execution of the Merger Agreement and the consummation of the Merger. The parties’ obligations to consummate the Merger are subject to certain mutual conditions, including, without limitation, (i) the approval by the holders of a majority of the outstanding shares of Gramercy common stock entitled to vote on the adoption of the Merger Agreement at the special meeting of the Gramercy stockholders (the “Gramercy Stockholder Approval”), (ii) the approval by the holders of a majority of the Company common shares cast by the holders at the special meeting of the Company shareholders held to vote on the issuance of Company common shares in connection with the Merger (the “Company Shareholder Approval”), (iii) the absence of any law, order or injunction prohibiting the Merger, (iv) the effectiveness of the registration statement on Form S-4 to be filed by the Company for purposes of registering the Company common shares issuable in connection with the Merger and (v) the approval for listing on the New York Stock Exchange of the Company common shares to be issued in the Merger, the New Company Preferred Shares and Company common shares into which Gramercy’s 3.75% Exchangeable Senior Notes due 2019 may be converted. In addition, each party’s obligation to consummate the Merger is subject to certain other conditions, including, without limitation, (w) the accuracy of the other party’s representations and warranties (subject to customary materiality qualifiers) and the absence of any material adverse effect (as such term is defined in the Merger Agreement) with respect to the other party, (x) the other party’s compliance with its covenants and agreements contained in the Merger Agreement (subject to customary materiality qualifiers), (y) the receipt of opinions that the Merger will qualify as a reorganization within the meaning of Section 368(a) of the Internal Revenue Code of 1986, as amended, and (z) the receipt of customary opinions as to the qualification of the Company, Gramercy and certain subsidiaries of Gramercy as REITs under the Internal Revenue Code. From the date of the Merger Agreement until the earlier of the effective time of the Merger and the termination of the Merger Agreement in accordance with its terms, the Company and Gramercy agree not to (and will cause their subsidiaries and their respective representatives not to) (i) solicit, initiate, knowingly encourage or facilitate any inquiries or the making of any proposal or offer with respect to a Competing Proposal (as defined in the Merger Agreement), (ii) engage in, continue or otherwise participate in any discussions or negotiations regarding, or furnish to any other person information in connection with or for the purpose of encouraging or facilitating, a Competing Proposal, (iii) approve, authorize or execute or enter into any letter of intent, option agreement, agreement or agreement in principle with respect to a Competing Proposal or (iv) propose or agree to do any of the foregoing. However, these restrictions are subject to customary “fiduciary-out” provisions which allow either the Company or Gramercy under certain circumstances to provide information to and participate in discussions with third parties with respect to unsolicited alternative acquisition proposals that the Company Board or the Gramercy Board (as applicable) has reasonably determined in good faith (after consultation with its outside legal counsel and independent financial advisors) is, or could reasonably be expected to lead to, a transaction more favorable to such party and its shareholders than the Merger and is reasonably likely to receive all required governmental approvals and financing on a timely basis and is otherwise capable of being completed on the terms proposed. The Merger Agreement also contains certain termination rights for both the Company and Gramercy, including, but not limited to, if the Merger is not consummated on or before January 31, 2016 or if the Company Shareholder Approval or Gramercy Stockholder Approval are not obtained at the applicable stockholder meeting. The Merger Agreement further provides that, upon termination of the Merger Agreement under certain specified circumstances, including, but not limited to, termination of the Merger Agreement by the Company or Gramercy as a result of an adverse change in the recommendation of the Company Board or the Gramercy Board, as applicable, the Company may be required to pay to Gramercy a termination fee of $61,198,934 , or Gramercy may be required to pay to the Company a termination fee of $43,505,889 , in each case in addition to reimbursing $20 million of expenses of the other party.

Basis of Presentation and Sum25

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The accompanying consolidated financial statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles ("GAAP") and reflect the accounts of the Company, CSP OP and its consolidated subsidiaries. The Company consolidates its wholly-owned properties and joint ventures it controls through either 1) voting rights or similar rights or 2) by means other than voting rights if the Company is deemed to be the primary beneficiary of a variable interest entity. All intercompany accounts and transactions are eliminated in consolidation. Certain information and footnotes required for annual financial statement presentation have been condensed or excluded pursuant to Securities and Exchange Commission (the "SEC") rules and regulations. Accordingly, our interim financial statements do not include all of the information and disclosures required under GAAP for complete financial statements. In the opinion of management, all adjustments of a normal recurring nature considered necessary in all material respects to present fairly our financial position, results of our operations and cash flows as of and for the three and six months ended June 30, 2015 have been made. The results of operations for the three and six months ended June 30, 2015 are not necessarily indicative of the results of operations to be expected for the entire year. The consolidated financial statements and notes thereto should be read in conjunction with our current Annual Report on Form 10-K, which contains the latest available audited consolidated financial statements and notes thereto, which are as of and for the year ended December 31, 2014 .
Use of Estimates	Use of Estimates The preparation of financial statements, in conformity with GAAP, requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Segment Information	Segment Information We currently operate our consolidated properties in two geographic areas, the United States and the United Kingdom. We view our consolidated property operations as two reportable segments, Industrial Properties and Office Properties, which participate in the acquisition, development, ownership, and operation of high quality real estate in their respective segments.
Revenue Recognition and Valuation of Receivables	Revenue Recognition and Valuation of Receivables All leases are classified as operating leases and minimum rents are recognized on a straight-line basis over the terms of the leases. The excess of rents recognized over amounts contractually due pursuant to the underlying leases is recorded as deferred rent. In connection with various leases, we have received irrevocable stand-by letters of credit totaling $20.3 million as security for such leases at June 30, 2015 and December 31, 2014 . Reimbursements from tenants, consisting of amounts due from tenants for common area maintenance, real estate taxes, insurance and other recoverable costs, are recognized as revenue in the period the expenses are incurred. Tenant reimbursements are recognized and presented on a gross basis, when we are the primary obligor with respect to incurring expenses and with respect to having the credit risk. Tenant receivables and deferred rent receivables are carried net of the allowances for uncollectible current tenant receivables and deferred rent. Management's determination of the adequacy of these allowances is based primarily upon evaluations of historical loss experience, individual receivables, current economic conditions, and other relevant factors. The allowances are increased or decreased through the provision for bad debts.
Translation of Non-U.S. Currency Amounts	Translation of Non-U.S. Currency Amounts The financial statements and transactions of our United Kingdom properties are recorded in their functional currency, namely the Great Britain Pound ("GBP") and are then translated into U.S. dollars ("USD"). Assets and liabilities of these properties are denominated in the functional currency and are then translated at exchange rates in effect at the balance sheet date. Revenues and expenses are translated at the average exchange rate for the reporting period. Translation adjustments are reported in "Accumulated Other Comprehensive Income (Loss)," a component of Shareholders' Equity.
Income Taxes	Income Taxes We elected to be taxed as a REIT under the Internal Revenue Code commencing with our taxable year ended December 31, 2004. To qualify as a REIT, we must meet a number of organizational and operational requirements, including a requirement that we generally distribute at least 90% of our REIT taxable income (determined without regard to the dividends paid deduction and excluding net capital gain). It is our current intention to adhere to these requirements and maintain our REIT qualification. As a REIT, we generally will not be subject to corporate level U.S. federal income tax on net income we distribute currently to our shareholders. If we fail to qualify as a REIT in any taxable year, then we will be subject to U.S. federal income taxes at regular corporate rates (including any applicable alternative minimum tax) and may not be able to qualify as a REIT for four subsequent taxable years. We believe that we have met all the REIT organizational and operational requirements for the six months ended June 30, 2015 , and we were not subject to any U.S. federal income taxes, other than U.S. federal income taxes on income generated by our Taxable REIT Subsidiary. As such, we have not provided for income taxes other than as addressed below. ASC 740-10 Income Taxes requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. We recognize deferred tax assets to the extent that we believe that these assets are more likely than not to be realized. In making such a determination, we consider all available positive and negative evidence, including future reversals of existing taxable temporary difference, projected future taxable income, tax-planning strategies, and results of recent operations. If we determine that we would be able to realize our deferred tax assets in the future in excess of their net recorded amount, we would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes. No deferred tax assets or liabilities were recorded as of June 30, 2015 , other than as mentioned below related to the United Kingdom net operating losses. In addition, we believe that any current or deferred tax liability associated with our Taxable REIT Subsidiary would be de minimus . We record uncertain tax positions in accordance with ASC 740 on the basis of a two-step process in which (1) we determine whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position, and (2) for those tax positions that meet the more-likely-than-not recognition threshold, we recognize the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority.
Fair Value of Financial Instruments and Investments	Fair Value of Financial Instruments and Investments We generally determine or calculate the fair value of financial instruments using appropriate present value or other valuation techniques, such as discounted cash flow analyses, incorporating available market discount rate information for similar types of instruments and our estimates for non-performance and liquidity risk. These techniques are significantly affected by the assumptions used, including the discount rate, credit spreads, and estimates of future cash flow. The Investment Manager of CBRE Strategic Partners Asia applies valuation techniques for our investment carried at fair value based upon the application of the income approach, the direct market comparison approach, the replacement cost approach or third party appraisals to the underlying assets held in the unconsolidated entity in determining the net asset value attributable to our ownership interest therein. As of June 30, 2015 , the financial assets and liabilities recorded at fair value in our consolidated financial statements are our derivative instruments and our investment in CBRE Strategic Partners Asia. The remaining financial assets and liabilities which are only disclosed at fair value are comprised of all other notes payable, the unsecured line of credit and other debt instruments. We determined the fair value of our secured notes payable and other debt instruments by performing discounted cash flow analyses using an appropriate market discount rate. We calculate the market discount rate by obtaining period-end treasury rates for fixed-rate debt, or London Inter-Bank Offering Rate ("LIBOR") rates for variable-rate debt, for maturities that correspond to the maturities of our debt and then adding an appropriate credit spread derived from information obtained from third-party financial institutions. These credit spreads take into account factors such as our credit standing, the maturity of the debt, whether the debt is secured or unsecured, and the loan-to-value ratios of the debt. The carrying amounts of our cash and cash equivalents, restricted cash, tenant and other receivables and accounts payable approximate fair value due to their short-term maturities.
Share-based Compensation	Share-based Compensation For share-based awards for which there is no pre-established performance period, we recognize compensation costs over the service vesting period, which represents the requisite service period, on a straight-line basis. For share-based awards with service or market conditions, we record the cost of the awards based on the grant-date fair value of the award. That cost is recognized over the period during which an employee is required to provide service in exchange for the award. No compensation cost is recognized for equity instruments for which employees do not render the requisite service. For share-based awards in which the performance period precedes the grant date, we recognize compensation costs straight-lined over the requisite service period, which includes both the performance and service vesting periods. During the performance period for a share-based award program, we estimate the total compensation cost of the potential future awards. We then record compensation costs equal to the portion of the requisite service period that has elapsed through the end of the reporting period. For share-based awards granted by the Company, CSP OP issues a number of common units equal to the number of common shares ultimately granted by us in respect of such awards.
New Accounting Standards	New Accounting Standards In January 2015, the FASB issued ASU 2015-01, Income Statement - Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items . The ASU is a part of the Simplification Initiative, to identify, evaluate, and improve areas of generally accepted accounting principles (GAAP) for which cost and complexity can be reduced while maintaining or improving the usefulness of the information provided to the users of financial statements. The new standard eliminates the requirements for reporting entities to consider whether an underlying event or transaction is extraordinary but retains the presentation and disclosure guidance for items that are unusual in nature and occur infrequently. The ASU applies to all entities and is effective for fiscal years beginning after December 15, 2015, and interim periods thereafter, with early adoption permitted. The adoption of this guidance is not anticipated to have a material impact on our consolidated financial statements or notes to our consolidated financial statements. In February 2015, the FASB issued ASU 2015-02, Consolidated (Topic 810): Amendments to the Consolidation Analysis . The ASU changes the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. Key amendments under the new standard include the following: evaluation of whether limited partnerships and similar legal entities are variable interest entities (VIEs) or voting interest entities; elimination of the presumption that a general partner should consolidate a limited partnership; consolidation analysis of reporting entities that are involved with variable interest entities (VIEs), particularly those that have fee arrangements and related party relationship; addition of scope exception from consolidation guidance for reporting entities with interests in legal entities that are required to comply with or operate in accordance with requirements similar to those for registered money market funds. The ASU applies to all reporting entities that are required to evaluate whether they should consolidate certain legal entities and is effective for fiscal years beginning after December 15, 2015, and interim periods thereafter, with early adoption permitted. We are still assessing the impact of this guidance on our consolidated financial statements and notes to our consolidated financial statements. In April 7, 2015, the FASB issued ASU 2015-03, Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs . This ASU addresses balance sheet presentation requirements for debt issuance costs by requiring debt issuance costs to be presented as a deduction from the corresponding debt liability. This will make the presentation of debt issuance costs consistent with the presentation of debt discounts or premiums. The recognition and measurement guidance for debt issuance costs is not affected. The guidance is effective for public business entities for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. For all other entities, it is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within fiscal years beginning after December 15, 2016. Upon adoption, an entity must apply the new guidance retrospectively to all prior periods presented in the financial statements. An entity is also required in the year of adoption (and in interim periods within that year) to provide certain disclosures about the change in accounting principle, including the nature of and reason for the change, the transition method, a description of the prior-period information that has been retrospectively adjusted and the effect of the change on the financial statement line items (that is, debt issuance cost asset and the debt liability). We are still assessing the impact of this guidance on our consolidated financial statements and notes to our consolidated financial statements. In July 2015, the FASB deferred the effective date of ASU No. 2014-09, which outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including the guidance on real estate derecognition for most transactions. Entities have the option of using either a full retrospective or a modified approach to adopt the guidance in ASU 2014-09. For public entities, the ASU is effective for annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2017, with early adoption permitted. We are assessing the impact of this guidance on our consolidated financial statements and notes to our consolidated financial statements.

