New York REIT Liquidating (NYRT) 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	Jul. 31, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	New York REIT, Inc.
Entity Central Index Key	1,474,464
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		162,525,172

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Real estate investments, at cost:
Land	$ 494,065	$ 494,065
Buildings, fixtures and improvements	1,247,070	1,235,918
Acquired intangible assets	156,657	158,383
Total real estate investments, at cost	1,897,792	1,888,366
Less accumulated depreciation and amortization	(166,680)	(124,178)
Total real estate investments, net	1,731,112	1,764,188
Cash and cash equivalents	27,486	22,512
Restricted cash	1,854	6,347
Investment securities, at fair value	3,563	4,659
Investments in unconsolidated joint venture	226,306	225,501
Preferred equity investment	0	35,100
Derivatives, at fair value	10	205
Tenant and other receivables	4,725	4,833
Unbilled rent receivables	39,055	30,866
Prepaid expenses and other assets	14,528	13,195
Deferred costs, net	13,010	13,429
Total assets	2,061,649	2,120,835
LIABILITIES AND EQUITY
Mortgage notes payable	171,998	172,242
Credit facility	635,000	635,000
Market lease intangibles, net	77,921	84,220
Derivatives, at fair value	1,751	1,276
Accounts payable, accrued expenses and other liabilities (including amounts due to affiliates of $268 and $575 as of June 30, 2015 and December 31, 2014, respectively)	29,160	27,850
Deferred rent	4,481	4,550
Dividends payable	48	20
Total liabilities	920,359	925,158
Common stock, $0.01 par value; 300,000,000 shares authorized, 162,556,189 and 162,181,939 shares issued and outstanding at June 30, 2015 and December 31, 2014, respectively	1,626	1,622
Additional paid-in capital	1,402,791	1,401,619
Accumulated other comprehensive loss	(1,570)	(816)
Accumulated deficit	(309,669)	(255,478)
Total stockholders' equity	1,093,178	1,146,947
Non-controlling interests	48,112	48,730
Total equity	1,141,290	1,195,677
Total liabilities and equity	2,061,649	2,120,835
Preferred Shares
LIABILITIES AND EQUITY
Preferred stock	0	0
Convertible Preferred Stock
LIABILITIES AND EQUITY
Preferred stock	$ 0	$ 0

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Due to affiliate	$ 268	$ 575
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	300,000,000	300,000,000
Common stock, shares issued (in shares)	162,556,189	162,181,939
Common stock, shares outstanding (in shares)	162,556,189	162,181,939
Preferred Shares
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	40,866,376	40,866,376
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Convertible Preferred Stock
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	9,133,624	9,133,624
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenues:
Rental income	$ 32,130	$ 26,104	$ 64,661	$ 53,275
Hotel revenue	7,363	6,542	11,572	9,447
Operating expense reimbursements and other revenue	4,184	3,303	8,346	6,819
Total revenues	43,677	35,949	84,579	69,541
Operating expenses:
Property operating	10,098	8,304	21,067	17,162
Hotel operating	6,495	5,775	12,165	10,922
Operating fees to the Advisor	3,101	2,274	6,245	2,274
Acquisition and transaction related	96	11,577	221	11,646
Vesting of asset management fees	0	11,500	0	11,500
Change in fair value of listing promote	0	(38,100)	0	(38,100)
General and administrative	5,203	2,758	9,153	4,119
Depreciation and amortization	22,154	20,222	42,886	41,235
Total operating expenses	47,147	100,510	91,737	136,958
Operating loss	(3,470)	(64,561)	(7,158)	(67,417)
Other income (expenses):
Interest expense	(6,024)	(4,813)	(11,957)	(8,752)
Income (loss) from unconsolidated joint venture	570	948	805	(1,036)
Income from preferred equity investment, investment securities and interest	8	677	938	1,301
Gain (loss) on derivative instruments	0	1	(4)	1
Total other expenses	(5,446)	(3,187)	(10,218)	(8,486)
Net loss	(8,916)	(67,748)	(17,376)	(75,903)
Net loss attributable to non-controlling interests	257	511	518	510
Net loss attributable to stockholders	(8,659)	(67,237)	(16,858)	(75,393)
Other comprehensive income (loss):
Unrealized gain (loss) on derivatives	427	(1,035)	(666)	(1,161)
Unrealized gain (loss) on investment securities	(192)	204	(88)	328
Total other comprehensive income (loss)	235	(831)	(754)	(833)
Comprehensive loss attributable to stockholders	$ (8,424)	$ (68,068)	$ (17,612)	$ (76,226)
Basic and diluted net loss per share attributable to stockholders (in dollars per share)	$ (0.05)	$ (0.40)	$ (0.10)	$ (0.44)
Dividends declared per common share (in dollars per share)	$ 0.12	$ 0.08	$ 0.23	$ 0.23

CONSOLIDATED STATEMENT OF CHANG

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - 6 months ended Jun. 30, 2015 - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit	Total Stockholders' Equity	Non- controlling Interests
Beginning Balance (in shares) at Dec. 31, 2014		162,181,939
Beginning Balance at Dec. 31, 2014	$ 1,195,677	$ 1,622	$ 1,401,619	$ (816)	$ (255,478)	$ 1,146,947	$ 48,730
Increase (Decrease) in Stockholders' Equity [Roll Forward]
OP units converted to common stock (in shares)		92,751
OP units converted to common stock	0	$ 1	973			974	(974)
Equity-based compensation (in shares)		281,499
Equity-based compensation	2,437	$ 3	199			202	2,235
Distributions to non-controlling interest holders	(1,361)						(1,361)
Dividends declared	(37,333)				(37,333)	(37,333)
Net loss	(17,376)				(16,858)	(16,858)	(518)
Other comprehensive loss	(754)			(754)		(754)
Ending Balance (in shares) at Jun. 30, 2015		162,556,189
Ending Balance at Jun. 30, 2015	$ 1,141,290	$ 1,626	$ 1,402,791	$ (1,570)	$ (309,669)	$ 1,093,178	$ 48,112

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 loss	$ (17,376)	$ (75,903)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	42,886	41,235
Amortization of deferred financing costs	2,300	2,150
Accretion of below- and amortization of above-market lease liabilities and assets, net	(3,966)	(4,719)
Vesting of asset management fees	0	11,500
Equity-based compensation	2,437	2,074
Loss on fair value of the listing promote and other derivatives	4	38,099
Loss (income) from unconsolidated joint venture	(805)	1,036
Gain on sale of investment securities	(48)	0
Bad debt expense	556	66
Changes in assets and liabilities:
Tenant and other receivables	89	(2,252)
Unbilled rent receivables	(8,726)	(6,081)
Prepaid expenses, other assets and deferred costs	(3,274)	1,524
Accrued unbilled ground rent	1,774	2,174
Accounts payable and accrued expenses	550	(4,972)
Due from affiliated entities		(1,041)
Deferred rent and other liabilities	(69)	(2,738)
Net cash provided by operating activities	16,332	2,152
Cash flows from investing activities:
Proceeds from sale of preferred equity investment	35,100	0
Acquisition funds released from escrow	4,551	0
Additional investment in unconsolidated joint venture and preferred equity investment	0	(3,872)
Capital expenditures	(12,940)	(2,868)
Distributions from unconsolidated joint venture	0	5,177
Proceeds from sale of investment securities	1,098	0
Purchase of investment securities	(42)	(3,000)
Net cash provided by (used in) investing activities	27,767	(4,563)
Cash flows from financing activities:
Payments on mortgage notes payable	(244)	(234)
Payments of financing costs	(157)	(7,258)
Proceeds from issuance of common stock	0	11,311
Repurchases of common stock, inclusive of fees and expenses	0	(154,269)
Payments of offering costs and fees related to stock issuances	0	(1,462)
Dividends paid	(37,305)	(28,830)
Distributions to non-controlling interest holders	(1,361)	(98)
Proceeds from issuance of operating partnership units	0	750
Restricted cash	(58)	(260)
Net cash used in financing activities	(39,125)	(180,350)
Net increase (decrease) in cash and cash equivalents	4,974	(182,761)
Cash and cash equivalents, beginning of period	22,512	233,377
Cash and cash equivalents, end of period	27,486	50,616
Supplemental disclosures:
Cash paid for interest	9,761	6,630
Dividends payable	48	0
Accrued capital expenditures	2,546	0
Conversion of OP units to common stock	974	0
Common stock issued through distribution reinvestment plan	$ 0	$ 19,019