Investments in Unconsolidated26

Investments in Unconsolidated Entities (Tables)	6 Months Ended
	Jun. 30, 2015
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Real Estate Properties	As of June 30, 2015 and December 31, 2014 , we owned the following number of properties through unconsolidated entities: Ownership % Number of Properties June 30, December 31, 2015 2014 Duke JV 80.0% 13 14 European JV 80.0% 9 9 UK JV 80.0% 3 3 CBRE Strategic Partners Asia 5.07% 2 3 27 29
Investments in Unconsolidated Entities	Investments in unconsolidated entities at June 30, 2015 and December 31, 2014 consist of the following (in thousands): June 30, December 31, 2015 2014 Duke JV $ 226,444 $ 239,376 European JV 128,815 144,141 UK JV 32,749 33,189 Afton Ridge — 117 CBRE Strategic Partners Asia 5,317 6,870 $ 393,325 $ 423,693
Summary of Investments in Unconsolidated Entities	The following is a summary of the investments in unconsolidated entities for the six months ended June 30, 2015 and the year ended December 31, 2014 (in thousands): June 30, December 31, 2015 2014 Investment Balance, January 1 $ 423,693 $ 514,802 Contributions — 7,625 Company's Equity in Net Income (including adjustments for basis differences) 10,181 28,823 Other Comprehensive Loss of Unconsolidated Entities (11,105 ) (22,342 ) Distributions (29,444 ) (105,215 ) Investment Balance, End of Period $ 393,325 $ 423,693
Consolidated Balance Sheet	The following are the balance sheets of our investments in unconsolidated entities at June 30, 2015 (in thousands): Duke JV European JV Other (2) Total Assets Investments in Real Estate (1) $ 315,944 $ 249,185 $ 157,032 $ 722,161 Other Assets 29,968 40,669 12,871 83,508 Total Assets $ 345,912 $ 289,854 $ 169,903 $ 805,669 Liabilities and Equity Secured Notes Payable, net $ 56,671 $ 124,535 $ — $ 181,206 Other Liabilities 6,722 4,299 20,276 31,297 Total Liabilities 63,393 128,834 20,276 212,503 CSP Equity 226,444 128,815 38,066 393,325 Other Investors' Equity 56,075 32,205 111,561 199,841 Total Liabilities and Equity $ 345,912 $ 289,854 $ 169,903 $ 805,669 __________ (1) Includes REIT Basis Adjustments for costs incurred by the Company outside of the Duke/Hulfish, LLC joint venture (the "Duke JV") that are directly capitalizable to its investment in real estate assets acquired, including acquisition costs paid to our former investment advisor prior to January 1, 2009. (2) Includes the Goodman Princeton Holdings (Jersey) Limited joint venture (the "UK JV") and CBRE Strategic Partners Asia. The following are the balance sheets of our investments in unconsolidated entities at December 31, 2014 (in thousands): Duke JV European JV Other (2) Total Assets Investments in Real Estate (1) $ 323,236 $ 274,128 $ 186,360 $ 783,724 Real Estate Investments and Other Assets Held-for-Sale 17,230 — — 17,230 Other Assets 32,474 49,435 11,553 93,462 Total Assets $ 372,940 $ 323,563 $ 197,913 $ 894,416 Liabilities and Equity Liabilities Related to Real Estate Investments Held-for-Sale $ 11,048 $ — $ — $ 11,048 Secured Notes Payable, net 57,222 135,173 — 192,395 Other Liabilities 6,013 8,214 17,093 31,320 Total Liabilities 74,283 143,387 17,093 234,763 CSP Equity 239,376 144,141 40,176 423,693 Other Investors' Equity 59,281 36,035 140,644 235,960 Total Liabilities and Equity $ 372,940 $ 323,563 $ 197,913 $ 894,416 __________ (1) Includes REIT Basis Adjustments for costs incurred by the Company outside of the Duke JV that are directly capitalizable to its investment in real estate assets acquired, including acquisition costs paid to our former investment advisor prior to January 1, 2009. (2) Includes UK JV, Afton Ridge, and CBRE Strategic Partners Asia.
Consolidated Statement of Operations	The following are the statements of operations for our investments in unconsolidated entities for the three months ended June 30, 2015 and June 30, 2014 (in thousands): Three Months Ended June 30, 2015 June 30, 2014 Duke JV European JV Other (1) Total Duke JV European JV Other (2) Total Total Revenue $ 11,159 $ 6,100 $ 2,147 $ 19,406 $ 14,693 $ 7,783 $ 1,253 $ 23,729 Operating Expenses 3,124 656 563 4,343 4,293 863 722 5,878 Net Operating Income 8,035 5,444 1,584 15,063 10,400 6,920 531 17,851 Depreciation and Amortization 5,219 2,432 478 8,129 6,683 3,087 528 10,298 Interest Expense 755 917 — 1,672 1,035 1,165 — 2,200 Gain on Sale of Real Estate 19 — — 19 — — — — Net Income 2,080 2,095 1,106 5,281 2,682 2,668 3 5,353 Company Share in Net Income 1,664 1,676 363 3,703 2,146 2,134 362 4,642 Adjustments for REIT basis (27 ) — — (27 ) (30 ) — — (30 ) CSP Equity in Net Income $ 1,637 $ 1,676 $ 363 $ 3,676 $ 2,116 $ 2,134 $ 362 $ 4,612 __________ (1) Includes UK JV and CBRE Strategic Partners Asia. (2) Includes UK JV, Afton Ridge, and CBRE Strategic Partners Asia. The following are the statements of operations for our investments in unconsolidated entities for the six months ended June 30, 2015 and June 30, 2014 (in thousands): Six Months Ended June 30, 2015 June 30, 2014 Duke JV European JV Other (1) Total Duke JV European JV Other (2) Total Total Revenue $ 23,790 $ 12,673 $ (187 ) $ 36,276 $ 29,353 $ 15,119 $ 854 $ 45,326 Operating Expenses 6,547 1,871 1,181 9,599 9,329 1,992 1,467 12,788 Net Operating Income 17,243 10,802 (1,368 ) 26,677 20,024 13,127 (613 ) 32,538 Depreciation and Amortization 10,433 5,033 962 16,428 14,199 6,016 1,051 21,266 Interest Expense 1,549 1,874 — 3,423 2,075 2,298 — 4,373 Gain on Sale of Real Estate 3,039 — — 3,039 — — — — Loss on Extinguishment of Debt (73 ) — — (73 ) — — — — Net Income (Loss) 8,227 3,895 (2,330 ) 9,792 3,750 4,813 (1,664 ) 6,899 Company Share in Net Income 6,581 3,116 537 10,234 3,000 3,850 649 7,499 Adjustments for REIT basis (53 ) — — (53 ) (61 ) — — (61 ) CSP Equity in Net Income $ 6,528 $ 3,116 $ 537 $ 10,181 $ 2,939 $ 3,850 $ 649 $ 7,438 __________ (1) Includes UK JV and CBRE Strategic Partners Asia. (2) Includes UK JV, Afton Ridge, and CBRE Strategic Partners Asia.

Deferred Leasing Costs and In27

Deferred Leasing Costs and Intangible Assets and Liabilities (Tables)	6 Months Ended
	Jun. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets	The following table summarizes our deferred leasing costs and intangible assets, including acquired above-market leases, acquired in-place leases and other intangible assets and intangible liabilities, including acquired below-market leases and acquired above-market ground lease obligations (in thousands): June 30, December 31, 2015 2014 Deferred Leasing Costs and Intangible Assets, Net: Deferred Leasing Costs $ 25,797 $ 22,481 Accumulated Amortization (5,760 ) (4,218 ) Deferred Leasing Costs, Net 20,037 18,263 Above-Market Leases 63,566 63,566 Accumulated Amortization (34,575 ) (30,311 ) Above-Market Leases, Net 28,991 33,255 In-Place Leases 290,758 300,124 Accumulated Amortization (145,141 ) (132,414 ) In-Place Leases, Net 145,617 167,710 Other Intangible Assets 1,425 1,425 Accumulated Amortization (234 ) (163 ) Other Intangible Assets, Net 1,191 1,262 Total Deferred Leasing Costs and Intangible Assets, Net $ 195,836 $ 220,490 Intangible Liabilities, Net: Below-Market Leases $ 46,766 $ 51,653 Accumulated Amortization (25,131 ) (26,675 ) Below-Market Leases, Net 21,635 24,978 Above-Market Ground Lease Obligation 1,501 1,501 Accumulated Amortization (267 ) (231 ) Above-Market Ground Lease Obligation, Net 1,234 1,270 Total Intangible Liabilities, Net $ 22,869 $ 26,248
Schedule of Acquired Finite-Lived Intangible Assets by Major Class	The following table sets forth amortization related to intangible assets and liabilities for the three and six months ended June 30, 2015 and 2014 (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Deferred Leasing Costs (1) $ 792 $ 364 $ 1,541 $ 718 Above-Market Leases (2) 2,125 2,433 4,263 4,948 In-Place Leases (1) 9,285 9,284 18,611 18,753 Other Intangible Assets (1) 36 — 72 — Below-Market Leases (2) (1,187 ) (1,032 ) (2,350 ) (2,065 ) Above-Market Ground Lease Obligation (3) (17 ) (17 ) (35 ) (35 ) __________ (1) The amortization of deferred leasing costs, in-place leases and other intangible assets are recorded to depreciation and amortization expense in the consolidated statements of operations for the periods presented. (2) The amortization of above-market leases and below-market leases are recorded as reductions and additions to rental income, respectively, in the consolidated statements of operations for the periods presented. (3) The amortization of the above-market ground lease obligation is recorded as a decrease to property operating expense in the consolidated statements of operations for the periods presented.
Schedule of Future Amortization of Acquisition Related Intangible Assets and Liabilities	The following is a schedule of future amortization of deferred leasing costs, intangible assets and liabilities as of June 30, 2015 (in thousands): Intangible Assets Intangible Liabilities Deferred Leasing Costs Acquired Above-Market Leases Acquired In-Place Leases Other Intangible Assets Acquired Below-Market Leases Above-Market Ground Lease Obligations Remaining 2015 $ 1,042 $ 4,201 $ 17,617 $ 72 $ 2,085 $ 35 2016 1,956 5,557 29,075 144 3,404 71 2017 1,809 4,466 24,603 144 2,912 71 2018 1,718 3,862 20,399 144 2,639 71 2019 1,516 3,300 16,633 144 2,418 71 Thereafter 11,996 7,605 37,290 543 8,177 915 $ 20,037 $ 28,991 $ 145,617 $ 1,191 $ 21,635 $ 1,234

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	The terms of our unsecured revolving credit facility are set forth in the table below (in thousands): June 30, December 31, 2015 2014 Outstanding Borrowings $ 240,044 $ 200,044 Remaining Borrowing Capacity 609,956 649,956 Total Borrowing Capacity $ 850,000 $ 850,000 Interest Rate (1) 1.49 % 1.46 % Facility Fee (2) 30 bps 30 bps Maturity Date (3) January 15, 2018 January 15, 2018 __________ (1) Calculated based on one-month LIBOR plus 1.30% as of June 30, 2015 and December 31, 2014 . (2) The facility fee is based on the unsecured revolving credit facility's total borrowing capacity. (3) We may exercise an option to extend the maturity date by one year. Secured notes payable are summarized as follows (in thousands): Property Stated Interest Rate Effective Interest Rate (1) Maturity Date Outstanding Balance June 30, December 31, 2015 2014 Celebration Office Center III (2) 4.25% 2.50% 12/1/2015 $ 8,723 $ 8,817 22535 Colonial Pkwy (2) 4.25% 2.50% 12/1/2015 7,804 7,889 Northpoint III (2) 4.25% 2.50% 12/1/2015 10,100 10,209 Goodyear Crossing II (2) 4.25% 2.50% 12/1/2015 19,282 19,489 3900 North Paramount Parkway (2) 4.25% 2.50% 12/1/2015 7,575 7,656 3900 South Paramount Parkway (2) 4.25% 2.50% 12/1/2015 7,575 7,656 1400 Perimeter Park Drive (2) 4.25% 2.50% 12/1/2015 2,295 2,320 Miramar I (2) 4.25% 2.50% 12/1/2015 8,998 9,095 Miramar II (2) 4.25% 2.50% 12/1/2015 12,120 12,250 70 Hudson Street (3) 5.65% 5.15% 4/11/2016 113,060 114,108 Point West I - Swapped to Fixed 3.41% 3.41% 12/6/2016 10,553 10,716 100 Tice Blvd 5.97% 4.38% 9/15/2017 18,655 18,960 100 Tice Blvd 5.97% 4.38% 9/15/2017 18,655 18,960 4701 Gold Spike Drive (4) 4.45% 4.45% 3/1/2018 9,857 9,958 1985 International Way (4) 4.45% 4.45% 3/1/2018 6,849 6,920 3660 Deerpark Boulevard (4) 4.45% 4.45% 3/1/2018 7,080 7,153 Tolleson Commerce Park II (4) 4.45% 4.45% 3/1/2018 4,258 4,301 20000 S. Diamond Lake Road (4) 4.45% 4.45% 3/1/2018 6,201 6,265 Atrium I - Swapped to Fixed 3.78% 3.78% 5/31/2018 21,112 21,580 McAuley Place 3.98% 3.50% 9/1/2018 12,677 12,865 Easton III - Swapped to Fixed 3.95% 3.95% 1/31/2019 6,187 6,280 90 Hudson Street 5.66% 5.26% 5/1/2019 102,452 103,301 Fairforest Bldg. 6 5.42% 6.50% 6/1/2019 1,577 1,751 North Rhett I 5.65% 6.50% 8/1/2019 1,725 1,958 Kings Mountain II 5.47% 6.50% 1/1/2020 3,167 3,467 1 Rocket Road 6.60% 4.00% 8/1/2020 18,314 18,516 North Rhett II 5.20% 6.50% 10/1/2020 1,319 1,425 Mount Holly Bldg. 5.20% 6.50% 10/1/2020 1,319 1,425 Orangeburg Park Bldg. 5.20% 6.50% 10/1/2020 1,341 1,449 Kings Mountain I 5.27% 6.50% 10/1/2020 1,143 1,235 Ten Parkway North 4.75% 4.75% 1/1/2021 11,308 11,469 Union Cross Bldg. II 5.53% 6.50% 6/1/2021 5,382 5,755 Union Cross Bldg. I 5.50% 6.50% 7/1/2021 1,771 1,892 Norman Pointe I 5.24% 3.50% 10/1/2021 20,003 20,177 Property Stated Interest Rate Effective Interest Rate (1) Maturity Date Outstanding Balance June 30, December 31, 2015 2014 Norman Pointe II 5.24% 3.50% 10/1/2021 22,022 22,214 The Landings I 5.24% 3.50% 10/1/2021 15,054 15,185 The Landings II 5.24% 3.50% 10/1/2021 13,278 13,393 Fairforest Bldg. 5 6.33% 6.50% 2/1/2024 7,364 7,678 North Rhett IV 5.80% 6.50% 2/1/2025 7,574 7,862 One Wayside Road (5) 5.66% 5.25% 8/1/2015 — 12,938 One Wayside Road (5) 5.92% 5.25% 8/1/2015 — 10,854 Lakeside Office Center (6) 6.03% 6.03% 9/1/2015 — 8,617 Total Secured Notes Payable 555,729 596,008 Plus Premium 13,129 15,494 Less Discount (781 ) (894 ) Total Secured Notes Payable, Net $ 568,077 $ 610,608 __________ (1) Represents the rate at which interest expense is recorded for financial reporting purposes, which reflects the amortization of any discounts/premiums, excluding debt issuance costs. (2) These nine loans are cross-collateralized. (3) In accordance with the provisions of this loan, beginning in February 2015, the property's excess cash proceeds after the payment of debt service, impounds and budgeted operating expenses are being held by the lender until the loan is repaid or the property is re-leased to the existing tenant under terms described in the loan agreement. (4) These five loans are cross-collaterialized. (5) This loan was paid off in full on February 2, 2015 prior to the maturity date. (6) This loan was paid off in full on June 3, 2015 prior to the maturity date. The terms of our unsecured term loan facilities and outstanding balances as of June 30, 2015 and December 31, 2014 are set forth in the table below (in thousands): Term Loan Facility Unswapped Interest Rate Effective Interest Rate (1) Maturity Date Outstanding Balance June 30, December 31, 2015 2014 WF Term Loan #2 (2) LIBOR + 1.50% 2.49% 3/7/2018 $ 200,000 $ 200,000 WF Term Loan #3 (2) LIBOR + 1.50% 3.12% 1/15/2019 200,000 200,000 TD Term Loan (3) LIBOR + 1.75% 3.28% 3/6/2020 50,000 50,000 Capital One Term Loan (2) LIBOR + 1.75% 4.32% 1/31/2021 120,000 120,000 Total Unsecured Term Loan Facilities $ 570,000 $ 570,000 __________ (1) Represents the rate at which interest expense is recorded for financial reporting purposes, which reflects the effect of the interest rate swaps, excluding debt issuance costs. (2) As of June 30, 2015 and December 31, 2014, the applicable LIBOR rate was 0.184% and 0.156% , respectively, for these loans. (3) As of June 30, 2015 and December 31, 2014, the applicable LIBOR rate was 0.184% and 0.155% , respectively, for this loan.
Schedule of Maturities of Long-term Debt	The minimum principal payments due for our secured notes payable, unsecured term loan facilities and unsecured revolving credit facility are as follows as of June 30, 2015 (in thousands): Remaining 2015 $ 91,438 2016 134,612 2017 46,822 2018 512,612 2019 308,768 Thereafter 271,521 $ 1,365,773

Risk Management and Use of Fi29

Risk Management and Use of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Interest Rate Swap Derivative Instruments	The following table sets forth the terms of our interest rate swaps at June 30, 2015 and December 31, 2014 (amounts in thousands): Notional Amount Fair Value Rate Type of Hedging Instrument June 30, December 31, June 30, December 31, June 30, December 31, Index Maturity Date 2015 2014 2015 2014 2015 2014 Interest Rate Swap (1) $ 10,553 $ 10,716 $ (127 ) $ (135 ) 1.2 % 1.3 % LIBOR 12/6/2016 Interest Rate Swap (2) 200,000 200,000 72 1,467 0.8 % 0.8 % LIBOR 3/7/2018 Interest Rate Swap (1) 21,112 21,580 (413 ) (354 ) 1.6 % 1.6 % LIBOR 5/31/2018 Interest Rate Swap 200,000 200,000 (2,615 ) (1,540 ) 1.4 % 1.5 % LIBOR 1/15/2019 Interest Rate Swap (1) 6,187 6,280 (145 ) (127 ) 1.8 % 1.8 % LIBOR 1/31/2019 Interest Rate Swap (2) 50,000 50,000 40 266 1.3 % 1.4 % LIBOR 3/6/2020 Interest Rate Swap 120,000 120,000 (5,401 ) (5,543 ) 2.4 % 2.4 % LIBOR 1/31/2021 __________ (1) We assumed this swap in connection with the purchase of the Duke Portfolio on March 1, 2013. This swap is considered a hedging instrument under ASC 815-20 as of June 30, 2015 . The swap was not considered a hedging instrument under ASC 815-20 during the period from March 1, 2013 to March 31, 2013. (2) We entered into these swaps in connection with the origination of the TD Term Loan and WF Term Loan #1 in March 2013. These swaps are considered hedging instruments under ASC 815-20 as of June 30, 2015 . These swaps were not considered hedging instruments under ASC 815-20 during the period from March 11, 2013 and March 12, 2013, respectively, to May 29, 2013.
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value	The asset and liability balances presented in the table below reflect the gross amounts of derivatives recorded in the consolidated balance sheets (in thousands): Asset Derivatives Liability Derivatives Fair Value Fair Value June 30, December 31, June 30, December 31, Type of Instrument Balance Sheet Location 2015 2014 Balance Sheet Location 2015 2014 Derivatives designated as hedging instruments Interest Rate Swaps Prepaid Expenses and Other Assets $ 112 $ 1,733 Accounts Payable, Accrued Expenses and Other Liabilities $ 8,701 $ 7,699
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss)	The table below presents the effect of our derivative instruments on our consolidated statement of operations and consolidated statement of comprehensive income for the three and six months ended June 30, 2015 and 2014 (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Derivatives Designated as Cash Flow Hedges: Gain (Loss) Recognized in Other Comprehensive Income (OCI) (Effective Portion) $ 1,225 $ (7,497 ) $ (6,963 ) $ (12,586 ) Loss Reclassified from AOCI into Interest Expense (Effective Portion) (2,152 ) (2,367 ) (4,297 ) (4,695 ) Net Change in Fair Value of Derivative Financial Instruments (Ineffective Portion and Amount Excluded from Effectiveness Testing) 26 (14 ) 43 12

Future Minimum Rents (Tables)

Future Minimum Rents (Tables)	6 Months Ended
	Jun. 30, 2015
Leases [Abstract]
Schedule of Minimum Future Rents to be Received on Non-cancelable Operating Leases	The following is a schedule of future minimum rents to be received on non-cancelable operating leases from consolidated properties as of June 30, 2015 (in thousands): Remaining 2015 $ 105,969 2016 194,475 2017 181,266 2018 163,914 2019 144,816 Thereafter 460,575 $ 1,251,015

Equity Incentive Plan and Per31

Equity Incentive Plan and Performance Bonus Plan (Tables)	6 Months Ended
	Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions	The following table summarizes the assumptions utilized in the Monte Carlo simulation pricing model: Assumptions Fair value per unit at March 13, 2015 $ 6.00 Expected share price volatility 22.0 % Dividend yield 6.0 % Risk-free interest rate 0.99 % Remaining expected life 2.8 years
Summary of Time-Based Restricted Common Shares	A summary of our Time-Based Restricted Common Shares from January 1, 2015 through June 30, 2015 is presented below: Nonvested Restricted Stock Common Shares Weighted-Average Grant Date Fair Value per Share Outstanding at January 1, 2015 800,699 $ 8.68 Granted (1) 200,000 8.10 Vested (1)(2) (728,963 ) 8.50 Forfeited (1,202 ) 8.37 Outstanding at June 30, 2015 270,534 $ 8.53 __________ (1) Shares granted to Mr. Cuneo were fully vested upon his retirement. (2) Total shares vested include 331,485 common shares that were tendered in accordance with the terms of our 2013 Equity Incentive Plan to satisfy minimum state tax withholding requirements related to the restricted common shares that have vested. We accept the return of shares at the current quoted closing share price of the Company's common shares on the NYSE to satisfy tax obligations.
Summary of Time-Based Restricted Share Units	A summary of our Time-Based Restricted Share Units from January 1, 2015 through June 30, 2015 is presented below: Nonvested RSUs Amount Weighted-Average Grant Date Fair Value Per Share Vested RSUs Total RSUs Outstanding at January 1, 2015 — $ — — — Granted 237,422 7.78 — 237,422 Vested (75,000 ) 7.78 75,000 — Forfeited (397 ) 7.78 — (397 ) Settled (1) — — (75,000 ) (75,000 ) Outstanding at June 30, 2015 162,025 $ 7.78 — 162,025 __________ (1) Represents vested RSUs that were settled in shares of the Company's common shares. Total shares settled include 38,806 shares that were tendered in accordance with the terms of our 2013 Equity Incentive Plan to satisfy minimum state tax withholding requirements related to the RSU settled. We accept the return of shares at the current quoted closing share price of the Company's common shares on the NYSE to satisfy tax obligations.
Summary of Performance Share Units	A summary of our Performance Share Units from January 1, 2015 through June 30, 2015 is presented below: Nonvested PSUs Amount Weighted-Average Grant Date Fair Value Per Share Vested PSUs Total PSUs Outstanding at January 1, 2015 — $ — — — Granted 237,440 6.56 — 237,440 Vested (75,000 ) 7.78 75,000 — Forfeited (397 ) 6.00 — (397 ) Settled (1) — — (75,000 ) (75,000 ) Outstanding at June 30, 2015 162,043 $ 6.00 — 162,043 __________ (1) Represents vested PSUs that were settled in shares of the Company's common shares. Total shares settled include 38,888 shares that were tendered in accordance with the terms of our 2013 Equity Incentive Plan to satisfy minimum state tax withholding requirements related to the PSU settled. We accept the return of shares at the current quoted closing share price of the Company's common shares on the NYSE to satisfy tax obligations.
Summary of Compensation Expense and Details	2015 2014 (in thousands, except share data) Compensation Expense Recorded During the Six Months Ended June 30 (1) $ 4,629 $ 1,924 Unamortized Compensation Costs $ 3,656 $ 7,351 Shares Available for the Future Awards (2) 3,332,627 4,041,992 __________ (1) 2015 compensation expense includes severance expense totaling $3.3 million . (2) Shares available for the future awards includes units under our 2013 Equity Incentive Plan.

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2015
Equity [Abstract]
Components of Accumulated Other Comprehensive Income	The following presents the changes in the balances of each component of accumulated other comprehensive income (loss) for the six months ended June 30, 2015 and 2014 (in thousands): Foreign Currency Translation Gain (Loss) Swap Fair Value Adjustment Accumulated Other Comprehensive Income (Loss) Balance at January 1, 2015 $ (17,513 ) $ (5,756 ) $ (23,269 ) Other Comprehensive Loss Before Reclassifications (10,987 ) (6,963 ) (17,950 ) Amounts Reclassified from Accumulated Other Comprehensive Income to Interest Expense — 4,297 4,297 Balance at June 30, 2015 $ (28,500 ) $ (8,422 ) $ (36,922 ) Foreign Currency Translation Gain Swap Fair Value Adjustment Accumulated Other Comprehensive Income (Loss) Balance at January 1, 2014 $ 1,670 $ 2,926 $ 4,596 Other Comprehensive Income (Loss) Before Reclassifications 2,153 (12,586 ) (10,433 ) Amounts reclassified from Accumulated Other Comprehensive Income to Interest Expense — 4,695 4,695 Balance at June 30, 2014 $ 3,823 $ (4,965 ) $ (1,142 )

Fair Value of Financial Instr33

Fair Value of Financial Instruments and Investments (Tables)	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Schedule of Fair Value of Assets and Liabilities Measured on Recurring Basis	The following items are measured at fair value on a recurring basis and non-recurring basis at June 30, 2015 and December 31, 2014 (in thousands): As of June 30, 2015 Fair Value Measurements Using: Quoted Markets Prices (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Fair Value Assets (Liabilities) Cash and Cash Equivalents $ 1,574 $ — $ — $ 1,574 Interest Rate Swaps Designated as Cash Flow Hedges - Assets — 112 — 112 Interest Rate Swaps Designated as Cash Flow Hedges - Liabilities — (8,701 ) — (8,701 ) Investment in CBRE Strategic Partners Asia — — 5,317 5,317 As of December 31, 2014 Fair Value Measurements Using: Quoted Markets Prices (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Fair Value Assets (Liabilities) Cash and Cash Equivalents $ 1,573 $ — $ — $ 1,573 Interest Rate Swaps Designated as Cash Flow Hedges - Assets — 1,733 — 1,733 Interest Rate Swaps Designated as Cash Flow Hedges - Liabilities — (7,699 ) — (7,699 ) Investment in CBRE Strategic Partners Asia — — 6,870 6,870 Fair Value of Real Estate at Impairment (1) — — 94,000 94,000 __________ (1) Represents a non-recurring fair value measurement.
Investment in CBRE Strategic Partners Asia Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Level 3)	The following table presents our activity for our investment in CBRE Strategic Partners Asia measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the six months ended June 30, 2015 and 2014 , respectively (in thousands): Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Investment in CBRE Strategic Partners Asia Balance at January 1, 2015 $ 6,870 Distributions (1,385 ) Total Income on Fair Value Adjustment 762 Unrealized Loss in Fair Value Adjustment (930 ) Balance at June 30, 2015 $ 5,317 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Investment in CBRE Strategic Partners Asia Balance at January 1, 2014 $ 9,676 Total Loss on Fair Value Adjustment (141 ) Balance at June 30, 2014 $ 9,535
Summary of Notes Payable and Estimated Fair Value	For disclosure purposes only, the following table summarizes our notes payable and their estimated fair value at June 30, 2015 and December 31, 2014 (in thousands): June 30, 2015 December 31, 2014 Financial Instrument Carrying Value Fair Value Carrying Value Fair Value Secured Notes Payable (1) $ 568,077 $ 588,098 $ 610,608 $ 628,194 Unsecured Term Loan Facilities (1) $ 570,000 $ 580,364 $ 570,000 $ 577,196 Unsecured Revolving Credit Facility (1) $ 240,044 $ 240,044 $ 200,044 $ 200,044 __________ (1) Items are measured using Level 2 inputs.