Organization

Organization	6 Months Ended
	Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization New York REIT, Inc. (the "Company") focuses on acquiring and owning income-producing commercial real estate in New York City, primarily office and retail properties located in Manhattan. The Company may also acquire multifamily, industrial, hotel and other types of real properties as well as originate or acquire first mortgage loans, mezzanine loans, or preferred equity interests related to New York City real estate. The Company purchased its first property and commenced active operations in June 2010. As of June 30, 2015 , the Company owned 23 properties and real estate-related assets. The Company, incorporated on October 6, 2009, is a Maryland corporation that qualified as a real estate investment trust for U.S. federal income tax purposes ("REIT") beginning with its taxable year ended December 31, 2010. The Company operated as a non-traded REIT through April 14, 2014. On April 15, 2014, the Company listed its common stock on the New York Stock Exchange ("NYSE") under the symbol "NYRT" (the "Listing"). Substantially all of the Company's business is conducted through New York Recovery Operating Partnership, L.P. (the "OP"), a Delaware limited partnership. The Company has no direct employees. The Company has retained New York Recovery Advisors, LLC (the "Advisor") to manage its affairs on a day-to-day basis. New York Recovery Properties, LLC (the "Property Manager") serves as the Company's property manager, unless services are performed by a third party for specific properties. Realty Capital Securities, LLC (the "Dealer Manager") served as the dealer manager of the initial public offering, which was ongoing from September 2010 to December 2013 (the "IPO") and continues to provide the Company with various services. The Advisor, Property Manager and Dealer Manager are under common control with AR Capital, LLC ("ARC"), the parent of the Company's sponsor, American Realty Capital III, LLC (the "Sponsor"), as a result of which, they are related parties and receive compensation, fees and expense reimbursements for services related to the investment and management of the Company's assets.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies The accompanying consolidated financial statements of the Company included herein were prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and with the instructions to the Quarterly Report on Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The information furnished includes all adjustments and accruals of a normal recurring nature, which, in the opinion of management, are necessary for a fair presentation of results for the interim periods. All intercompany accounts and transactions have been eliminated in consolidation. The results of operations for the three and six months ended June 30, 2015 are not necessarily indicative of the results for the entire year or any subsequent interim period. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto as of, and for the year ended December 31, 2014 , which are included in the Company's Annual Report on Form 10-K filed with the SEC on May 11, 2015 . There have been no significant changes to the Company's significant accounting policies during the three and six months ended June 30, 2015 , other than the updates described below and the subsequent notes. Reclassifications Certain prior quarter amounts have been reclassified to conform to the current quarter presentation, specifically the amortization of the basis difference related to our unconsolidated joint venture of $3.2 million and $6.5 million , respectively, for the three and six months ended June 30, 2014 , which have been reflected as a component of income (loss) from unconsolidated joint venture instead of depreciation and amortization in the accompanying consolidated statements of operations and comprehensive loss. See Note 4 — Investment in Unconsolidated Joint Venture. Recently Issued Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued revised guidance relating to revenue recognition. Under the revised guidance, an entity is required to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The revised guidance was to become effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. Early adoption was not permitted under GAAP. The revised guidance allows entities to apply the full retrospective or modified retrospective transition method upon adoption. In July 2015, the FASB deferred the effective date of the revised guidance by one year to annual reporting periods beginning after December 15, 2017, although entities will be allowed to early adopt the guidance as of the original effective date. The Company has not yet selected a transition method and is currently evaluating the impact of the new guidance. In January 2015, the FASB issued updated guidance that eliminates from GAAP the concept of an event or transaction that is unusual in nature and occurs infrequently being treated as an extraordinary item. The revised guidance is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. Any amendments may be applied either prospectively or retrospectively to all prior periods presented in the financial statements. Early adoption is permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. The Company has opted to adopt this revised guidance early and has determined that there has been no impact to its financial position, results of operations and cash flows.

Real Estate Investments

Real Estate Investments	6 Months Ended
	Jun. 30, 2015
Real Estate [Abstract]
Real Estate Investments	Real Estate Investments There were no real estate assets acquired or related liabilities assumed during the three and six months ended June 30, 2015 or 2014 . The following table presents future minimum base cash rental payments due to the Company, excluding future minimum base cash rental payments related to unconsolidated joint ventures, subsequent to June 30, 2015 . These amounts exclude contingent rental payments, as applicable, that may be collected from certain tenants based on provisions related to sales thresholds and increases in annual rent based on exceeding certain economic indexes among other items. (In thousands) Future Minimum Base Cash Rental Payments July1, 2015 - December 31, 2015 $ 54,519 2016 97,681 2017 97,864 2018 95,800 2019 94,466 Thereafter 647,264 $ 1,087,594 The following table lists the tenants whose annualized cash rent represented greater than 10% of total annualized cash rent as of June 30, 2015 and 2014 , including annualized cash rent related to the Company's unconsolidated joint venture: June 30, Property Portfolio Tenant 2015 2014 Worldwide Plaza Cravath, Swaine & Moore, LLP 16% 18% Worldwide Plaza Nomura Holdings America, Inc. 10% 12% The termination, delinquency or non-renewal of any of the above tenants may have a material adverse effect on net income (loss). No other tenant represents more than 10% of annualized cash rent as of June 30, 2015 and 2014 .

Investment in Unconsolidated Jo

Investment in Unconsolidated Joint Venture	6 Months Ended
	Jun. 30, 2015
Equity Method Investments and Joint Ventures [Abstract]
Investment in Unconsolidated Joint Venture	Investment in Unconsolidated Joint Venture On October 30, 2013, the Company purchased a 48.9% equity interest in WWP Holdings, LLC ("Worldwide Plaza") for a contract purchase price of $220.1 million , based on the property value for Worldwide Plaza of $1,325.0 million less $875.0 million of debt on the property. As of June 30, 2015 , the Company's pro-rata portion of debt on Worldwide Plaza was $427.9 million . The debt on the property has a weighted average interest rate of 4.6% and matures in March 2023. The Company accounts for the investment in Worldwide Plaza using the equity method of accounting because the Company exercises significant influence over, but does not control, the entity. Pursuant to the terms of the membership agreement governing the Company’s purchase of the 48.9% equity interest in Worldwide Plaza, the Company retains an option to purchase the balance of the equity interest in Worldwide Plaza beginning 38 months following the closing of the acquisition, or December 2016, at an agreed-upon property value of $1.4 billion , subject to certain adjustments, including, but not limited to, adjustments for certain loans that are outstanding at the time of exercise, adjustments for the percentage equity interest being acquired and any of the Company's preferred return in arrears. If the Company does not exercise its purchase option, it will be subject to a fee in the amount of $25.0 million . At acquisition, the Company's investment in Worldwide Plaza exceeded the Company's share of the book value of the net assets of Worldwide Plaza by $260.6 million . This basis difference resulted from the excess of the Company's purchase price for its equity interest in Worldwide Plaza over the book value of Worldwide Plaza's net assets. Substantially all of this basis difference was allocated to the fair values of Worldwide Plaza's assets and liabilities. The Company amortizes the basis difference over the anticipated useful lives of the underlying tangible and intangible assets acquired and liabilities assumed. The basis difference related to the land will be recognized upon disposition of the Company's investment. As of June 30, 2015 and December 31, 2014 , the carrying value of the Company's investment in Worldwide Plaza was $226.3 million and $225.5 million , respectively. The amounts reflected in the following tables (except for the Company’s share of equity and income) are based on the financial information of Worldwide Plaza. The Company does not record losses of the joint venture in excess of its investment balance because the Company is not liable for the obligations of the joint venture or is otherwise committed to provide financial support to the joint venture. The condensed balance sheets as of June 30, 2015 and December 31, 2014 for Worldwide Plaza are as follows: (In thousands) June 30, December 31, (Unaudited) Real estate assets, at cost $ 713,339 $ 704,143 Less accumulated depreciation and amortization (107,075 ) (97,181 ) Total real estate assets, net 606,264 606,962 Other assets 269,005 255,784 Total assets $ 875,269 $ 862,746 Debt $ 875,000 $ 875,000 Other liabilities 18,807 12,442 Total liabilities 893,807 887,442 Deficit (18,538 ) (24,696 ) Total liabilities and deficit $ 875,269 $ 862,746 Company's basis $ 226,306 $ 225,501 The condensed statement of operations for the three and six months ended June 30, 2015 and 2014 for Worldwide Plaza is as follows: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2015 2014 2015 2014 Rental income $ 30,751 $ 27,739 $ 61,265 $ 55,394 Other revenue 1,232 1,229 2,449 2,444 Total revenue 31,983 28,968 63,714 57,838 Operating expenses: Operating expense 11,727 10,779 23,967 22,292 Depreciation and amortization 6,864 6,260 13,714 12,628 Total operating expenses 18,591 17,039 37,681 34,920 Operating income 13,392 11,929 26,033 22,918 Interest expense (9,992 ) (9,992 ) (19,874 ) (19,874 ) Net income 3,400 1,937 6,159 3,044 Preferred return (3,894 ) (1,334 ) (7,745 ) (7,745 ) Net income (loss) to members $ (494 ) $ 603 $ (1,586 ) $ (4,701 ) Net income (loss) related to Worldwide Plaza includes the Company's pro rata share of Worldwide Plaza net income (loss) to members as well as the Company's preferred return less depreciation and amortization expenses related to the amortization of the basis difference. The following table presents the components of the income (loss) related to the Company's investment in Worldwide Plaza for the periods presented, which is included in income (loss) from unconsolidated joint venture on the consolidated statements of operations and comprehensive loss. Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2015 2014 2015 2014 Company's preferred return $ 3,894 $ 3,894 $ 7,745 $ 7,745 Company's share of net loss from Worldwide Plaza (242 ) (957 ) (776 ) (2,299 ) Amortization of basis difference (3,082 ) (3,241 ) (6,164 ) (6,482 ) Reallocation of net loss to members — 1,252 — — Company's income (loss) from Worldwide Plaza $ 570 $ 948 $ 805 $ (1,036 )

Preferred Equity Investment

Preferred Equity Investment	6 Months Ended
	Jun. 30, 2015
Equity [Abstract]
Preferred Equity Investment	Preferred Equity Investment On March 27, 2015, the Company's preferred equity investment in a class A office building located at 123 William Street (the "Property") in the Financial District of downtown Manhattan was repaid as a result of the sale of the Property. The preferred equity investment carried a 6.0% current pay rate and a 2.0% accrual rate. Pursuant to the sale of the Property, the Company received $1.1 million in current and accrued interest income earned and $35.1 million for the return of all principal invested. The preferred equity investment had a fixed return based on contributed capital, no participation in profits or losses of the real estate activities, and property foreclosure rights in the event of default. As such, the Company recorded returns earned in income from preferred equity investment, investment securities and interest income on the consolidated statements of operations and comprehensive loss.