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Schedule of Minimum Commitment Under Ground Lease	The minimum commitment under the ground lease as of June 30, 2015 and thereafter is as follows (in thousands): Remaining 2015 $ 136 2016 273 2017 273 2018 276 2019 308 Thereafter 4,474 $ 5,740

Segment Disclosure (Tables)

Segment Disclosure (Tables)	6 Months Ended
	Jun. 30, 2015
Segment Reporting [Abstract]
Comparison of Net Operating Income	The following table compares the net operating income for the three and six months ended June 30, 2015 and 2014 (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Industrial Properties Revenues: Rental $ 18,568 $ 13,980 $ 36,954 $ 28,125 Tenant Reimbursements 4,933 4,249 9,881 7,970 Other Property Income 250 448 — Total Revenues 23,751 18,229 47,283 36,095 Property and Related Expenses: Property Operating 1,359 1,215 3,231 2,706 Real Estate Taxes 3,884 3,601 7,716 6,730 Total Property and Related Expenses 5,243 4,816 10,947 9,436 Net Operating Income $ 18,508 $ 13,413 $ 36,336 $ 26,659 Office Properties Revenues: Rental $ 38,191 $ 37,015 $ 74,151 $ 73,715 Tenant Reimbursements 9,899 10,300 21,390 21,776 Other Property Income — — — 1,069 Total Revenues 48,090 47,315 95,541 96,560 Property and Related Expenses: Property Operating 6,776 7,097 14,685 15,099 Real Estate Taxes 6,690 6,864 13,640 13,536 Total Property and Related Expenses 13,466 13,961 28,325 28,635 Net Operating Income $ 34,624 $ 33,354 $ 67,216 $ 67,925 Non-Reportable Properties Revenues: Rental $ — $ 1,038 $ — $ 2,069 Tenant Reimbursements — 46 — 69 Total Revenues — 1,084 — 2,138 Property and Related Expenses: Property Operating — 80 — 140 Real Estate Taxes — — — — Total Property and Related Expenses — 80 — 140 Net Operating Income $ — $ 1,004 $ — $ 1,998
Reconciliation to Consolidated Net Income (Loss)	Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Reconciliation to Consolidated Net Income Total Segment Net Operating Income $ 53,132 $ 47,771 $ 103,552 $ 96,582 Expenses: General and Administrative 11,697 5,953 21,570 12,817 Acquisition-Related — — — 290 Depreciation and Amortization 27,933 27,126 55,853 54,364 Total Expenses 39,630 33,079 77,423 67,471 Income Before Other (Expenses) Income 13,502 14,692 26,129 29,111 Other Expenses and Income Interest and Other Income 12 151 92 318 Interest Expense (12,986 ) (13,907 ) (26,045 ) (27,968 ) Interest Expense and Net Change in Fair Value of Non-Qualifying Derivative Financial Instruments 26 (14 ) 43 12 Gain on Sale of Real Estate 5,844 — 5,844 — Income Before Provision for Income Taxes and Equity in Income of Unconsolidated Entities 6,398 922 6,063 1,473 Provision for Income Taxes (387 ) (381 ) (563 ) (439 ) Equity in Income of Unconsolidated Entities 3,676 4,612 10,181 7,438 Net Income $ 9,687 $ 5,153 $ 15,681 $ 8,472
Condensed Assets	June 30, December 31, Assets 2015 2014 Industrial Properties $ 890,611 $ 916,038 Office Properties 1,444,676 1,504,285 Non-Segment Assets (1) 465,376 449,485 Total Assets $ 2,800,663 $ 2,869,808 _________ (1) Non-segment assets primarily include our investments in unconsolidated entities.

Earnings per Share (Tables)

Earnings per Share (Tables)	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table reconciles the numerator and denominator in computing the Company's basic and diluted per-share computations for net income for the three and six months ended June 30, 2015 and 2014 (in thousands except share data): Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Numerator: Net Income $ 9,687 $ 5,153 $ 15,681 $ 8,472 Allocation to Participating Securities (Nonvested Restricted Shares and Vested RSUs) (40 ) (125 ) (80 ) (252 ) Numerator for Basic and Diluted Net Income $ 9,647 $ 5,028 $ 15,601 $ 8,220 Denominator: Basic Weighted Average Shares Outstanding 236,900,677 237,000,613 236,922,064 236,793,334 Effect of Dilutive Securities - Non-Vested Time-Based RSU and PSUs 55,158 — 28,513 — Diluted Weighted Average Shares Outstanding 236,955,835 237,000,613 236,950,577 236,793,334 Basic and Diluted Earnings Per Share: Net Income per Share $ 0.04 $ 0.02 $ 0.07 $ 0.03

Organization and Nature of Bu37

Organization and Nature of Business - Narrative (Details) ft² in Millions	Jun. 30, 2015ft²PropertycountryentityState$ / shares	Dec. 31, 2014Property$ / shares
Schedule of Equity Method Investments [Line Items]
Common shares, par value (in usd per share) | $ / shares	$ 0.01	$ 0.01
Number of real estate properties	27	29
Equity method investments, unconsolidated entities, number | entity	4
Number of countries in which unconsolidated properties located | country	3
Unconsolidated Properties
Schedule of Equity Method Investments [Line Items]
Number of real estate properties	25
Net rentable area | ft²	12.3
Percentage of area leased property	99.90%
Number of states In which unconsolidated properties located | State	7
Triple Net Lease, Single Tenant Properties | Unconsolidated Properties
Schedule of Equity Method Investments [Line Items]
Net rentable area | ft²	11.5
Property subject to or available for operating lease, number of units	20
CSP OP
Schedule of Equity Method Investments [Line Items]
Interest owned	100.00%
Consolidated Entities
Schedule of Equity Method Investments [Line Items]
Number of real estate properties	100
Number of states In which consolidated properties located | State	18
Net rentable area | ft²	24.9
Percentage of area leased property	98.90%
Consolidated Entities | Triple Net Lease, Single Tenant Properties
Schedule of Equity Method Investments [Line Items]
Net rentable area | ft²	20.2
Property subject to or available for operating lease, number of units	76

Basis of Presentation and Sum38

Basis of Presentation and Summary of Significant Accounting Policies (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015USD ($)$ / €$ / £	Jun. 30, 2014USD ($)$ / €$ / £	Jun. 30, 2015USD ($)segment$ / €$ / £	Jun. 30, 2014USD ($)$ / €$ / £	Dec. 31, 2014USD ($)$ / €$ / £
Schedule of Equity Method Investments [Line Items]
Number of reportable segments | segment			2
Irrevocable stand-by letters of credit	$ 20,300		$ 20,300		$ 20,300
Allowance for uncollectible rent receivable	12		12		$ 62
Income tax expense (benefit)	$ 387	$ 381	$ 563	$ 439
United Kingdom
Schedule of Equity Method Investments [Line Items]
Exchange rate | $ / £	1.5713		1.5713		1.5576
Profit and loss weighted average exchange rate | $ / £	1.5151	1.6764	1.5253	1.6675
Deferred tax assets	$ 600		$ 600
Valuation allowance	$ 600		$ 600
European
Schedule of Equity Method Investments [Line Items]
Exchange rate | $ / €	1.1147		1.1147		1.2099
Profit and loss weighted average exchange rate | $ / €	1.0977	1.3757	1.1239	1.3718
Foreign Tax Authority
Schedule of Equity Method Investments [Line Items]
Statutory tax rate on real property operating results			20.00%

Investment in Real Estate Act39

Investment in Real Estate Activity - Narrative (Details) $ in Thousands, a in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015USD ($)ft²a	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)ft²a	Jun. 30, 2014USD ($)	Apr. 30, 2015USD ($)	Jan. 23, 2015USD ($)	Dec. 31, 2014USD ($)
Real Estate Properties [Line Items]
Real estate investment property acquired	$ 2,289,172		$ 2,289,172				$ 2,329,163
Gross sales price of investment real estate					$ 42,200	$ 20,600
Gain on Sale of Real Estate	$ 5,844	$ 0	$ 5,844	$ 0
Undeveloped Parcel in Phoenix, AZ
Real Estate Properties [Line Items]
Area of land | a	11.8		11.8
Real estate investment property acquired	$ 1,700		$ 1,700
300 Constitution Drive
Real Estate Properties [Line Items]
Area of land | ft²	330,000		330,000
Gross sales price of investment real estate	$ 20,300		$ 20,300
Gain on Sale of Real Estate			$ 3,500
225 Summit Avenue
Real Estate Properties [Line Items]
Area of land | ft²	142,500		142,500
Gross sales price of investment real estate	$ 37,000		$ 37,000
Gain on Sale of Real Estate			$ 2,300

Investments in Unconsolidated40

Investments in Unconsolidated Entities - Narrative (Details) - USD ($) $ in Thousands	Apr. 30, 2015	Jan. 23, 2015	Jun. 30, 2015	Jun. 30, 2014
Equity Method Investments and Joint Ventures [Abstract]
Gross sales price of investment real estate	$ 42,200	$ 20,600
Sales of real estate property	$ 1,400	16,400
Gain on sale of real estate		$ 2,400	$ 5,844	$ 0

Investments in Unconsolidated41

Investments in Unconsolidated Entities - Properties (Details) - Property	Jun. 30, 2015	Dec. 31, 2014
Schedule of Equity Method Investments [Line Items]
Number of Properties	27	29
Duke Joint Venture
Schedule of Equity Method Investments [Line Items]
Ownership %	80.00%
Number of Properties	13	14
European JV
Schedule of Equity Method Investments [Line Items]
Ownership %	80.00%
Number of Properties	9	9
UK JV
Schedule of Equity Method Investments [Line Items]
Ownership %	80.00%
Number of Properties	3	3
CBRE Strategic Partners Asia
Schedule of Equity Method Investments [Line Items]
Ownership %	5.07%
Number of Properties	2	3

Investments in Unconsolidated42

Investments in Unconsolidated Entities - Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014	Dec. 31, 2013
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities	$ 393,325	$ 423,693	$ 514,802
Duke Joint Venture
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities	226,444	239,376
European JV
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities	128,815	144,141
UK JV
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities	32,749	33,189
Afton Ridge Joint Venture
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities	0	117
CBRE Strategic Partners Asia
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities	$ 5,317	$ 6,870

Investments in Unconsolidated43

Investments in Unconsolidated Entities - Investments Roll Forward (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Investments in Unconsolidated Entities [Roll Forward]
Investment Balance, January 1			$ 423,693	$ 514,802	$ 514,802
Contributions			0		7,625
Company's Equity in Net Income (including adjustments for basis differences)	$ 3,676	$ 4,612	10,181	$ 7,438	28,823
Other Comprehensive Loss of Unconsolidated Entities			(11,105)		(22,342)
Distributions			(29,444)		(105,215)
Investment Balance, End of Period	$ 393,325		$ 393,325		$ 423,693