Investment Securities

Investment Securities	6 Months Ended
	Jun. 30, 2015
Investments, Debt and Equity Securities [Abstract]
Investment Securities	Investment Securities The Company's investment securities are comprised of investments in redeemable preferred stock and equity securities, with an aggregate fair value of $3.6 million and $4.7 million as of June 30, 2015 and December 31, 2014 , respectively. The equity securities consist of a real estate income fund that is managed by an affiliate of the Sponsor. See Note 14 — Related Party Transactions and Arrangements. The Company's preferred stock investment is redeemable at the issuer's option after five years from issuance. The following table details the unrealized gains and losses on investment securities as of June 30, 2015 and December 31, 2014 : (In thousands) Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value June 30, 2015 Redeemable preferred stock $ 238 $ 15 $ — $ 253 Equity securities 3,169 141 — 3,310 Total $ 3,407 $ 156 $ — $ 3,563 December 31, 2014 Redeemable preferred stock $ 1,288 $ 21 $ (12 ) $ 1,297 Equity securities 3,127 235 — 3,362 Total $ 4,415 $ 256 $ (12 ) $ 4,659 As of June 30, 2015 , the Company did not have any securities in a continuous unrealized loss position. No other-than-temporary impairment charges were recognized during the three and six months ended June 30, 2015 and 2014 .

Credit Facility

Credit Facility	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Credit Facility	Credit Facility On April 14, 2014, the Company entered into an amendment to its credit facility with Capital One (the "Credit Facility"). The Credit Facility allows for total borrowings of up to $705.0 million with a $305.0 million term loan and a $400.0 million revolving loan. The term loan component of the Credit Facility matures in August 2018 and the revolving loan component matures in August 2016. The Company has two options to extend the maturity date of the revolving loan component of the credit facility through August 2018. The Credit Facility contains an "accordion feature" to allow the Company, under certain circumstances, and with the consent of its lenders, to increase the aggregate loan borrowings to up to $1.0 billion of total borrowings. The Company has the option, based upon its corporate leverage, to have the Credit Facility priced at either: (a) LIBOR, plus an applicable margin that ranges from 1.50% to 2.25% ; or (b) the Base Rate plus an applicable margin that ranges from 0.50% to 1.25% . Base Rate is defined in the Credit Facility as the greater of (i) the fluctuating annual rate of interest announced from time to time by the lender as its “prime rate,” (ii) 0.50% above the federal funds effective rate and (iii) 1.00% above the applicable one-month LIBOR. The outstanding balance of the term and revolving portions of the Credit Facility was $305.0 million and $330.0 million , respectively, as of June 30, 2015 and December 31, 2014 . The Credit Facility had a combined weighted average interest rate of 2.10% and 2.08% as of June 30, 2015 and December 31, 2014 , respectively, a portion of which is fixed with an interest rate swap. The Credit Facility includes an unused commitment fee per annum of (a) 0.15% if the unused balance of the facility is equal to or less than 50% of the available facility and (b) 0.25% if the unused balance of the facility exceeds 50% of the available facility. The unused borrowing capacity, based on the borrowing base properties as of June 30, 2015 , was $20.2 million . Availability of borrowings is based on a pool of eligible unencumbered real estate assets. The Credit Facility provides for monthly interest payments for each Base Rate loan and periodic payments for each LIBOR loan, based upon the applicable LIBOR loan period, with all principal outstanding being due on the maturity date. The Credit Facility may be prepaid at any time, in whole or in part, without premium or penalty. In the event of a default, the lenders have the right to terminate their obligations under the Credit Facility and to accelerate the payment on any unpaid principal amount of all outstanding loans. The Credit Facility requires the Company to meet certain financial covenants, including the maintenance of certain financial ratios (such as specified debt to equity and debt service coverage ratios) as well as the maintenance of a minimum net worth. As of June 30, 2015 , the Company was in compliance with the debt covenants under the Credit Facility.

Mortgage Notes Payable

Mortgage Notes Payable	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Mortgage Notes Payable	Mortgage Notes Payable The Company's mortgage notes payable as of June 30, 2015 and December 31, 2014 consist of the following: Outstanding Loan Amount Portfolio Encumbered Properties June 30, December 31, Effective Interest Rate Interest Rate Maturity (In thousands) (In thousands) Design Center 1 $ 20,000 $ 20,198 4.4 % Fixed Dec. 2021 Bleecker Street 3 21,300 21,300 4.3 % Fixed Dec. 2015 Foot Locker 1 3,250 3,250 4.6 % Fixed Jun. 2016 Regal Parking Garage 1 3,000 3,000 4.5 % Fixed Jul. 2016 Duane Reade 1 8,400 8,400 3.6 % Fixed Nov. 2016 Washington Street Portfolio 1 4,695 4,741 4.4 % Fixed Dec. 2021 One Jackson Square 1 13,000 13,000 3.4 % Fixed (1) Dec. 2016 350 West 42nd Street 1 11,365 11,365 3.4 % Fixed Aug. 2017 1100 Kings Highway 1 20,200 20,200 3.4 % Fixed (1) Aug. 2017 1623 Kings Highway 1 7,288 7,288 3.3 % Fixed (1) Nov. 2017 256 West 38th Street 1 24,500 24,500 3.1 % Fixed (1) Dec. 2017 229 West 36th Street 1 35,000 35,000 2.9 % Fixed (1) Dec. 2017 14 $ 171,998 $ 172,242 3.6 % (2) ______________________ (1) Fixed through an interest rate swap agreement. (2) Calculated on a weighted average basis for all mortgages outstanding as of June 30, 2015 . Real estate investments of $314.9 million , at cost, at June 30, 2015 have been pledged as collateral to their respective mortgages and are not available to satisfy our corporate debts and obligations unless first satisfying the mortgage note payable on the properties. The following table summarizes the scheduled aggregate principal repayments subsequent to June 30, 2015 : (In thousands) Future Minimum Principal Payments July 1, 2015 - December 31, 2015 $ 21,550 2016 28,167 2017 102,730 2018 4,573 2019 4,777 Thereafter 10,201 Total $ 171,998 Some of the Company's mortgage note agreements require compliance with certain property-level financial covenants including debt service coverage ratios. As of June 30, 2015 , the Company was in compliance with the financial covenants under its mortgage note agreements.

Subordinated Listing Distributi

Subordinated Listing Distribution Derivative	6 Months Ended
	Jun. 30, 2015
Subordinated Listing Distribution Derivative [Abstract]
Subordinated Listing Distribution Derivative	Subordinated Listing Distribution Derivative Upon occurrence of the Listing, New York Recovery Special Limited Partnership, LLC (the "SLP") became entitled to begin receiving distributions of net sale proceeds pursuant to its special limited partner interest in the OP (the "SLP Interest") in an aggregate amount that was evidenced by the issuance of a note by the OP (the "Listing Note"). The Listing Note was equal to 15.0% of the amount, if any, by which (a) the average market value of the Company’s outstanding common stock for the period 180 days to 210 days after the Listing, plus dividends paid by the Company prior to the Listing, exceeded (b) the sum of the total amount of capital raised from stockholders during the Company’s IPO and the amount of cash flow necessary to generate a 6.0% annual cumulative, non-compounded return to such stockholders. Concurrently with the Listing, the Company, as general partner of the OP, caused the OP to enter into the Listing Note Agreement dated April 15, 2014 by and between the OP and the SLP, and caused the OP to issue the Listing Note. The Listing Note was evidence of the SLP's right to receive distributions of net sales proceeds from the sale of the Company's real estate and real estate-related assets up to an aggregate amount equal to the principal balance of the Listing Note. Pursuant to the terms of the Partnership Agreement, the SLP had the right, but not the obligation, to convert all or a portion of the SLP interest into OP units, which are convertible into shares of the Company's common stock. The principal amount of the Listing Note was determinable based, in part, on the actual market value of the Company’s outstanding common stock for the period 180 days to 210 days after the Listing. Until the final principal amount of the Listing Note was determined in November 2014, the Listing Note was considered a derivative which was marked to fair value at each reporting date, with changes in the fair value recorded in the consolidated statements of operations and comprehensive loss, which totaled $38.1 million during the three and six months ended June 30, 2014 . The principal amount of the Listing Note was determined to be $33.5 million and was recorded as an expense in the consolidated statements of operations and comprehensive loss during the year ended December 31, 2014. On November 21, 2014, at the request of the SLP, the Listing Note was converted into 3,062,512 OP units and the value of the Listing Note was reclassified from derivative liabilities to non-controlling interest on the consolidated balance sheets.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value Of Financial Instruments	Fair Value of Financial Instruments The Company determines fair value based on quoted prices when available or through the use of alternative approaches, such as discounting the expected cash flows using market interest rates commensurate with the credit quality and duration of the instrument. This alternative approach also reflects the contractual terms of the instruments, as applicable, including the period to maturity, and may use observable market-based inputs, including interest rate curves and implied volatilities, and unobservable inputs, such as expected volatility. The guidance defines three levels of inputs that may be used to measure fair value: Level 1 — Quoted prices in active markets for identical assets and liabilities that the reporting entity has the ability to access at the measurement date. Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset and liability or can be corroborated with observable market data for substantially the entire contractual term of the asset or liability. Level 3 — Unobservable inputs that reflect the entity's own assumptions that market participants would use in the pricing of the asset or liability and are consequently not based on market activity, but rather through particular valuation techniques. The determination of where an asset or liability falls in the hierarchy requires significant judgment and considers factors specific to the asset or liability. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company evaluates its hierarchy disclosures each quarter and depending on various factors, it is possible that an asset or liability may be classified differently from quarter to quarter. However, the Company expects that changes in classifications between levels will be rare. Although the Company has determined that the majority of the inputs used to value its interest rate swaps fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with those interest rate swaps utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by the Company and its counterparties. However, as of June 30, 2015 and December 31, 2014 , the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its interest rate swap positions and has determined that the credit valuation adjustments are not significant to the overall valuation of the Company's interest rate swaps. As a result, the Company has determined that its interest rate swap valuations in their entirety are classified in Level 2 of the fair value hierarchy. See Note 11 — Interest Rate Derivatives and Hedging Activities. The valuation of interest rate swaps is determined using a discounted cash flow analysis on the expected cash flows. This analysis reflects the contractual terms of the interest rate swaps, including the period to maturity, as well as observable market-based inputs, including interest rate curves and implied volatilities. In addition, credit valuation adjustments are incorporated into the fair values to account for the Company's potential nonperformance risk and the performance risk of the counterparties. The Company has investments in redeemable preferred stock and an equity security that are traded in active markets and therefore, due to the availability of quoted market prices in active markets, the Company classified these investments as Level 1 in the fair value hierarchy. The following table presents information about the Company's assets and liabilities (including derivatives that are presented net) measured at fair value on a recurring basis as of June 30, 2015 and December 31, 2014 , aggregated by the level in the fair value hierarchy within which those instruments fall: (In thousands) Quoted Prices in Active Markets Level 1 Significant Other Observable Inputs Level 2 Significant Unobservable Inputs Level 3 Total June 30, 2015 Interest rate swaps, net $ — $ (1,741 ) $ — $ (1,741 ) Investment securities $ 3,563 $ — $ — $ 3,563 December 31, 2014 Interest rate swaps, net $ — $ (1,071 ) $ — $ (1,071 ) Investment securities $ 4,659 $ — $ — $ 4,659 A review of the fair value hierarchy classification is conducted on a quarterly basis. Changes in the type of inputs may result in a reclassification for certain assets. There were no transfers between levels of the fair value hierarchy during the three and six months ended June 30, 2015 . Financial instruments not carried at fair value The Company is required to disclose the fair value of financial instruments for which it is practicable to estimate the value. The fair value of short-term financial instruments such as cash and cash equivalents, restricted cash, prepaid expenses and other assets, notes payable, accounts payable and dividends payable approximates their carrying value on the consolidated balance sheets due to their short-term nature. The fair values of the Company's financial instruments that are not reported at fair value on the consolidated balance sheet are reported below. Carrying Amount at Fair Value at Carrying Amount at Fair Value at (In thousands) Level June 30, 2015 June 30, 2015 December 31, 2014 December 31, 2014 Mortgage notes payable 3 $ 171,998 $ 173,315 $ 172,242 $ 174,468 Credit facility 3 $ 635,000 $ 637,865 $ 635,000 $ 651,579 Preferred equity investment 3 $ — $ — $ 35,100 $ 34,800 The fair value of mortgage notes payable, the fixed-rate portions of term loans on the credit facility, and the preferred equity investment are estimated using a discounted cash flow analysis based on similar types of arrangements. The Company's preferred equity investment was repaid in March 2015. See Note 5 — Preferred Equity Investment. Advances under the credit facility with variable interest rates and advances under the revolving portion of the credit facility are considered to be reported at fair value.