Investments in Unconsolidated44

Investments in Unconsolidated Entities - Consolidated Balance Sheet (Details) - USD ($) $ in Thousands		Jun. 30, 2015		Dec. 31, 2014
Assets
Assets		$ 805,669		$ 894,416
Liabilities and Equity
Liabilities		212,503		234,763
CSP Equity		393,325		423,693
Other Investors' Equity		199,841		235,960
Total Liabilities and Equity		805,669		894,416
Investments in Real Estate
Assets
Assets		722,161	[1]	783,724	[2]
Real Estate Investments and Other Assets Held-for-Sale
Assets
Assets				17,230
Other Assets
Assets
Assets		83,508		93,462
Liabilities Related to Real Estate Investments Held-for-Sale
Liabilities and Equity
Liabilities				11,048
Secured Note Payable, net
Liabilities and Equity
Liabilities		181,206		192,395
Other Liabilities
Liabilities and Equity
Liabilities		31,297		31,320
Duke Joint Venture
Assets
Assets		345,912		372,940
Liabilities and Equity
Liabilities		63,393		74,283
CSP Equity		226,444		239,376
Other Investors' Equity		56,075		59,281
Total Liabilities and Equity		345,912		372,940
Duke Joint Venture | Investments in Real Estate
Assets
Assets		315,944	[1]	323,236	[2]
Duke Joint Venture | Real Estate Investments and Other Assets Held-for-Sale
Assets
Assets				17,230
Duke Joint Venture | Other Assets
Assets
Assets		29,968		32,474
Duke Joint Venture | Liabilities Related to Real Estate Investments Held-for-Sale
Liabilities and Equity
Liabilities				11,048
Duke Joint Venture | Secured Note Payable, net
Liabilities and Equity
Liabilities		56,671		57,222
Duke Joint Venture | Other Liabilities
Liabilities and Equity
Liabilities		6,722		6,013
European JV
Assets
Assets		289,854		323,563
Liabilities and Equity
Liabilities		128,834		143,387
CSP Equity		128,815		144,141
Other Investors' Equity		32,205		36,035
Total Liabilities and Equity		289,854		323,563
European JV | Investments in Real Estate
Assets
Assets		249,185	[1]	274,128	[2]
European JV | Real Estate Investments and Other Assets Held-for-Sale
Assets
Assets				0
European JV | Other Assets
Assets
Assets		40,669		49,435
European JV | Liabilities Related to Real Estate Investments Held-for-Sale
Liabilities and Equity
Liabilities				0
European JV | Secured Note Payable, net
Liabilities and Equity
Liabilities		124,535		135,173
European JV | Other Liabilities
Liabilities and Equity
Liabilities		4,299		8,214
Other
Assets
Assets		169,903	[3]	197,913	[4]
Liabilities and Equity
Liabilities		20,276	[3]	17,093	[4]
CSP Equity		38,066	[3]	40,176	[4]
Other Investors' Equity		111,561	[3]	140,644	[4]
Total Liabilities and Equity		169,903	[3]	197,913	[4]
Other | Investments in Real Estate
Assets
Assets		157,032	[1],[3]	186,360	[2],[4]
Other | Real Estate Investments and Other Assets Held-for-Sale
Assets
Assets	[4]			0
Other | Other Assets
Assets
Assets		12,871	[3]	11,553	[4]
Other | Liabilities Related to Real Estate Investments Held-for-Sale
Liabilities and Equity
Liabilities	[4]			0
Other | Secured Note Payable, net
Liabilities and Equity
Liabilities		0	[3]	0	[4]
Other | Other Liabilities
Liabilities and Equity
Liabilities		$ 20,276	[3]	$ 17,093	[4]
[1]	Includes REIT Basis Adjustments for costs incurred by the Company outside of the Duke/Hulfish, LLC joint venture (the "Duke JV") that are directly capitalizable to its investment in real estate assets acquired, including acquisition costs paid to our former investment advisor prior to January 1, 2009.
[2]	Includes REIT Basis Adjustments for costs incurred by the Company outside of the Duke JV that are directly capitalizable to its investment in real estate assets acquired, including acquisition costs paid to our former investment advisor prior to January 1, 2009.
[3]	Includes the Goodman Princeton Holdings (Jersey) Limited joint venture (the "UK JV") and CBRE Strategic Partners Asia.
[4]	Includes UK JV, Afton Ridge, and CBRE Strategic Partners Asia.

Investments in Unconsolidated45

Investments in Unconsolidated Entities - Consolidated Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended		12 Months Ended
	Jun. 30, 2015		Jun. 30, 2014		Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Schedule of Equity Method Investments [Line Items]
Total Revenue	$ 19,406		$ 23,729		$ 36,276	$ 45,326
Operating Expenses	4,343		5,878		9,599	12,788
Net Operating Income	15,063		17,851		26,677	32,538
Depreciation and Amortization	8,129		10,298		16,428	21,266
Interest Expense	1,672		2,200		3,423	4,373
Gain on Sale of Real Estate	19		0		3,039	0
Loss on Extinguishment of Debt					(73)	0
Net Income	5,281		5,353		9,792	6,899
Company Share in Net Income	3,703		4,642		10,234	7,499
Adjustments for REIT basis	(27)		(30)		(53)	(61)
Income (Loss) from Equity Method Investments	3,676		4,612		10,181	7,438	$ 28,823
Duke Joint Venture
Schedule of Equity Method Investments [Line Items]
Total Revenue	11,159		14,693		23,790	29,353
Operating Expenses	3,124		4,293		6,547	9,329
Net Operating Income	8,035		10,400		17,243	20,024
Depreciation and Amortization	5,219		6,683		10,433	14,199
Interest Expense	755		1,035		1,549	2,075
Gain on Sale of Real Estate	19				3,039	0
Loss on Extinguishment of Debt					(73)	0
Net Income	2,080		2,682		8,227	3,750
Company Share in Net Income	1,664		2,146		6,581	3,000
Adjustments for REIT basis	(27)		(30)		(53)	(61)
Income (Loss) from Equity Method Investments	1,637		2,116		6,528	2,939
European JV
Schedule of Equity Method Investments [Line Items]
Total Revenue	6,100		7,783		12,673	15,119
Operating Expenses	656		863		1,871	1,992
Net Operating Income	5,444		6,920		10,802	13,127
Depreciation and Amortization	2,432		3,087		5,033	6,016
Interest Expense	917		1,165		1,874	2,298
Gain on Sale of Real Estate	0				0	0
Loss on Extinguishment of Debt					0	0
Net Income	2,095		2,668		3,895	4,813
Company Share in Net Income	1,676		2,134		3,116	3,850
Adjustments for REIT basis	0		0		0	0
Income (Loss) from Equity Method Investments	1,676		2,134		3,116	3,850
Other
Schedule of Equity Method Investments [Line Items]
Total Revenue	2,147	[1]	1,253		(187)	854
Operating Expenses	563	[1]	722		1,181	1,467
Net Operating Income	1,584	[1]	531	[2]	(1,368)	(613)
Depreciation and Amortization	478	[1]	528		962	1,051
Interest Expense	0	[1]	0		0	0
Gain on Sale of Real Estate	0				0	0
Loss on Extinguishment of Debt					0	0
Net Income	1,106	[1]	3	[2]	(2,330)	(1,664)
Company Share in Net Income	363	[1]	362		537	649
Adjustments for REIT basis	0	[1]	0		0	0
Income (Loss) from Equity Method Investments	$ 363	[1]	$ 362	[2]	$ 537	$ 649
[1]	Includes UK JV and CBRE Strategic Partners Asia.
[2]	Includes UK JV, Afton Ridge, and CBRE Strategic Partners Asia.

Deferred Leasing Costs and In46

Deferred Leasing Costs and Intangible Assets and Liabilities - Summary of Deferred Leasing Costs and Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Intangible Assets, net:
Total Deferred Leasing Costs and Intangible Assets, Net	$ 195,836	$ 220,490
Intangible Liabilities, net:
Below Market Lease, Gross	46,766	51,653
Below Market Lease, Accumulated Amortization	(25,131)	(26,675)
Acquired Intangible Liabilities, Net	21,635	24,978
Above-Market Ground Lease Obligation	1,501	1,501
Above Market Ground Leases Obligation Accumulated Amortization	(267)	(231)
Above Market Ground Lease Obligation, Net	1,234	1,270
Intangible Liabilities, Net	22,869	26,248
Deferred Leasing Costs
Intangible Assets, net:
Deferred Leasing Costs and Intangible Assets, Gross	25,797	22,481
Accumulated Amortization	(5,760)	(4,218)
Total Deferred Leasing Costs and Intangible Assets, Net	20,037	18,263
Above-Market Leases
Intangible Assets, net:
Deferred Leasing Costs and Intangible Assets, Gross	63,566	63,566
Accumulated Amortization	(34,575)	(30,311)
Total Deferred Leasing Costs and Intangible Assets, Net	28,991	33,255
Acquired In-Place Leases
Intangible Assets, net:
Deferred Leasing Costs and Intangible Assets, Gross	290,758	300,124
Accumulated Amortization	(145,141)	(132,414)
Total Deferred Leasing Costs and Intangible Assets, Net	145,617	167,710
Other Intangible Assets
Intangible Assets, net:
Deferred Leasing Costs and Intangible Assets, Gross	1,425	1,425
Accumulated Amortization	(234)	(163)
Total Deferred Leasing Costs and Intangible Assets, Net	$ 1,191	$ 1,262

Deferred Leasing Costs and In47

Deferred Leasing Costs and Intangible Assets and Liabilities - Amortization of Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Deferred Leasing Costs
Intangible Assets Goodwill And Other Assets [Line Items]
Amortization leases	[1]	$ 792	$ 364	$ 1,541	$ 718
Above-Market Leases
Intangible Assets Goodwill And Other Assets [Line Items]
Amortization leases	[2]	2,125	2,433	4,263	4,948
Acquired In-Place Leases
Intangible Assets Goodwill And Other Assets [Line Items]
Amortization leases	[1]	9,285	9,284	18,611	18,753
Other Intangible Assets
Intangible Assets Goodwill And Other Assets [Line Items]
Amortization leases	[1]	36	0	72	0
Below-Market Lease Value
Intangible Assets Goodwill And Other Assets [Line Items]
Amortization leases	[2]	(1,187)	(1,032)	(2,350)	(2,065)
Above-Market Ground Lease Obligations
Intangible Assets Goodwill And Other Assets [Line Items]
Amortization leases	[3]	$ (17)	$ (17)	$ (35)	$ (35)
[1]	The amortization of deferred leasing costs, in-place leases and other intangible assets are recorded to depreciation and amortization expense in the consolidated statements of operations for the periods presented.
[2]	The amortization of above-market leases and below-market leases are recorded as reductions and additions to rental income, respectively, in the consolidated statements of operations for the periods presented
[3]	The amortization of the above-market ground lease obligation is recorded as a decrease to property operating expense in the consolidated statements of operations for the periods presented.

Deferred Leasing Costs and In48

Deferred Leasing Costs and Intangible Assets and Liabilities - Schedule of Future Amortization of Acquisition Related Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Acquired Indefinite-lived Intangible Assets [Line Items]
Total Deferred Leasing Costs and Intangible Assets, Net	$ 195,836	$ 220,490
Deferred Leasing Costs
Acquired Indefinite-lived Intangible Assets [Line Items]
Remaining 2,015	1,042
2,016	1,956
2,017	1,809
2,018	1,718
2,019	1,516
Thereafter	11,996
Total Deferred Leasing Costs and Intangible Assets, Net	20,037	18,263
Acquired Above-Market Leases
Acquired Indefinite-lived Intangible Assets [Line Items]
Remaining 2,015	4,201
2,016	5,557
2,017	4,466
2,018	3,862
2,019	3,300
Thereafter	7,605
Total Deferred Leasing Costs and Intangible Assets, Net	28,991
Acquired In-Place Leases
Acquired Indefinite-lived Intangible Assets [Line Items]
Remaining 2,015	17,617
2,016	29,075
2,017	24,603
2,018	20,399
2,019	16,633
Thereafter	37,290
Total Deferred Leasing Costs and Intangible Assets, Net	145,617	167,710
Other Intangible Assets
Acquired Indefinite-lived Intangible Assets [Line Items]
Remaining 2,015	72
2,016	144
2,017	144
2,018	144
2,019	144
Thereafter	543
Total Deferred Leasing Costs and Intangible Assets, Net	1,191	$ 1,262
Acquired Below-Market Leases
Acquired Indefinite-lived Intangible Assets [Line Items]
Remaining 2,015	2,085
2,016	3,404
2,017	2,912
2,018	2,639
2,019	2,418
Thereafter	8,177
Total Deferred Leasing Costs and Intangible Assets, Net	21,635
Above-Market Ground Lease Obligations
Acquired Indefinite-lived Intangible Assets [Line Items]
Remaining 2,015	35
2,016	71
2,017	71
2,018	71
2,019	71
Thereafter	915
Total Deferred Leasing Costs and Intangible Assets, Net	$ 1,234