Interest Rate Derivatives and H

Interest Rate Derivatives and Hedging Activities	6 Months Ended
	Jun. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Interest Rate Derivatives and Hedging Activities	Interest Rate Derivatives and Hedging Activities Risk Management Objective of Using Derivatives The Company may use derivative financial instruments, including interest rate swaps, caps, collars, options, floors and other interest rate derivative contracts, to hedge all or a portion of the interest rate risk associated with its borrowings. The principal objective of such arrangements is to minimize the risks and costs associated with the Company's operating and financial structure as well as to hedge specific anticipated transactions. The Company does not utilize derivatives for speculative or purposes other than interest rate risk management. The use of derivative financial instruments carries certain risks, including the risk that the counterparties to these contractual arrangements will not be able to perform under the agreements. To mitigate this risk, the Company only enters into derivative financial instruments with counterparties with high credit ratings and with major financial institutions with which the Company and its affiliates may also have other financial relationships. Cash Flow Hedges of Interest Rate Risk The Company's objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps and collars as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. Interest rate collars designated as cash flow hedges involve the receipt of variable-rate amounts if interest rates rise above the cap strike rate on the contract and payments of variable-rate amounts if interest rates fall below the floor strike rate on the contract. The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income (loss) and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. The Company uses such derivatives to hedge the variable cash flows associated with variable-rate debt. Amounts reported in accumulated other comprehensive income (loss) related to derivatives will be reclassified to interest expense as interest payments are made on the Company's variable-rate debt. During the next 12 months , the Company estimates that an additional $1.7 million will be reclassified from other comprehensive income (loss) as an increase to interest expense. As of June 30, 2015 and December 31, 2014 , the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk. June 30, 2015 December 31, 2014 Interest Rate Derivative Number of Instruments Notional Amount Number of Instruments Notional Amount (In thousands) (In thousands) Interest rate swaps 6 $ 179,988 6 $ 179,988 The table below presents the fair value of the Company's derivative financial instruments as well as their classification on the consolidated balance sheets as of June 30, 2015 and December 31, 2014 : (In thousands) Balance Sheet Location June 30, 2015 December 31, 2014 Derivatives designated as hedging instruments: Interest rate swaps Derivative assets, at fair value $ 10 $ 205 Interest rate swaps Derivative liabilities, at fair value $ (1,751 ) $ (1,276 ) Derivatives in Cash Flow Hedging Relationships The table below details the location in the financial statements of the income or loss recognized on interest rate derivatives designated as cash flow hedges for the three and six months ended June 30, 2015 and 2014 : Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2015 2014 2015 2014 Amount of loss recognized in accumulated other comprehensive income (loss) from interest rate derivatives (effective portion) $ (100 ) $ (1,575 ) $ (1,719 ) $ (2,232 ) Amount of loss reclassified from accumulated other comprehensive income (loss) into income as interest expense (effective portion) $ (527 ) $ (540 ) $ (1,053 ) $ (1,071 ) Amount of loss recognized in loss on derivative instruments (ineffective portion and amount excluded from effectiveness testing) $ — $ — $ (4 ) $ — Offsetting Derivatives The table below presents a gross presentation, the effects of offsetting, and a net presentation of the Company's derivatives as of June 30, 2015 and December 31, 2014 . The net amounts of derivative assets or liabilities can be reconciled to the tabular disclosure of fair value. The tabular disclosure of fair value provides the location that derivative assets and liabilities are presented on the accompanying balance sheets. Gross Amounts Not Offset on the Balance Sheet Derivatives (In thousands) Gross Amounts of Recognized Assets Gross Amounts of Recognized Liabilities Net Amounts of Assets (Liabilities) presented on the Balance Sheet Financial Instruments Cash Collateral Posted Net Amount June 30, 2015 $ 10 $ (1,751 ) $ (1,741 ) $ — $ — $ (1,741 ) December 31, 2014 $ 205 $ (1,276 ) $ (1,071 ) $ — $ — $ (1,071 ) Derivatives Not Designated as Hedges Derivatives not designated as hedges are not speculative. These derivatives are used to manage the Company's exposure to interest rate movements and other identified risks but do not meet the strict hedge accounting requirements to be classified as hedging instruments. The Company does not have any hedging instruments that do not qualify for hedge accounting. Credit-risk-related Contingent Features The Company has agreements with its derivative counterparties that contain a provision whereby if the Company either defaults or is capable of being declared in default on any of its indebtedness, then the Company could also be declared in default on its derivative obligations. As of June 30, 2015 , the fair value of derivatives in a net liability position including accrued interest but excluding any adjustment for nonperformance risk related to these agreements was $1.9 million . As of June 30, 2015 , the Company has not posted any collateral related to its agreements and was not in breach of any agreement provisions. If the Company had breached any of these provisions, it could have been required to settle its obligations under the agreements at the aggregate termination value of $1.9 million at June 30, 2015 .

Common Stock

Common Stock	6 Months Ended
	Jun. 30, 2015
Stockholders' Equity Note [Abstract]
Common Stock	Common Stock As of June 30, 2015 and December 31, 2014 , the Company had 162.6 million and 162.2 million shares of common stock outstanding, respectively, including unvested restricted stock, converted preferred shares and shares issued under the distribution reinvestment plan (the "DRIP"), but not including limited partnership units of the OP (the "OP units") or Long-term Incentive Plan units ("LTIP units") which may in the future be convertible into shares of common stock. From December 2010 to April 2014, the Company declared and paid dividends at a dividend rate equal to $0.605 per annum per share of common stock. The dividends were paid by the fifth day following each month end to stockholders of record at the close of business each day during the prior month at a per share rate of 0.0016575342 per day. In April 2014, the Company's board of directors authorized, and the Company declared, a monthly dividend at an annualized rate equal to $0.46 per share per annum. Beginning in April 2014, dividends are paid to stockholders of record on the close of business on the 8th day of each month, payable on the 15th day of such month. The Company's board of directors may reduce the amount of dividends paid or suspend dividend payments at any time and therefore dividend payments are not assured. Accumulated Other Comprehensive Income (Loss) The following table illustrates the changes in accumulated other comprehensive loss as of and for the periods indicated: Unrealized gains Change in Total on available-for-sale unrealized gain accumulated other (in thousands) securities (loss) on derivatives comprehensive loss Balance, December 31, 2014 $ 244 $ (1,060 ) $ (816 ) Other comprehensive loss, before reclassifications (40 ) (1,719 ) (1,759 ) Amounts reclassified from accumulated other comprehensive income (loss) (48 ) 1,053 1,005 Net current-period other comprehensive loss (88 ) (666 ) (754 ) Balance, June 30, 2015 $ 156 $ (1,726 ) $ (1,570 ) For a reconciliation of the income statement line item affected due to amounts reclassified out of accumulated other comprehensive loss for the three and six months ended June 30, 2015 , see Note 11 — Interest Rate Derivatives and Hedging Activities.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Future Minimum Lease Payments The Company entered into operating and capital lease agreements primarily related to certain acquisitions under leasehold interest arrangements. The following table reflects the minimum base cash payments due from the Company over the next five years and thereafter under these arrangements, including the present value of the net minimum payments due under capital leases. These amounts exclude contingent rent payments, as applicable, that may be payable based on provisions related to increases in annual rent based on exceeding certain economic indexes among other items. Future Minimum Base Rent Payments (In thousands) Operating Leases Capital Leases July 1, 2015 - December 31, 2015 $ 2,450 $ 43 2016 4,958 86 2017 4,905 86 2018 5,089 86 2019 5,346 86 Thereafter 251,627 3,490 Total minimum lease payments $ 274,375 $ 3,877 Less: amounts representing interest (1,753 ) Total present value of minimum lease payments $ 2,124 Total rental expense related to operating leases was $1.9 million and $3.9 million , respectively, for the three and six months ended June 30, 2015 . Total rental expense related to operating leases was $1.9 million and $3.9 million , respectively, for the three and six months ended June 30, 2014 . During the three and six months ended June 30, 2015 , interest expense related to capital leases was approximately $16,000 and $32,000 , respectively. During the three and six months ended June 30, 2014 , interest expense related to capital leases was approximately $16,000 and $32,000 , respectively. The following table discloses assets recorded under capital leases and the accumulated amortization thereon as of June 30, 2015 and December 31, 2014 . (In thousands) June 30, 2015 December 31, 2014 Buildings, fixtures and improvements $ 11,783 $ 11,783 Less accumulated depreciation and amortization (1,421 ) (1,137 ) Total real estate investments, net $ 10,362 $ 10,646 Litigation and Regulatory Matters In the ordinary course of business, the Company may become subject to litigation, claims and regulatory matters. There are no material legal or regulatory proceedings pending or known to be contemplated against the Company. The Company received a favorable ruling in a suit initiated against the Company by RXR Realty (“RXR”). RXR alleged that it suffered “lost profits” in connection with the Company’s purchase of Worldwide Plaza in October 2013. On August 12, 2014, the Supreme Court of the State of New York dismissed all of RXR’s claims against the seller of Worldwide Plaza and dismissed RXR’s disgorgement claims against the Company, permitting only a limited, immaterial claim against the Company for RXR’s cost of producing due diligence-related material to proceed. RXR is currently appealing the ruling. The Company has not recognized a liability with respect to RXR's claim because the Company does not believe that it is probable that it will incur a related material loss. Environmental Matters In connection with the ownership and operation of real estate, the Company may potentially be liable for costs and damages related to environmental matters. The Company maintains environmental insurance for its properties that provides coverage for potential environmental liabilities, subject to the policy's coverage conditions and limitations. The Company has not been notified by any governmental authority of any non-compliance, liability or other claim, and is not aware of any other environmental condition that it believes will have a material adverse effect on the consolidated results of operations.

Related Party Transactions and

Related Party Transactions and Arrangements	6 Months Ended
	Jun. 30, 2015
Related Party Transactions [Abstract]
Related Party Transactions and Arrangements	Related Party Transactions and Arrangements New York City Special Limited Partnership, LLC (the "SLP"), an entity controlled by the Sponsor, held 20,000 shares of the Company's outstanding common stock as of June 30, 2015 and December 31, 2014 . The Advisor and the SLP each hold an interest in the OP. See Note 19 — Non-Controlling Interests. As of June 30, 2015 , the Company had $3.2 million invested, at cost, in a real estate income fund managed by an affiliate of the Sponsor (see Note 6 — Investment Securities). There is no obligation to purchase any additional shares and the shares can be sold at any time. The Company recognized income on this investment of approximately $42,000 during the six months ended June 30, 2015 . The Company had no income on this investment during the three months ended June 30, 2015 or the three and six months ended June 30, 2014. For the three and six months ended June 30, 2015 , the Company had revenues from related parties of approximately $12,000 and $45,000 , respectively, related to room rentals at the Viceroy Hotel. For the three and six months ended June 30, 2014 , the Company had revenues from related parties of $0.1 million and $0.2 million , respectively, related to room rentals at the Viceroy Hotel. As of June 30, 2015 , the Company had no receivables from related parties related to room rentals at the Viceroy Hotel. As of December 31, 2014 , the Company had receivables from related parties of approximately $23,000 related to room rentals at the Viceroy Hotel. Fees Paid in Connection With the Operations of the Company Prior to the Listing, the Advisor received an acquisition fee of 1.0% of the contract purchase price of each acquired property and 1.0% of the amount advanced for a loan or other investment. Additionally, the Company reimbursed the Advisor for expenses incurred for services provided by third parties and incurred acquisition expenses directly from third parties. The total of all acquisition fees, acquisition expenses and any financing coordination fees (as described below) with respect to the Company's portfolio of investments or reinvestments did not exceed 4.5% of the contract purchase price of the Company's portfolio as measured as of the Company's last property acquisition. Subsequent to the Listing, if the Company acquires additional properties in the future, the Company will reimburse the Advisor for expenses incurred for services provided by third parties and incurred acquisition expenses directly from third parties. On April 15, 2014, in conjunction with the Listing, the Company amended its advisory agreement, by and among the Company, the OP and the Advisor. The advisory agreement was subsequently amended on June 26, 2015 (as amended from time to time, the "Advisory Agreement"), which, among other things, terminated the acquisition fee 180 days after the Listing, or October 12, 2014 (the "Termination Date"). Until the Listing, the Company paid the Advisor an asset management subordinated participation by causing the OP to issue (subject to periodic approval by the board of directors) to the Advisor a number of performance-based restricted, forfeitable partnership units of the OP designated as "Class B units" equal to a maximum 0.75% per annum of the cost of the Company's assets. The value of issued Class B units was determined and expensed when the vesting condition was met, which occurred as of the Listing. As of April 15, 2014, in aggregate, the board of directors had approved the issuance of 1,188,667 Class B units to the Advisor in connection with this arrangement. The Advisor received distributions on unvested Class B units equal to the per share dividends received on the Company's common stock. The vesting condition related to these Class B units was satisfied upon completion of the Listing, which resulted in $11.5 million of expense on April 15, 2014, which was included in vesting of asset management fees expense in the consolidated statement of operations and comprehensive loss and in non-controlling interest on the consolidated balance sheets. On April 15, 2014, the Class B units were converted to OP units on a one-to-one basis. As of the Listing, the asset management subordinated participation is no longer issued. Instead an asset management fee became payable to the Advisor equal to 0.50% per annum of the cost of assets up to $3.0 billion and 0.40% per annum of the cost of assets above $3.0 billion . The asset management fee may be paid in the form of cash, OP units, and shares of restricted common stock of the Company, or a combination thereof, at the Advisor’s election. During the three and six months ended June 30, 2015 and the period from the Listing to June 30, 2014 , the asset management fee