Debt - Notes Payable Secured by

Debt - Notes Payable Secured by Real Property (Details) - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Outstanding Balance		$ 568,077	$ 610,608
Total Secured Notes Payable		555,729	596,008
Plus Premium		13,129	15,494
Less Discount		(781)	(894)
Total Secured Notes Payable, Net		$ 568,077	610,608
Celebration Office Center
Debt Instrument [Line Items]
Stated Interest Rate	[1]	4.25%
Effective Interest Rate	[1],[2]	2.50%
Maturity Date	[1]	Dec. 1, 2015
Outstanding Balance	[1]	$ 8,723	8,817
22535 Colonial Pkwy
Debt Instrument [Line Items]
Stated Interest Rate	[1]	4.25%
Effective Interest Rate	[1],[2]	2.50%
Maturity Date	[1]	Dec. 1, 2015
Outstanding Balance	[1]	$ 7,804	7,889
Northpoint III
Debt Instrument [Line Items]
Stated Interest Rate	[1]	4.25%
Effective Interest Rate	[1],[2]	2.50%
Maturity Date	[1]	Dec. 1, 2015
Outstanding Balance	[1]	$ 10,100	10,209
Goodyear Crossing Ind. Park II
Debt Instrument [Line Items]
Stated Interest Rate	[1]	4.25%
Effective Interest Rate	[1],[2]	2.50%
Maturity Date	[1]	Dec. 1, 2015
Outstanding Balance	[1]	$ 19,282	19,489
3900 North Paramount Parkway
Debt Instrument [Line Items]
Stated Interest Rate	[1]	4.25%
Effective Interest Rate	[1],[2]	2.50%
Maturity Date	[1]	Dec. 1, 2015
Outstanding Balance	[1]	$ 7,575	7,656
3900 South Paramount Parkway
Debt Instrument [Line Items]
Stated Interest Rate	[1]	4.25%
Effective Interest Rate	[1],[2]	2.50%
Maturity Date	[1]	Dec. 1, 2015
Outstanding Balance	[1]	$ 7,575	7,656
1400 Perimeter Park Drive
Debt Instrument [Line Items]
Stated Interest Rate	[1]	4.25%
Effective Interest Rate	[1],[2]	2.50%
Maturity Date	[1]	Dec. 1, 2015
Outstanding Balance	[1]	$ 2,295	2,320
Miramar I
Debt Instrument [Line Items]
Stated Interest Rate	[1]	4.25%
Effective Interest Rate	[1],[2]	2.50%
Maturity Date	[1]	Dec. 1, 2015
Outstanding Balance	[1]	$ 8,998	9,095
Miramar II
Debt Instrument [Line Items]
Stated Interest Rate	[1]	4.25%
Effective Interest Rate	[1],[2]	2.50%
Maturity Date	[1]	Dec. 1, 2015
Outstanding Balance	[1]	$ 12,120	12,250
70 Hudson Street
Debt Instrument [Line Items]
Stated Interest Rate	[3]	5.65%
Effective Interest Rate	[2],[3]	5.15%
Maturity Date	[3]	Apr. 11, 2016
Outstanding Balance	[3]	$ 113,060	114,108
Point West I
Debt Instrument [Line Items]
Stated Interest Rate		3.41%
Effective Interest Rate	[2]	3.41%
Maturity Date		Dec. 6, 2016
Outstanding Balance		$ 10,553	10,716
100 Tice Blvd 1
Debt Instrument [Line Items]
Stated Interest Rate		5.97%
Effective Interest Rate	[2]	4.38%
Maturity Date		Sep. 15, 2017
Outstanding Balance		$ 18,655	18,960
100 Tice Blvd 2
Debt Instrument [Line Items]
Stated Interest Rate		5.97%
Effective Interest Rate	[2]	4.38%
Maturity Date		Sep. 15, 2017
Outstanding Balance		$ 18,655	18,960
4701 Gold Spike Drive
Debt Instrument [Line Items]
Stated Interest Rate	[4]	4.45%
Effective Interest Rate	[2],[4]	4.45%
Maturity Date	[4]	Mar. 1, 2018
Outstanding Balance	[4]	$ 9,857	9,958
1985 International Way
Debt Instrument [Line Items]
Stated Interest Rate	[4]	4.45%
Effective Interest Rate	[2],[4]	4.45%
Maturity Date	[4]	Mar. 1, 2018
Outstanding Balance	[4]	$ 6,849	6,920
3660 Deerpark Blvd
Debt Instrument [Line Items]
Stated Interest Rate	[4]	4.45%
Effective Interest Rate	[2],[4]	4.45%
Maturity Date	[4]	Mar. 1, 2018
Outstanding Balance	[4]	$ 7,080	7,153
Tolleson Commerce Park II
Debt Instrument [Line Items]
Stated Interest Rate	[4]	4.45%
Effective Interest Rate	[2],[4]	4.45%
Maturity Date	[4]	Mar. 1, 2018
Outstanding Balance	[4]	$ 4,258	4,301
20000 S Diamond Lake Road
Debt Instrument [Line Items]
Stated Interest Rate	[4]	4.45%
Effective Interest Rate	[2],[4]	4.45%
Maturity Date	[4]	Mar. 1, 2018
Outstanding Balance	[4]	$ 6,201	6,265
Atrium I
Debt Instrument [Line Items]
Stated Interest Rate		3.78%
Effective Interest Rate	[2]	3.78%
Maturity Date		May 31, 2018
Outstanding Balance		$ 21,112	21,580
McAuley Place
Debt Instrument [Line Items]
Stated Interest Rate		3.98%
Effective Interest Rate	[2]	3.50%
Maturity Date		Sep. 1, 2018
Outstanding Balance		$ 12,677	12,865
Easton III
Debt Instrument [Line Items]
Stated Interest Rate		3.95%
Effective Interest Rate	[2]	3.95%
Maturity Date		Jan. 31, 2019
Outstanding Balance		$ 6,187	6,280
90 Hudson Street
Debt Instrument [Line Items]
Stated Interest Rate		5.66%
Effective Interest Rate	[2]	5.26%
Maturity Date		May 1, 2019
Outstanding Balance		$ 102,452	103,301
Fairforest Bldg. 6
Debt Instrument [Line Items]
Stated Interest Rate		5.42%
Effective Interest Rate	[2]	6.50%
Maturity Date		Jun. 1, 2019
Outstanding Balance		$ 1,577	1,751
North Rhett I
Debt Instrument [Line Items]
Stated Interest Rate		5.65%
Effective Interest Rate	[2]	6.50%
Maturity Date		Aug. 1, 2019
Outstanding Balance		$ 1,725	1,958
Kings Mountain II
Debt Instrument [Line Items]
Stated Interest Rate		5.47%
Effective Interest Rate	[2]	6.50%
Maturity Date		Jan. 1, 2020
Outstanding Balance		$ 3,167	3,467
One Rocket Road
Debt Instrument [Line Items]
Stated Interest Rate		6.60%
Effective Interest Rate	[2]	4.00%
Maturity Date		Aug. 1, 2020
Outstanding Balance		$ 18,314	18,516
North Rhett II
Debt Instrument [Line Items]
Stated Interest Rate		5.20%
Effective Interest Rate	[2]	6.50%
Maturity Date		Oct. 1, 2020
Outstanding Balance		$ 1,319	1,425
Mt Holly Bldg.
Debt Instrument [Line Items]
Stated Interest Rate		5.20%
Effective Interest Rate	[2]	6.50%
Maturity Date		Oct. 1, 2020
Outstanding Balance		$ 1,319	1,425
Orangeburg Park Bldg.
Debt Instrument [Line Items]
Stated Interest Rate		5.20%
Effective Interest Rate	[2]	6.50%
Maturity Date		Oct. 1, 2020
Outstanding Balance		$ 1,341	1,449
Kings Mountain I
Debt Instrument [Line Items]
Stated Interest Rate		5.27%
Effective Interest Rate	[2]	6.50%
Maturity Date		Oct. 1, 2020
Outstanding Balance		$ 1,143	1,235
Ten Parkway North
Debt Instrument [Line Items]
Stated Interest Rate		4.75%
Effective Interest Rate	[2]	4.75%
Maturity Date		Jan. 1, 2021
Outstanding Balance		$ 11,308	11,469
Union Cross Bldg. II
Debt Instrument [Line Items]
Stated Interest Rate		5.53%
Effective Interest Rate	[2]	6.50%
Maturity Date		Jun. 1, 2021
Outstanding Balance		$ 5,382	5,755
Union Cross Bldg. I
Debt Instrument [Line Items]
Stated Interest Rate		5.50%
Effective Interest Rate	[2]	6.50%
Maturity Date		Jul. 1, 2021
Outstanding Balance		$ 1,771	1,892
Norman Pointe I
Debt Instrument [Line Items]
Stated Interest Rate		5.24%
Effective Interest Rate	[2]	3.50%
Maturity Date		Oct. 1, 2021
Outstanding Balance		$ 20,003	20,177
Norman Pointe II
Debt Instrument [Line Items]
Stated Interest Rate		5.24%
Effective Interest Rate	[2]	3.50%
Maturity Date		Oct. 1, 2021
Outstanding Balance		$ 22,022	22,214
The Landings I
Debt Instrument [Line Items]
Stated Interest Rate		5.24%
Effective Interest Rate	[2]	3.50%
Maturity Date		Oct. 1, 2021
Outstanding Balance		$ 15,054	15,185
The Landings II
Debt Instrument [Line Items]
Stated Interest Rate		5.24%
Effective Interest Rate	[2]	3.50%
Maturity Date		Oct. 1, 2021
Outstanding Balance		$ 13,278	13,393
Fairforest Bldg. 5
Debt Instrument [Line Items]
Stated Interest Rate		6.33%
Effective Interest Rate	[2]	6.50%
Maturity Date		Feb. 1, 2024
Outstanding Balance		$ 7,364	7,678
North Rhett IV
Debt Instrument [Line Items]
Stated Interest Rate		5.80%
Effective Interest Rate	[2]	6.50%
Maturity Date		Feb. 1, 2025
Outstanding Balance		$ 7,574	7,862
One Wayside Road 1
Debt Instrument [Line Items]
Stated Interest Rate	[5]	5.66%
Effective Interest Rate	[2],[5]	5.25%
Maturity Date	[5]	Aug. 1, 2015
Outstanding Balance	[5]	$ 0	12,938
One Wayside Road 2
Debt Instrument [Line Items]
Stated Interest Rate	[5]	5.92%
Effective Interest Rate	[2],[5]	5.25%
Maturity Date	[5]	Aug. 1, 2015
Outstanding Balance	[5]	$ 0	10,854
Lakeside Office Center
Debt Instrument [Line Items]
Stated Interest Rate	[6]	6.03%
Effective Interest Rate	[2],[6]	6.03%
Maturity Date	[6]	Sep. 1, 2015
Outstanding Balance	[6]	$ 0	$ 8,617
[1]	These nine loans are cross-collateralized.
[2]	Represents the rate at which interest expense is recorded for financial reporting purposes, which reflects the amortization of any discounts/premiums, excluding debt issuance costs.
[3]	In accordance with the provisions of this loan, beginning in February 2015, the property's excess cash proceeds after the payment of debt service, impounds and budgeted operating expenses are being held by the lender until the loan is repaid or the property is re-leased to the existing tenant under terms described in the loan agreement.
[4]	These five loans are cross-collaterialized.
[5]	This loan was paid off in full on February 2, 2015 prior to the maturity date.
[6]	This loan was paid off in full on June 3, 2015 prior to the maturity date.

Debt - Notes Payable Secured 50

Debt - Notes Payable Secured by Real Property (Footnotes) (Details)	Jun. 30, 2015SecurityLoan
Loan Group Maturity Date December 1, 2015
Debt Instrument [Line Items]
Number of loan cross-collateralized by properties	9
Loan Group Maturity Date March 1, 2018
Debt Instrument [Line Items]
Number of loan cross-collateralized by properties	5

Debt - Notes Payable - Unsecure

Debt - Notes Payable - Unsecured Term Loan Facilities (Details) - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Outstanding borrowings		$ 570,000	$ 570,000
WF Term Loan 2
Debt Instrument [Line Items]
Commitment fee percentage		1.50%
Interest rate	[1],[2]	2.49%
Outstanding borrowings	[1]	$ 200,000	$ 200,000
LIBOR rate		0.184%	0.156%
WF Term Loan 3
Debt Instrument [Line Items]
Commitment fee percentage		1.50%
Interest rate	[1],[2]	3.12%
Outstanding borrowings	[1]	$ 200,000	$ 200,000
LIBOR rate			0.155%
TD Term Loan
Debt Instrument [Line Items]
Commitment fee percentage		1.75%
Interest rate	[2],[3]	3.28%
Outstanding borrowings	[3]	$ 50,000	$ 50,000
Capital One Term Loan
Debt Instrument [Line Items]
Commitment fee percentage		1.75%
Interest rate	[1],[2]	4.32%
Outstanding borrowings	[1]	$ 120,000	$ 120,000
[1]	As of June 30, 2015 and December 31, 2014, the applicable LIBOR rate was 0.184% and 0.156%, respectively, for these loans
[2]	Represents the rate at which interest expense is recorded for financial reporting purposes, which reflects the effect of the interest rate swaps, excluding debt issuance costs.
[3]	As of June 30, 2015 and December 31, 2014, the applicable LIBOR rate was 0.184% and 0.155%, respectively, for this loan.

Debt - Notes Payable - Unsecu52

Debt - Notes Payable - Unsecured Credit Facility (Details) - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Line of Credit Facility [Line Items]
Outstanding borrowings		$ 570,000		$ 570,000
Revolving credit facility
Line of Credit Facility [Line Items]
Outstanding borrowings		240,044		200,044
Remaining borrowing capacity		609,956		649,956
Total borrowing capacity		$ 850,000		$ 850,000
Interest rate	[1]	1.49%		1.46%
Facility Fee	[2]	0.30%	0.30%
Basis spread on variable rate		1.30%	1.30%
[1]	Calculated based on one-month LIBOR plus 1.30% as of June 30, 2015 and December 31, 2014
[2]	The facility fee is based on the unsecured revolving credit facility's total borrowing capacity.