was paid in cash. Unless the Company contracts with a third party, the Company pays the Property Manager a property management fee equal to: (i) for non-hotel properties, 4.0% of gross revenues from properties managed, plus market-based leasing commissions; and (ii) for hotel properties, a market-based fee based on a percentage of gross revenues. The Company also reimburses the Property Manager for property-level expenses. The Property Manager may subcontract the performance of its property management and leasing services duties to third parties and pay all or a portion of its property management fee to the third parties with whom it contracts for these services. If the Company contracts directly with third parties for such services, the Company will pay them customary market fees and pay the Property Manager an oversight fee equal to 1.0% of the gross revenues of the applicable property. Prior to the Listing, if the Advisor provided services in connection with the origination or refinancing of any debt that the Company obtained and used to acquire assets, or that is assumed, directly or indirectly, in connection with the acquisition of assets, the Company paid the Advisor a financing coordination fee equal to 0.75% of the amount available or outstanding under such financing or such assumed debt. The financing coordination fee terminated on the Termination Date. The Dealer Manager and its affiliates also provide transfer agency services, as well as transaction management and other professional services. These fees are included in general and administrative expenses on the consolidated statements of operations and comprehensive loss during the period the service was provided. The following table details amounts incurred, forgiven and contractually due in connection with the operations related services described above as of and for the periods presented: Three Months Ended June 30, Six Months Ended June 30, Payable (Receivable) as of 2015 2014 2015 2014 June 30, December 31, (In thousands) Incurred Forgiven Incurred Forgiven Incurred Forgiven Incurred Forgiven 2015 2014 Financing coordination fees $ — $ — $ 2,363 $ — $ — $ — $ 2,363 $ — $ — $ — Ongoing fees: Asset management fees (1) 3,101 — 2,274 — 6,245 — 2,274 — (48 ) 15 Transfer agent and other professional fees 270 — 1,041 — 454 — 1,627 — 268 560 Property management and leasing fees — 683 — 413 — 1,219 — 787 — — Dividends on Class B units — — 19 — — — 107 — — — Total related party operational fees and reimbursements $ 3,371 $ 683 $ 5,697 $ 413 $ 6,699 $ 1,219 $ 6,371 $ 787 $ 220 $ 575 ___________________________________________ (1) Prior to the Listing, the Company caused the OP to issue to the Advisor restricted performance based Class B units for asset management services, which vested as of the Listing. The Company reimburses the Advisor's costs and expenses of providing services. Previously, reimbursement of costs and expenses was subject to the limitation that the Company would not reimburse the Advisor for any amount by which the Company's total operating expenses (as defined in the Advisory Agreement) for the four preceding fiscal quarters exceeded the greater of (a) 2.0% of average invested assets and (b) 25.0% of net income other than any additions to reserves for depreciation, bad debt or other similar non cash reserves and excluding any gain from the sale of assets for that period (the "2%/25% Provision"). Additionally, the Company will not reimburse the Advisor for personnel costs in connection with services for which the Advisor receives a separate fee. The 2%/25% provision was deleted from the Advisory Agreement in connection with the revisions to the Advisory Agreement in June 2015. No reimbursement was incurred or required from the Advisor for providing administrative services for the three and six months ended June 30, 2015 or 2014 . In order to improve operating cash flows and the ability to pay dividends from operating cash flows, the Advisor agreed to waive certain fees including property management fees during the three and six months ended June 30, 2015 and 2014 . Because the Advisor waived certain fees, cash flow from operations that would have been paid to the Advisor was available to pay dividends to stockholders. The fees that were waived were not deferrals and accordingly, will not be paid to the Advisor in any subsequent periods. Additionally, to improve the Company's working capital, the Advisor may elect to absorb a portion of the Company's expenses. The following table details general and administrative expenses absorbed by the Advisor during the three and six months ended June 30, 2015 and 2014 . These costs are presented net in the accompanying consolidated statements of operations and comprehensive loss. Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2015 2014 2015 2014 General and administrative expenses absorbed $ — $ 1,041 $ — $ 1,041 The Company had no receivables from the Advisor related to absorbed general and administrative expenses as of June 30, 2015 or December 31, 2014 . Fees Paid in Connection with the Liquidation or Listing of the Company's Real Estate Assets In December 2013, the Company entered into a transaction management agreement with RCS Advisory Services, LLC, an entity under common control with the Dealer Manager, to provide strategic alternatives transaction management services through the occurrence of a liquidity event and a-la-carte services thereafter. The Company paid $3.0 million pursuant to this agreement. The Company incurred $1.5 million of expenses pursuant to this agreement during the three and six months ended June 30, 2014 and the year ended December 31, 2013, including amounts for services provided in preparation for the Listing, which are included in acquisition and transaction related costs in the consolidated statement of operations and comprehensive loss. The Company does not owe the Dealer Manager any more fees pursuant to this agreement. In December 2013, the Company entered into an information agent and advisory services agreement with the Dealer Manager and American National Stock Transfer, LLC, an entity under common control with the Dealer Manager, to provide in connection with a liquidity event, advisory services, educational services to external and internal wholesalers, communication support as well as proxy, tender offer or redemption and solicitation services. The Company paid $1.9 million pursuant to this agreement. For the three and six months ended June 30, 2014 , the Company incurred $0.7 million and $1.3 million of expenses pursuant to this agreement, which included amounts for services provided in preparation for the Company's tender offer in April 2014 (the "Tender Offer"), and are included in additional paid-in capital on the accompanying consolidated balance sheets. The Company incurred $0.6 million in fees pursuant to this arrangement during the year ended December 31, 2013 which were included in acquisition and transaction related costs in the consolidated statement of operations and comprehensive loss. Thus, the Company does not owe the Dealer Manager any more fees pursuant to this agreement. In December 2013, the Company entered into an agreement with RCS Capital, the investment banking and capital markets division of the Dealer Manager, for strategic and financial advice and assistance in connection with (i) a possible sale transaction involving the Company (ii) the possible listing of the Company’s securities on a national securities exchange, and (iii) a possible acquisition transaction involving the Company. The Dealer Manager was entitled to a transaction fee equal to 0.25% of the transaction value in connection with the possible sale transaction, listing or acquisition. In April 2014, in connection with the Listing, the Company incurred and paid $6.9 million in connection with this agreement which were included in acquisition and transaction related costs in the consolidated statement of operations and comprehensive loss. Thus, the Company does not owe the Dealer Manager any more fees pursuant to this agreement. During the three and six months ended June 30, 2014 , the Company incurred $0.6 million of expenses to affiliated entities of the Advisor relating to general legal, marketing and sales services provided in connection with the Listing. These expenses are included in acquisition and transaction related costs in the consolidated statement of operations and comprehensive loss. During the three and six months ended June 30, 2014 , the Company also incurred approximately $9,000 of expenses to affiliated entities relating to general legal services provided in connection with the Tender Offer. These expenses are included in additional paid-in capital on the accompanying consolidated balance sheets. As of June 30, 2015 and December 31, 2014 , there were no amounts payable to affiliated entities of the Advisor in accounts payable and accrued expenses on the accompanying balance sheets relating to the Listing or Tender Offer. For substantial assistance in connection with the sale of properties, the Company will pay the Advisor a property disposition fee, not to exceed the lesser of 2.0% of the contract sale price of the property and 50% of the competitive real estate commission paid if a third party broker is also involved; provided, however that in no event may the property disposition fee paid to the Advisor when added to real estate commissions paid to unaffiliated third parties exceed the lesser of 6.0% of the contract sales price and a competitive real estate commission. For purposes of the foregoing, "competitive real estate commission" means a real estate brokerage commission for the purchase or sale of a property which is reasonable, customary and competitive in light of the size, type and location of the property. No such fees were incurred or paid for the three and six months ended June 30, 2015 and 2014 . In connection with the Listing, the OP entered into the Listing Note. See Note 9 - Subordinated Listing Distribution Derivative. In connection with the Listing and the Advisory Agreement, the Company terminated the subordinated termination fee that would be due to the Advisor in the event of termination of the Advisory Agreement. In October 2014, the Company entered into separate transaction management agreements with Barclays Capital Inc. and the Dealer Manager as financial advisors to assist the board of the Company in evaluating strategic options to enhance long-term shareholder value, including a business combination involving the Company or a sale of the Company. In May 2015, the Company’s board of directors suspended the formal strategic alternatives process and the Company terminated its agreements with Barclays Capital Inc. and RCS Capital. The Company is no longer obligated to pay any transaction fees under either agreement.

Economic Dependency

Economic Dependency	6 Months Ended
	Jun. 30, 2015
Economic Dependency [Abstract]
Economic Dependency	Economic Dependency Under various agreements, the Company has engaged or will engage the Advisor, its affiliates and entities under common control with the Advisor to provide certain services that are essential to the Company, including asset management services, supervision of the management and leasing of properties owned by the Company, asset acquisition and disposition decisions, the sale of shares of the Company's common stock available for issue, transfer agency services as well as other administrative responsibilities for the Company including accounting services, transaction management and investor relations. As a result of these relationships, the Company is dependent upon the Advisor and its affiliates. In the event that these companies are unable to provide the Company with the respective services, the Company will be required to find alternative providers of these services.

Share-Based Compensation

Share-Based Compensation	6 Months Ended
	Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-Based Compensation	Share-Based Compensation Stock Option Plan The Company has a stock option plan (the "Plan") which authorizes the grant of nonqualified stock options to the Company's independent directors, officers, advisors, consultants and other personnel, subject to the absolute discretion of the board of directors and the applicable limitations of the Plan. The exercise price for all stock options granted under the Plan will be equal to the fair market value of a share on the date of grant. Upon a change in control, unvested options will become fully vested and any performance conditions imposed with respect to the options will be deemed to be fully achieved. A total of 0.5 million shares have been authorized and reserved for issuance under the Plan. As of June 30, 2015 and December 31, 2014 , no stock options were issued under the Plan. Restricted Share Plan The Company's employee and director incentive restricted share plan ("RSP") provides the Company with the ability to grant awards of restricted shares to the Company's directors, officers and employees (if the Company ever has employees), employees of the Advisor and its affiliates, employees of entities that provide services to the Company, directors of the Advisor or of entities that provide services to the Company, certain consultants to the Company and the Advisor and its affiliates or to entities that provide services to the Company. Prior to the Listing, the RSP provided for the automatic grant of 3,000 restricted shares of common stock to each of the independent directors, without any further action by the Company's board of directors or the stockholders, on the date of initial election to the board of directors and on the date of each annual stockholder's meeting. Restricted stock issued to independent directors vest over a five-year period in increments of 20% per annum. Subsequent to the Listing, the Company amended the RSP to, among other things, remove the fixed amount of shares that are automatically granted to the independent directors. Under the amended RSP, the annual amount granted to the independent directors is determined by the board of directors. Generally, such awards provide for accelerated vesting of (i) all unvested shares upon a change in control or a termination without cause and (ii) the portion of the unvested shares scheduled to vest in the year of voluntary termination or the failure to be re-elected to the board. Prior to March 31, 2014, the total number of shares of common stock granted under the RSP could not exceed 5.0% of the Company's outstanding shares on a fully diluted basis at any time, and in any event could not exceed 7.5 million shares (as such number may be adjusted for stock splits, stock dividends, combinations and similar events). On March 31, 2014, the Company adopted an amendment to the Company’s RSP to increase the number of shares of the Company capital stock, par value $0.01 per share, available for awards thereunder to 10% of the Company’s outstanding shares of capital stock on a fully diluted basis at any time. The amendment also eliminated the RSP limit of 7.5 million shares of capital stock. Restricted shares may not, in general, be sold or otherwise transferred until restrictions are removed and the shares have vested. Holders of restricted shares may receive cash dividends prior to the time that the restrictions on the restricted shares have lapsed. Any dividends payable in shares of common stock shall be subject to the same restrictions as the underlying restricted shares. The following table displays restricted share award activity during the six months ended June 30, 2015 : Number of Restricted Shares Weighted-Average Issue Price Unvested, December 31, 2014 89,499 $ 10.73 Granted 281,499 10.36 Vested (17,558 ) 10.75 Forfeited — — Unvested, June 30, 2015 353,440 $ 10.44 During the six months ended June 30, 2015 , the board of directors approved, and the Company awarded, 279,365 restricted shares to employees of the Advisor. The awards vest over a four year period in increments of 25% per annum. The fair value of the awards granted to employees of the Advisor are remeasured quarterly, with the resulting amortization adjustments reflected in general and administrative expense in the consolidated statements of operations and comprehensive loss. For awards granted to directors of the Company, the fair value of the restricted shares on the date of grant, based on the per share closing price on the NYSE, is expensed on a straight-line basis over the service period. Compensation expense related to restricted stock was $0.2 million for the three and six months ended June 30, 2015 . Compensation expense related to restricted stock was $0.3 million for the three and six months ended June 30, 2014 . As of June 30, 2015 , the Company had approximately $2.7 million of unrecognized compensation cost related to unvested restricted share awards granted under the Company’s RSP, which is expected to vest over a period of 3.7 years. 2014 Advisor Multi-Year Outperformance Agreement On April 15, 2014 (the "Effective Date") in connection with the Listing, the Company entered into the 2014 Advisor Multi-Year Outperformance Agreement (as amended, the "OPP") with the OP and the Advisor. Under the OPP, the Advisor was issued 8,880,579 LTIP units in the OP with a maximum award value on the issuance date equal to 5.0% of the Company’s market capitalization (the “OPP Cap”). The LTIP units are structured as profits interest in the OP. The Advisor will be eligible to earn a number of LTIP units with a value equal to a portion of the OPP Cap upon the first, second and third anniversaries of the Effective Date based on the Company’s achievement of certain levels of total return to its stockholders (“Total Return”), including both share price appreciation and common stock dividends, as measured against a peer group of companies, as set forth below, for the three-year performance period commencing on the Effective Date (the “Three-year Period”); each 12 -month period during the Three -Year Period (the “One-Year Periods”); and the initial 24 -month period of the Three -Year Period (the “Two-Year Period”), as follows: Performance Period Annual Period Interim Period Absolute Component: 4% of any excess Total Return attained above an absolute hurdle measured from the beginning of such period: 21% 7% 14% Relative Component: 4% of any excess Total Return attained above the Total Return for the performance period of the Peer Group*, subject to a ratable sliding scale factor as follows based on achievement of cumulative Total Return measured from the beginning of such period: • 100% will be earned if cumulative Total Return achieved is at least: 18% 6% 12% • 50% will be earned if cumulative Total Return achieved is: —% —% —% • 0% will be earned if cumulative Total Return achieved is less than: —% —% —% • a percentage from 50% to 100% calculated by linear interpolation will be earned if the cumulative Total Return achieved is between: 0% - 18% 0% - 6% 0% - 12% ______________________ *The “Peer Group” is comprised of the companies in the SNL US REIT Office Index. The potential outperformance award is calculated at the end of each One-Year Period, the Two-Year Period and the Three-Year Period. The award earned for the Three-Year Period is based on the formula in the table above less any awards earned for the Two-Year Period and One-Year Periods, but not less than zero; the award earned for the Two-Year Period is based on the formula in the table above less any award earned for the first and second One-Year Period, but not less than zero. Any LTIP units that are unearned at the end of the Performance Period will be forfeited. Subject to the Advisor’s continued service through each vesting date, one third of any earned LTIP units will vest on each of the third, fourth and fifth anniversaries of the Effective Date. Until such time as the LTIP units are fully vested in accordance with the provisions of the OPP, the holders of LTIP units are entitled to distributions equal to 10% of the distributions made on OP units. The Company paid $0.3 million and $0.4 million , respectively, in distributions related to LTIP units during the three and six months ended June 30, 2015 , respectively, which is included in non-controlling interest in the consolidated balance sheets. There were no distributions paid related to LTIP units for the three and six months ended June 30, 2014 . After the LTIP units are fully earned, holders are entitled to a catch-up distribution and then the same distributions as the OP units. At the time the Advisor’s capital account with respect to the LTIP units is economically equivalent to the average capital account balance of the OP units and has been earned and has been vested for 30 days, the Advisor, in its sole discretion, will be entitled to convert the LTIP units into OP units. The OPP provides for early calculation of LTIP units earned and for the accelerated vesting of any earned LTIP units in the event Advisor is terminated by the Company or in the event the Company incurs a change in control, in either case prior to the end of the Three-Year Period. On April 15, 2015, 367,059 LTIP units were earned by the Advisor under the terms of the OPP. The Company records equity based compensation expense associated with the awards over the requisite service period of five years. Equity-based compensation expense is adjusted each reporting period for changes in the estimated market-related performance. Compensation expense related to the OPP was $2.0 million and $2.2 million , respectively, for the three and six months ended June 30, 2015 . Compensation expense related to the OPP was $1.8 million for the three and six months ended June 30, 2014 . The valuation of the OPP is determined using a Monte Carlo simulation. This analysis reflects the contractual terms of the OPP, including the performance periods and total return hurdles, as well as observable market-based inputs, including interest rate curves, and unobservable inputs, such as expected volatility. As a result, the Company has determined that its OPP valuation in its entirety is classified in Level 3 of the fair value hierarchy. For a description of the levels within the fair value hierarchy, see Note 10 — Fair Value of Financial Instruments. The following table presents information about the Company's OPP, which is measured at fair value on a recurring basis as of June 30, 2015 and December 31, 2014 , aggregated by the level in the fair value hierarchy within which the instrument falls: (In thousands) Quoted Prices in Active Markets Level 1 Significant Other Observable Inputs Level 2 Significant Unobservable Inputs Level 3 Total June 30, 2015 OPP $ — $ — $ 23,800 $ 23,800 December 31, 2014 OPP $ — $ — $ 29,100 $ 29,100 Level 3 Valuations The following is a reconciliation of the beginning and ending balance for the changes in instruments with Level 3 inputs in the fair value hierarchy for the six months ended June 30, 2015 : (In thousands) OPP Beginning balance as of December 31, 2014 $ 29,100 Fair value adjustment (5,300 ) Ending balance as of June 30, 2015 $ 23,800 The following table provides quantitative information about significant Level 3 input used: Financial Instrument Fair Value Principal Valuation Technique Unobservable Inputs Input Value (In thousands) June 30, 2015 OPP $ 23,800 Monte Carlo Simulation Expected volatility 24.0% December 31, 2014 OPP $ 29,100 Monte Carlo Simulation Expected volatility 27.0% The following discussion provides a description of the impact on a fair value measurement of a change in each unobservable input in isolation. For the relationship described below, the inverse relationship would also generally apply. Expected volatility is a measure of the variability in possible returns for an instrument, parameter or market index given how much the particular instrument, parameter or index changes in value over time. Generally, the higher the expected volatility of the underlying instrument, the wider the range of potential future returns. An increase in expected volatility, in isolation, would generally result in an increase in the fair value measurement of an instrument.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	6 Months Ended
	Jun. 30, 2015
Equity [Abstract]
Accumulated Other Comprehensive Income (Loss)	Common Stock As of June 30, 2015 and December 31, 2014 , the Company had 162.6 million and 162.2 million shares of common stock outstanding, respectively, including unvested restricted stock, converted preferred shares and shares issued under the distribution reinvestment plan (the "DRIP"), but not including limited partnership units of the OP (the "OP units") or Long-term Incentive Plan units ("LTIP units") which may in the future be convertible into shares of common stock. From December 2010 to April 2014, the Company declared and paid dividends at a dividend rate equal to $0.605 per annum per share of common stock. The dividends were paid by the fifth day following each month end to stockholders of record at the close of business each day during the prior month at a per share rate of 0.0016575342 per day. In April 2014, the Company's board of directors authorized, and the Company declared, a monthly dividend at an annualized rate equal to $0.46 per share per annum. Beginning in April 2014, dividends are paid to stockholders of record on the close of business on the 8th day of each month, payable on the 15th day of such month. The Company's board of directors may reduce the amount of dividends paid or suspend dividend payments at any time and therefore dividend payments are not assured. Accumulated Other Comprehensive Income (Loss) The following table illustrates the changes in accumulated other comprehensive loss as of and for the periods indicated: Unrealized gains Change in Total on available-for-sale unrealized gain accumulated other (in thousands) securities (loss) on derivatives comprehensive loss Balance, December 31, 2014 $ 244 $ (1,060 ) $ (816 ) Other comprehensive loss, before reclassifications (40 ) (1,719 ) (1,759 ) Amounts reclassified from accumulated other comprehensive income (loss) (48 ) 1,053 1,005 Net current-period other comprehensive loss (88 ) (666 ) (754 ) Balance, June 30, 2015 $ 156 $ (1,726 ) $ (1,570 ) For a reconciliation of the income statement line item affected due to amounts reclassified out of accumulated other comprehensive loss for the three and six months ended June 30, 2015 , see Note 11 — Interest Rate Derivatives and Hedging Activities.