Debt - Notes Payable - Debt Cov

Debt - Notes Payable - Debt Covenants and Restrictions (Details) - Jun. 30, 2015	USD ($)eligible_property
Debt Instrument [Line Items]
Leverage ratio on credit facility	0.60
Fixed charge coverage ratio	1.50
Secured leverage ratio	0.40
Unencumbered leverage ratio	0.60
Minimum tangible net worth value	$ 1,500,000,000
Percentage of net proceeds from future equity issuances	85.00%
Unencumbered asset value	$ 400,000,000
Minimum number of eligible properties | eligible_property	10
Revolving credit facility
Debt Instrument [Line Items]
Secured leverage ratio	0.45

Debt - Minimum Principal Paymen

Debt - Minimum Principal Payments Due for Notes Payable (Details) $ in Thousands	Jun. 30, 2015USD ($)
Debt Disclosure [Abstract]
Remaining 2,015	$ 91,438
2,016	134,612
2,017	46,822
2,018	512,612
2,019	308,768
Thereafter	271,521
Total	$ 1,365,773

Risk Management and Use of Fi55

Risk Management and Use of Financial Instruments - Schedule of Interest Rate Swap Derivative Instruments (Details) - LIBOR - Interest Rate Swap - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2015	Dec. 31, 2014
Qualifying Interest Rate Swap on Point West I Debt
Derivative [Line Items]
Notional Amount	[1]	$ 10,553	$ 10,716
Fair Value	[1]	$ (127)	$ (135)
Rate	[1]	1.20%	1.30%
Index	[1]	LIBOR
Maturity Date	[1]	Dec. 6, 2016
Qualifying Interest Rate Swap on Wells Fargo Term Loan - Two
Derivative [Line Items]
Notional Amount	[2]	$ 200,000	$ 200,000
Fair Value	[2]	$ 72	$ 1,467
Rate	[2]	0.80%	0.80%
Index	[2]	LIBOR
Maturity Date	[2]	Mar. 7, 2018
Qualifying Interest Rate Swap on Atrium I Debt
Derivative [Line Items]
Notional Amount	[1]	$ 21,112	$ 21,580
Fair Value	[1]	$ (413)	$ (354)
Rate	[1]	1.60%	1.60%
Index	[1]	LIBOR
Maturity Date	[1]	May 31, 2018
Qualifying Interest Rate Swap on Wells Fargo Term Loan - Three
Derivative [Line Items]
Notional Amount		$ 200,000	$ 200,000
Fair Value		$ (2,615)	$ (1,540)
Rate		1.40%	1.50%
Index		LIBOR
Maturity Date		Jan. 15, 2019
Qualifying Interest Rate Swap on Easton III Debt
Derivative [Line Items]
Notional Amount	[1]	$ 6,187	$ 6,280
Fair Value	[1]	$ (145)	$ (127)
Rate	[1]	1.80%	1.80%
Index	[1]	LIBOR
Maturity Date	[1]	Jan. 31, 2019
Qualifying Interest Rate Swap on TD Term Loan
Derivative [Line Items]
Notional Amount	[2]	$ 50,000	$ 50,000
Fair Value	[2]	$ 40	$ 266
Rate	[2]	1.30%	1.40%
Index	[2]	LIBOR
Maturity Date	[2]	Mar. 6, 2020
Qualifying Interest Rate Swap on Capital I Debt
Derivative [Line Items]
Notional Amount		$ 120,000	$ 120,000
Fair Value		$ (5,401)	$ (5,543)
Rate		2.40%	2.40%
Index		LIBOR
Maturity Date		Jan. 31, 2021
[1]	We assumed this swap in connection with the purchase of the Duke Portfolio on March 1, 2013. This swap is considered a hedging instrument under ASC 815-20 as of June 30, 2015. The swap was not considered a hedging instrument under ASC 815-20 during the period from March 1, 2013 to March 31, 2013.
[2]	We entered into these swaps in connection with the origination of the TD Term Loan and WF Term Loan #1 in March 2013. These swaps are considered hedging instruments under ASC 815-20 as of June 30, 2015. These swaps were not considered hedging instruments under ASC 815-20 during the period from March 11, 2013 and March 12, 2013, respectively, to May 29, 2013.

Risk Management and Use of Fi56

Risk Management and Use of Financial Instruments - Balance Sheet Location (Details) - Designated as Hedging Instrument - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Prepaid Expenses and Other Current Assets
Derivatives, Fair Value [Line Items]
Asset Derivatives	$ 112	$ 1,733
Accounts Payable and Accrued Liabilities
Derivatives, Fair Value [Line Items]
Liability Derivatives	$ 8,701	$ 7,699

Risk Management and Use of Fi57

Risk Management and Use of Financial Instruments - Cash Flow Hedges (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Derivatives, Fair Value [Line Items]
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months			$ 7,200
Cash Flow Hedging | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Gain (Loss) Recognized in Other Comprehensive Income (OCI) (Effective Portion)	$ 1,225	$ (7,497)	(6,963)	$ (12,586)
Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	(2,152)	(2,367)	(4,297)	(4,695)
Gain (Loss) on Components Excluded from Assessment of Interest Rate Fair Value Hedge Effectiveness	$ 26	$ (14)	$ 43	$ 12

Future Minimum Rents - Schedule

Future Minimum Rents - Schedule of Minimum Future Rents to be Received on Non-cancelable Operating Leases (Details) $ in Thousands	Jun. 30, 2015USD ($)
Leases [Abstract]
Remaining 2,015	$ 105,969
2,016	194,475
2,017	181,266
2,018	163,914
2,019	144,816
Thereafter	460,575
Total	$ 1,251,015

Related Party Transactions - Na

Related Party Transactions - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2014	Jun. 30, 2015
Related Party Transactions [Abstract]
Acquisition consulting fee percentage		0.75%
Sub advisory fees paid by former investment advisor	$ 0.2
Percentage of business, assets or voting securities to trigger agreement		10.00%
Transaction financial advisory fee due as percent of consideration in transaction		0.25%

Equity Incentive Plan and Per60

Equity Incentive Plan and Performance Bonus Plan - Narrative (Details) $ / shares in Units, $ in Thousands	Mar. 05, 2015USD ($)shares	Jan. 09, 2015$ / sharesshares	Mar. 15, 2014employee$ / sharesshares	Feb. 26, 2014shares	Jan. 29, 2014$ / sharesshares	Mar. 15, 2013	Jun. 30, 2015USD ($)shares	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)$ / sharesshares	Jun. 30, 2014USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Service vesting period						3 years
Number of employees granted restricted common shares | employee			25
Vesting description			One-third of the restricted shares granted to our named executive officers and employees will vest on each of the first three anniversaries of grant if the grantee is employed by the Company on such anniversary
Percentage of restricted shares to vest on each anniversary of grant date			33.33%
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Discounted grant date fair value | $ / shares		$ 7.13
Remaining term		2 years
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common shares granted (in shares)									237,440
Grant date fair value | $ / shares									$ 6.56
Time-Based Restricted Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common shares granted (in shares)									237,422
Grant date fair value | $ / shares									$ 7.78
Martin Reid
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted common shares (in shares)				90,000
Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cash compensation | $	$ 187
Non-cash compensation | $	$ 3,300
Chief Executive Officer | Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common shares granted (in shares)	75,000
Chief Executive Officer | Time-Based Restricted Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common shares granted (in shares)	75,000
Executive Officers and Other Senior Management | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate number of restricted common shares granted to employees (in shares)			401,875
Grant date fair value, per share | $ / shares			$ 7.74
Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate number of restricted common shares granted to employees (in shares)			143,450
Named Executive Officers and Our Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation expense | $							$ 169	$ 339	$ 340	$ 405
2013 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of common shares available for grant (in shares)							3,332,627		3,332,627
Common shares granted (in shares)					33,100
Grant date fair value, per share | $ / shares					$ 7.87
2013 Equity Incentive Plan | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Discount percent		12.50%
Grant date fair value | $ / shares		$ 8.15
Aggregate number of restricted common shares granted to employees (in shares)			474,862
2013 Equity Incentive Plan | Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate number of restricted common shares granted to employees (in shares)			237,440
Service vesting period			3 years
Maximum number of shares of common stock issued to an employee, percent			150.00%
2013 Equity Incentive Plan | Time-Based Restricted Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate number of restricted common shares granted to employees (in shares)			237,422
2013 Equity Incentive Plan | Charles Black
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common shares granted (in shares)					20,000
2013 Equity Incentive Plan | Charles Black | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common shares granted (in shares)		20,000
2013 Equity Incentive Plan | Louis Salvatore
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common shares granted (in shares)					5,000
2013 Equity Incentive Plan | Louis Salvatore | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common shares granted (in shares)		5,000
2013 Equity Incentive Plan | James Orphanides
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common shares granted (in shares)					5,000
2013 Equity Incentive Plan | James Orphanides | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common shares granted (in shares)		5,000
2013 Equity Incentive Plan | James Francis
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common shares granted (in shares)					1,550
2013 Equity Incentive Plan | James Francis | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common shares granted (in shares)		5,000
2013 Equity Incentive Plan | Mark Brugger
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common shares granted (in shares)					1,550

Equity Incentive Plan and Per61

Equity Incentive Plan and Performance Bonus Plan - Fair Value Assumptions (Details) - Performance Shares - $ / shares	6 Months Ended
	Jun. 30, 2015	Mar. 13, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value per unit at March 13, 2015		$ 6
Expected share price volatility	22.00%
Dividend yield	6.00%
Risk-free interest rate	0.99%
Remaining expected life	2 years 9 months 18 days

Equity Incentive Plan and Per62

Equity Incentive Plan and Performance Bonus Plan - Summary of Time-Based Restricted Common Shares (Details) - $ / shares		Jan. 29, 2014	Jun. 30, 2015
2013 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Nonvested, Granted Shares		33,100
Time-Based Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Nonvested, Beginning Balance Shares			800,699
Nonvested, Granted Shares	[1]		200,000
Nonvested, Vested Shares	[1],[2]		(728,963)
Nonvested, Forfeited Shares			1,202
Nonvested, Ending Balance Shares			270,534
Weighted Average Grant Date Fair Value [Abstract]
Nonvested, Weighted-Average Grant Date Fair Value Per Share, Beginning Balance			$ 8.68
Nonvested, Weighted-Average Grant Date Fair Value Per Share, Granted	[1]		8.10
Nonvested, Weighted-Average Grant Date Fair Value Per Share, Vested	[1],[2]		8.50
Nonvested, Weighted-Average Grant Date Fair Value Per Share, Forfeited			8.37
Nonvested, Weighted-Average Grant Date Fair Value Per Share, Ending Balance			$ 8.53
Time-Based Restricted Stock | 2013 Equity Incentive Plan
Weighted Average Grant Date Fair Value [Abstract]
Shares tendered to satisfy tax withholding requirements			331,485
[1]	Shares granted to Mr. Cuneo were fully vested upon his retirement.
[2]	Total shares vested include 331,485 common shares that were tendered in accordance with the terms of our 2013 Equity Incentive Plan to satisfy minimum state tax withholding requirements related to the restricted common shares that have vested. We accept the return of shares at the current quoted closing share price of the Company's common shares on the NYSE to satisfy tax obligations.

Equity Incentive Plan and Per63

Equity Incentive Plan and Performance Bonus Plan - Summary of Time-Based Restricted Share Units (Details) - 6 months ended Jun. 30, 2015 - Time-Based Restricted Share Units - $ / shares		Total
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Nonvested, Beginning Balance Shares		0
Nonvested, Granted Shares		237,422
Nonvested, Vested Shares		(75,000)
Nonvested, Forfeited Shares		(397)
Nonvested, Settled Shares	[1]	0
Nonvested, Ending Balance Shares		162,025
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Nonvested, Weighted-Average Grant Date Fair Value Per Share, Beginning Balance		$ 0
Nonvested, Weighted-Average Grant Date Fair Value Per Share, Granted		7.78
Nonvested, Weighted-Average Grant Date Fair Value Per Share, Vested		7.78
Nonvested, Weighted-Average Grant Date Fair Value Per Share, Forfeited		7.78
Nonvested, Weighted-Average Grant Date Fair Value Per Share, Settled	[1]	0
Nonvested, Weighted-Average Grant Date Fair Value Per Share, Ending Balance		$ 7.78
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Vested, Outstanding [Roll Forward]
Beginning Balance		0
Granted		0
Vested		75,000
Forfeited		0
Settled	[1]	(75,000)
Ending Balance		0
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Beginning Balance		0
Granted		237,422
Vested		0
Forfeited		(397)
Settled	[1]	(75,000)
Ending Balance		162,025
2015 Equity Incentive Award
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Shares tendered to satisfy tax withholding requirements		38,806
[1]	Represents vested RSUs that were settled in shares of the Company's common shares. Total shares settled include 38,806 shares that were tendered in accordance with the terms of our 2013 Equity Incentive Plan to satisfy minimum state tax withholding requirements related to the RSU settled. We accept the return of shares at the current quoted closing share price of the Company's common shares on the NYSE to satisfy tax obligations.

Equity Incentive Plan and Per64

Equity Incentive Plan and Performance Bonus Plan - Summary of Performance Share Units (Details) - 6 months ended Jun. 30, 2015 - Performance Shares - $ / shares		Total
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Nonvested, Beginning Balance Shares		0
Nonvested, Granted Shares		237,440
Nonvested, Vested Shares		(75,000)
Nonvested, Forfeited Shares		(397)
Nonvested, Settled Shares	[1]	0
Nonvested, Ending Balance Shares		162,043
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Nonvested, Weighted-Average Grant Date Fair Value Per Share, Beginning Balance		$ 0
Nonvested, Weighted-Average Grant Date Fair Value Per Share, Granted		6.56
Nonvested, Weighted-Average Grant Date Fair Value Per Share, Vested		7.78
Nonvested, Weighted-Average Grant Date Fair Value Per Share, Forfeited		6
Nonvested, Weighted-Average Grant Date Fair Value Per Share, Settled	[1]	0
Nonvested, Weighted-Average Grant Date Fair Value Per Share, Ending Balance		$ 6
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Vested, Outstanding [Roll Forward]
Beginning Balance		0
Granted		0
Vested		75,000
Forfeited		0
Settled	[1]	(75,000)
Ending Balance		0
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Beginning Balance		0
Granted		237,440
Vested		0
Forfeited		(397)
Settled	[1]	(75,000)
Ending Balance		162,043
2015 Equity Incentive Award
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Shares tendered to satisfy tax withholding requirements		38,888
[1]	Represents vested PSUs that were settled in shares of the Company's common shares. Total shares settled include 38,888 shares that were tendered in accordance with the terms of our 2013 Equity Incentive Plan to satisfy minimum state tax withholding requirements related to the PSU settled. We accept the return of shares at the current quoted closing share price of the Company's common shares on the NYSE to satisfy tax obligations.

Equity Incentive Plan and Per65

Equity Incentive Plan and Performance Bonus Plan - Summary of Compensation Expense and Details (Details) - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation Expense Recorded During the Three Months Ended March 31	[1]	$ 4,629	$ 1,924
Unamortized Compensation Costs		$ 3,656	$ 7,351
Units available for the future awards	[2]	3,332,627	4,041,992
Severance Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation Expense Recorded During the Three Months Ended March 31		$ 3,300
[1]	2015 compensation expense includes severance expense totaling $3.3 million.
[2]	Shares available for the future awards includes units under our 2013 Equity Incentive Plan.

Shareholders' Equity - Narrativ

Shareholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	Jun. 30, 2015	Dec. 31, 2014	Nov. 06, 2013
Equity [Abstract]
Authorized aggregate number of shares	1,000,000,000
Common shares of beneficial interest, shares authorized	990,000,000	990,000,000
Common shares, par value (in usd per share)	$ 0.01	$ 0.01
Preferred shares under beneficial interest	10,000,000
Par value of preferred stock	$ 0.01
Preferred stock issued	0	0
Preferred stock outstanding	0	0
Common stock, at the market offering, offering price			$ 250

Shareholders' Equity - Componen

Shareholders' Equity - Components of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	$ (23,269)	$ 4,596
Other Comprehensive Income (Loss) Before Reclassifications	(17,950)	(10,433)
Ending balance	(36,922)	(1,142)
Reclassified From Other Comprehensive (Loss) Income
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Amounts Reclassified from Accumulated Other Comprehensive Income to Interest Expense	4,297	4,695
Foreign Currency Translation Loss
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(17,513)	1,670
Other Comprehensive Income (Loss) Before Reclassifications	(10,987)	2,153
Ending balance	(28,500)	3,823
Foreign Currency Translation Loss | Reclassified From Other Comprehensive (Loss) Income
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Amounts Reclassified from Accumulated Other Comprehensive Income to Interest Expense	0	0
Swap Fair Value Adjustment
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(5,756)	2,926
Other Comprehensive Income (Loss) Before Reclassifications	(6,963)	(12,586)
Ending balance	(8,422)	(4,965)
Swap Fair Value Adjustment | Reclassified From Other Comprehensive (Loss) Income
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Amounts Reclassified from Accumulated Other Comprehensive Income to Interest Expense	$ 4,297	$ 4,695

Fair Value of Financial Instr68

Fair Value of Financial Instruments and Investments - Narrative (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Period to reset variable rate on derivative	90 days
Impairment of real estate		$ 27,600
Fair value of real estate at impairment	$ 2,022,916	$ 2,089,190
Discount rate		12.00%
Terminal cap rate		6.50%
Expense growth rate		3.00%
70 Hudson Street
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of real estate at impairment		$ 94,000
Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term revenue growth rate		3.00%
Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term revenue growth rate		3.40%

Fair Value of Financial Instr69

Fair Value of Financial Instruments and Investments - Schedule of Fair Value of Assets and Liabilities Measured On Recurring Basis (Details) - USD ($) $ in Thousands		Jun. 30, 2015	Dec. 31, 2014
Quoted Markets Prices (Level 1) | Fair Value, Measurements, Recurring
Financial Assets (Liabilities)
Cash and Cash Equivalents		$ 1,574	$ 1,573
Interest Rate Swaps Designated as Cash Flow Hedges - Assets		0	0
Interest Rate Swaps Designated as Cash Flow Hedges - Liabilities		0	0
Investment in CBRE Strategic Partners Asia		0	0
Significant Observable Inputs (Level 2) | Fair Value, Measurements, Recurring
Financial Assets (Liabilities)
Cash and Cash Equivalents		0	0
Interest Rate Swaps Designated as Cash Flow Hedges - Assets		112	1,733
Interest Rate Swaps Designated as Cash Flow Hedges - Liabilities		(8,701)	(7,699)
Investment in CBRE Strategic Partners Asia		0	0
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring
Financial Assets (Liabilities)
Cash and Cash Equivalents		0	0
Interest Rate Swaps Designated as Cash Flow Hedges - Assets		0	0
Interest Rate Swaps Designated as Cash Flow Hedges - Liabilities		0	0
Investment in CBRE Strategic Partners Asia		5,317	6,870
Fair Value | Fair Value, Measurements, Recurring
Financial Assets (Liabilities)
Cash and Cash Equivalents		1,574	1,573
Interest Rate Swaps Designated as Cash Flow Hedges - Assets		112	1,733
Interest Rate Swaps Designated as Cash Flow Hedges - Liabilities		(8,701)	(7,699)
Investment in CBRE Strategic Partners Asia		$ 5,317	6,870
Real Estate Investment | Quoted Markets Prices (Level 1) | Fair Value, Measurements, Nonrecurring
Financial Assets (Liabilities)
Fair value of real estate at impairment	[1]		0
Real Estate Investment | Significant Observable Inputs (Level 2) | Fair Value, Measurements, Nonrecurring
Financial Assets (Liabilities)
Fair value of real estate at impairment	[1]		0
Real Estate Investment | Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Nonrecurring
Financial Assets (Liabilities)
Fair value of real estate at impairment	[1]		94,000
Real Estate Investment | Fair Value | Fair Value, Measurements, Nonrecurring
Financial Assets (Liabilities)
Fair value of real estate at impairment	[1]		$ 94,000
[1]	Represents a non-recurring fair value measurement.

Fair Value of Financial Instr70

Fair Value of Financial Instruments and Investments - Investment in CBRE Strategic Partners Asia Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Level 3) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Investment in CBRE Strategic Partners Asia
Beginning Balance, Investment in CBRE Strategic Partners Asia	$ 6,870	$ 9,676
Unrealized Loss in Fair Value Adjustment	(930)
Distributions	1,385
Total Income (Loss) on Fair Value Adjustment, Investment in CBRE Strategic Partners Asia	762	(141)
Ending Balance, Investment in CBRE Strategic Partners Asia	$ 5,317	$ 9,535

Fair Value of Financial Instr71

Fair Value of Financial Instruments and Investments - Summary of Notes Payable and Estimated Fair Value (Details) - USD ($) $ in Thousands		Jun. 30, 2015	Dec. 31, 2014
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Secured Notes Payable, Net		$ 568,077	$ 610,608
Unsecured Term Loan Facilities		570,000	570,000
Unsecured Revolving Credit Facility		570,000	570,000
Book Value | Secured Debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Secured Notes Payable, Net	[1]	568,077	610,608
Book Value | Unsecured Debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unsecured Term Loan Facilities	[1]	570,000	570,000
Unsecured Revolving Credit Facility	[1]	240,044	200,044
Fair Value | Secured Debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Secured Notes Payable, Net	[1]	588,098	628,194
Fair Value | Unsecured Debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unsecured Term Loan Facilities	[1]	580,364	577,196
Unsecured Revolving Credit Facility	[1]	$ 240,044	$ 200,044
[1]	Items are measured using Level 2 inputs.

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) - Jun. 30, 2015	claimrenewal_option
Loss Contingencies [Line Items]
Number of lease renewal options | renewal_option	3
Lease agreement period	10 years
Gramercy Merger | Pending Litigation
Loss Contingencies [Line Items]
Number of class action lawsuits	2

Commitments and Contingencies73

Commitments and Contingencies - Maturity of Ground Lease (Details) $ in Thousands	Jun. 30, 2015USD ($)
Commitments and Contingencies Disclosure [Abstract]
Remaining 2,015	$ 136
2,016	273
2,017	273
2,018	276
2,019	308
Thereafter	4,474
Total	$ 5,740

Segment Disclosure - Narrative

Segment Disclosure - Narrative (Details)	6 Months Ended
	Jun. 30, 2015segment
Segment Reporting [Abstract]
Number of reportable segments	2
Number of nonreportable segments	1

Segment Disclosure - Comparison

Segment Disclosure - Comparison of Net Operating Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Segment Reporting, Asset Reconciling Item [Line Items]
Rental	$ 56,759	$ 52,033	$ 111,105	$ 103,909
Tenant Reimbursements	14,832	14,595	31,271	29,815
Other Property Income	250	0	448	1,069
Total Revenues	71,841	66,628	142,824	134,793
Property and Related Expenses:
Real Estate Taxes	10,574	10,465	21,356	20,266
Total Expenses	58,339	51,936	116,695	105,682
Income Before Other (Expenses) Income	13,502	14,692	26,129	29,111
Operating Segments
Property and Related Expenses:
Income Before Other (Expenses) Income	53,132	47,771	103,552	96,582
Operating Segments | Domestic Industrial Properties
Segment Reporting, Asset Reconciling Item [Line Items]
Rental	18,568	13,980	36,954	28,125
Tenant Reimbursements	4,933	$ 4,249	9,881	7,970
Other Property Income	250		448	0
Total Revenues	23,751	$ 18,229	47,283	36,095
Property and Related Expenses:
Operating and Maintenance	1,359	1,215	3,231	2,706
Real Estate Taxes	3,884	3,601	7,716	6,730
Total Expenses	5,243	4,816	10,947	9,436
Income Before Other (Expenses) Income	18,508	13,413	36,336	26,659
Operating Segments | Domestic Office Properties
Segment Reporting, Asset Reconciling Item [Line Items]
Rental	38,191	37,015	74,151	73,715
Tenant Reimbursements	9,899	10,300	21,390	21,776
Other Property Income	0	0	0	1,069
Total Revenues	48,090	47,315	95,541	96,560
Property and Related Expenses:
Operating and Maintenance	6,776	7,097	14,685	15,099
Real Estate Taxes	6,690	6,864	13,640	13,536
Total Expenses	13,466	13,961	28,325	28,635
Income Before Other (Expenses) Income	34,624	33,354	67,216	67,925
Operating Segments | Non-Reportable Properties
Segment Reporting, Asset Reconciling Item [Line Items]
Rental	0	1,038	0	2,069
Tenant Reimbursements	0	46	0	69
Total Revenues	0	1,084	0	2,138
Property and Related Expenses:
Operating and Maintenance	0	80	0	140
Real Estate Taxes	0	0	0	0
Total Expenses	0	80	0	140
Income Before Other (Expenses) Income	$ 0	$ 1,004	$ 0	$ 1,998

Segment Disclosure - Reconcilia

Segment Disclosure - Reconciliation to Consolidated Net Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Reconciliation to Consolidated Net Income (Loss)
Total Segment Net Operating Income	$ 13,502	$ 14,692	$ 26,129	$ 29,111
EXPENSES
General and Administrative	11,697	5,953	21,570	12,817
Acquisition-Related	0	0	0	290
Depreciation and Amortization	27,933	27,126	55,853	54,364
Total Expenses	39,630	33,079	77,423	67,471
Gross Loss	13,502	14,692	26,129	29,111
OTHER EXPENSES AND INCOME
Interest and Other Income	12	151	92	318
Interest Expense	(12,986)	(13,907)	(26,045)	(27,968)
Interest Expense and Net Change in Fair Value of Non-Qualifying Derivative Financial Instruments	26	(14)	43	12
Gain on Sale of Real Estate	5,844	0	5,844	0
Income Before Provision for Income Taxes and Equity in Income of Unconsolidated Entities	6,398	922	6,063	1,473
Provision For Income Taxes	(387)	(381)	(563)	(439)
Equity in Income of Unconsolidated Entities	3,676	4,612	10,181	7,438	$ 28,823
NET INCOME	9,687	5,153	15,681	8,472
Operating Segments
Reconciliation to Consolidated Net Income (Loss)
Total Segment Net Operating Income	$ 53,132	$ 47,771	$ 103,552	$ 96,582

Segment Disclosure - Condensed

Segment Disclosure - Condensed Assets (Details) - USD ($) $ in Thousands		Jun. 30, 2015	Dec. 31, 2014
Segment Reporting, Asset Reconciling Item [Line Items]
Total Assets		$ 2,800,663	$ 2,869,808
Operating Segments | Domestic Industrial Properties
Segment Reporting, Asset Reconciling Item [Line Items]
Total Assets		890,611	916,038
Operating Segments | Domestic Office Properties
Segment Reporting, Asset Reconciling Item [Line Items]
Total Assets		1,444,676	1,504,285
Corporate, Non-Segment | Non-Segment Assets
Segment Reporting, Asset Reconciling Item [Line Items]
Total Assets	[1]	$ 465,376	$ 449,485
[1]	Non-segment assets primarily include our investments in unconsolidated entities.

Earnings per Share (Details)

Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Earnings Per Share [Abstract]
Net Income	$ 9,687	$ 5,153	$ 15,681	$ 8,472
Allocation to Participating Securities (Nonvested Restricted Shares and Vested RSUs)	(40)	(125)	(80)	(252)
Numerator for Basic and Diluted Net Income	$ 9,647	$ 5,028	$ 15,601	$ 8,220
Basic Weighted Average Shares Outstanding	236,900,677	237,000,613	236,922,064	236,793,334
Effect of Dilutive Securities - Non-Vested Time-Based RSU and PSUs	55,158	0	28,513	0
Diluted Weighted Average Shares Outstanding	236,955,835	237,000,613	236,950,577	236,793,334
Earnings Per Share, Basic and Diluted [Abstract]
Net Income per Share (in usd per share)	$ 0.04	$ 0.02	$ 0.07	$ 0.03

Subsequent Events - Narrative (

Subsequent Events - Narrative (Details)	Jul. 01, 2015USD ($)$ / shares	Jun. 30, 2015$ / shares	Dec. 31, 2014$ / shares
Subsequent Event [Line Items]
Common shares, par value (in usd per share) | $ / shares		$ 0.01	$ 0.01
Subsequent Event | Gramercy Property Trust Inc
Subsequent Event [Line Items]
Common shares, par value (in usd per share) | $ / shares	$ 0.01
Termination fee, due to Gramercy Trust Inc.	$ 61,198,934
Termination fee, due to Company	43,505,889
Additional reimbursement due in event of termination	$ 20,000,000
Subsequent Event | Gramercy Property Trust Inc | Exchangeable Senior Notes
Subsequent Event [Line Items]
Stated Interest Rate	3.75%
Subsequent Event | Gramercy Property Trust Inc | Series B Cumulative Redeemable Preferred Stock
Subsequent Event [Line Items]
Dividend rate on preferred stock	7.125%
Subsequent Event | Gramercy Property Trust Inc | Series A Cumulative Redeemable Preferred Stock
Subsequent Event [Line Items]
Dividend rate on preferred stock	7.125%
Subsequent Event | Gramercy Merger Agreement | Gramercy Property Trust Inc
Subsequent Event [Line Items]
Exchange ratio	3.1898