Net Loss Per Share

Net Loss Per Share	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Net Loss Per Share	Net Loss Per Share The following is a summary of the basic and diluted net loss per share computations for the periods presented: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Net loss attributable to stockholders (In thousands) $ (8,659 ) $ (67,237 ) $ (16,858 ) $ (75,393 ) Weighted average shares outstanding, basic and diluted 162,156,470 168,972,601 162,124,624 172,003,465 Net loss per share attributable to stockholders, basic and diluted $ (0.05 ) $ (0.40 ) $ (0.10 ) $ (0.44 ) Diluted net loss per share assumes the conversion of all common share equivalents into an equivalent number of common shares, unless the effect is antidilutive. The Company considers unvested restricted stock, OP units and LTIP units to be common share equivalents. The Company had the following common share equivalents for the periods presented, which were excluded from the calculation of diluted loss per share attributable to stockholders as the effect would have been antidilutive: Six Months Ended June 30, 2015 2014 Unvested restricted stock 353,440 214,019 OP units 4,178,090 1,272,200 LTIP units 8,880,579 8,880,579 Total anti-dilutive common share equivalents 13,412,109 10,366,798

Non-controlling Interests

Non-controlling Interests	6 Months Ended
	Jun. 30, 2015
Noncontrolling Interest [Abstract]
Non-Controlling Interests	Non-Controlling Interests The Company is the sole general partner of the OP and holds the majority of OP units. As of June 30, 2015 and December 31, 2014 , the Advisor held 4,178,090 and 4,270,841 OP units, respectively. As of June 30, 2015 and December 31, 2014 , the SLP held 8,880,579 unvested LTIP units. There were $0.8 million and $1.4 million , respectively, of distributions paid to OP unit and LTIP unit holders during the three and six months ended June 30, 2015 . There were $0.1 million of distributions paid to OP unit and LTIP unit holders during the three and six months ended June 30, 2014 . A holder of OP units has the right to distributions and has the right convert OP units for the cash value of a corresponding number of shares of the Company's common stock or a corresponding number of shares of the Company's common stock, at the Company's election, in accordance with the limited partnership agreement of the OP. The remaining rights of the holders of OP units are limited, however, and do not include the ability to replace the general partner or to approve the sale, purchase or refinancing of the OP's assets. On May 13, 2015, 92,751 OP units were redeemed for newly issued shares of the Company's common stock and reclassified from non-controlling interest to stockholders' equity. The Company is the controlling member of the limited liability company that owns the 163 Washington Avenue Apartments, acquired in September 2012. The Company has the sole voting rights under the operating agreement of this limited liability company. The non-controlling members' aggregate initial investment balance of $0.5 million will be reduced by the dividends paid to each non-controlling member. No dividends were paid during the three and six months ended June 30, 2015 or 2014 .

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2015
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company has evaluated subsequent events through the filing of this Quarterly Report on Form 10-Q, and determined that there have not been any events that have occurred that would require adjustments to disclosures in the consolidated financial statements, except for the following events: On August 5, 2015, the Company amended the OPP to equitably adjust for share issuances and share repurchases on a go-forward basis. On August 6, 2015, ARC, the parent of the Sponsor, entered into a Transaction Agreement (the “Transaction Agreement”) with AMH Holdings (Cayman), L.P., a Cayman Islands exempted limited partnership (“AMH”), and an affiliate of Apollo Global Management, LLC (NYSE: APO) (together with its consolidated subsidiaries, “Apollo”), and a newly formed entity, AR Global Investments, LLC, a Delaware limited liability company (“AR Global”). The Transaction Agreement provides that ARC will transfer to AR Global substantially all of the assets of its ongoing asset management business (including equity interests in its subsidiaries). AMH will contribute money and other assets to AR Global. Following the consummation of the transactions (the “Transactions”) contemplated by the Transaction Agreement, AMH will hold a 60% interest in AR Global and ARC will hold a 40% interest in AR Global. The business and affairs of AR Global will be overseen by a board of managers comprised of ten members, six of which will be appointed by AMH and four of which will be appointed by ARC. The Advisor, Property Manager and Sponsor are currently owned indirectly by ARC and following the Transactions will be owned indirectly by AR Global. Also on August 6, 2015, RCS Capital Corporation (“RCS Capital”), the parent of the Dealer Manager and a company under common control with ARC, announced that it has entered into an agreement with an affiliate of Apollo to sell RCS Capital’s Wholesale Distribution division, including the Dealer Manager, and certain related entities. Upon completion of the transaction, the Dealer Manager will continue to operate as a stand-alone entity within AR Global. The current management team of the Dealer Manager, which is led by William E. Dwyer III, will continue to operate the day-to-day functions of the business. The various transactions with Apollo are subject to customary closing conditions and are expected to close in 2015. Despite the indirect change of control that would occur for the Advisor, Property Manager and Sponsor upon consummation of the various Apollo transactions, such entities are expected to continue to serve in their respective capacities to the Company following the Transactions. The Company’s independent directors unanimously endorsed the Transactions.

Summary of Significant Accoun27

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Reclassifications	Reclassifications Certain prior quarter amounts have been reclassified to conform to the current quarter presentation, specifically the amortization of the basis difference related to our unconsolidated joint venture of $3.2 million and $6.5 million , respectively, for the three and six months ended June 30, 2014 , which have been reflected as a component of income (loss) from unconsolidated joint venture instead of depreciation and amortization in the accompanying consolidated statements of operations and comprehensive loss. See Note 4 — Investment in Unconsolidated Joint Venture.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued revised guidance relating to revenue recognition. Under the revised guidance, an entity is required to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The revised guidance was to become effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. Early adoption was not permitted under GAAP. The revised guidance allows entities to apply the full retrospective or modified retrospective transition method upon adoption. In July 2015, the FASB deferred the effective date of the revised guidance by one year to annual reporting periods beginning after December 15, 2017, although entities will be allowed to early adopt the guidance as of the original effective date. The Company has not yet selected a transition method and is currently evaluating the impact of the new guidance. In January 2015, the FASB issued updated guidance that eliminates from GAAP the concept of an event or transaction that is unusual in nature and occurs infrequently being treated as an extraordinary item. The revised guidance is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. Any amendments may be applied either prospectively or retrospectively to all prior periods presented in the financial statements. Early adoption is permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. The Company has opted to adopt this revised guidance early and has determined that there has been no impact to its financial position, results of operations and cash flows.

Real Estate Investments (Tables

Real Estate Investments (Tables)	6 Months Ended
	Jun. 30, 2015
Real Estate [Abstract]
Schedule of Future Minimum Rental Payments for Operating Leases	The following table presents future minimum base cash rental payments due to the Company, excluding future minimum base cash rental payments related to unconsolidated joint ventures, subsequent to June 30, 2015 . These amounts exclude contingent rental payments, as applicable, that may be collected from certain tenants based on provisions related to sales thresholds and increases in annual rent based on exceeding certain economic indexes among other items. (In thousands) Future Minimum Base Cash Rental Payments July1, 2015 - December 31, 2015 $ 54,519 2016 97,681 2017 97,864 2018 95,800 2019 94,466 Thereafter 647,264 $ 1,087,594
Schedule of Annualized Rental Income by Major Tenants	The following table lists the tenants whose annualized cash rent represented greater than 10% of total annualized cash rent as of June 30, 2015 and 2014 , including annualized cash rent related to the Company's unconsolidated joint venture: June 30, Property Portfolio Tenant 2015 2014 Worldwide Plaza Cravath, Swaine & Moore, LLP 16% 18% Worldwide Plaza Nomura Holdings America, Inc. 10% 12%

Investment in Unconsolidated 29

Investment in Unconsolidated Joint Venture (Tables)	6 Months Ended
	Jun. 30, 2015
Equity Method Investments and Joint Ventures [Abstract]
Condensed Balance Sheet	The condensed balance sheets as of June 30, 2015 and December 31, 2014 for Worldwide Plaza are as follows: (In thousands) June 30, December 31, (Unaudited) Real estate assets, at cost $ 713,339 $ 704,143 Less accumulated depreciation and amortization (107,075 ) (97,181 ) Total real estate assets, net 606,264 606,962 Other assets 269,005 255,784 Total assets $ 875,269 $ 862,746 Debt $ 875,000 $ 875,000 Other liabilities 18,807 12,442 Total liabilities 893,807 887,442 Deficit (18,538 ) (24,696 ) Total liabilities and deficit $ 875,269 $ 862,746 Company's basis $ 226,306 $ 225,501
Condensed Income Statement	The following table presents the components of the income (loss) related to the Company's investment in Worldwide Plaza for the periods presented, which is included in income (loss) from unconsolidated joint venture on the consolidated statements of operations and comprehensive loss. Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2015 2014 2015 2014 Company's preferred return $ 3,894 $ 3,894 $ 7,745 $ 7,745 Company's share of net loss from Worldwide Plaza (242 ) (957 ) (776 ) (2,299 ) Amortization of basis difference (3,082 ) (3,241 ) (6,164 ) (6,482 ) Reallocation of net loss to members — 1,252 — — Company's income (loss) from Worldwide Plaza $ 570 $ 948 $ 805 $ (1,036 ) The condensed statement of operations for the three and six months ended June 30, 2015 and 2014 for Worldwide Plaza is as follows: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2015 2014 2015 2014 Rental income $ 30,751 $ 27,739 $ 61,265 $ 55,394 Other revenue 1,232 1,229 2,449 2,444 Total revenue 31,983 28,968 63,714 57,838 Operating expenses: Operating expense 11,727 10,779 23,967 22,292 Depreciation and amortization 6,864 6,260 13,714 12,628 Total operating expenses 18,591 17,039 37,681 34,920 Operating income 13,392 11,929 26,033 22,918 Interest expense (9,992 ) (9,992 ) (19,874 ) (19,874 ) Net income 3,400 1,937 6,159 3,044 Preferred return (3,894 ) (1,334 ) (7,745 ) (7,745 ) Net income (loss) to members $ (494 ) $ 603 $ (1,586 ) $ (4,701 )

Investment Securities (Tables)

Investment Securities (Tables)	6 Months Ended
	Jun. 30, 2015
Investments, Debt and Equity Securities [Abstract]
Schedule of Available-for-sale Securities Reconciliation	The following table details the unrealized gains and losses on investment securities as of June 30, 2015 and December 31, 2014 : (In thousands) Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value June 30, 2015 Redeemable preferred stock $ 238 $ 15 $ — $ 253 Equity securities 3,169 141 — 3,310 Total $ 3,407 $ 156 $ — $ 3,563 December 31, 2014 Redeemable preferred stock $ 1,288 $ 21 $ (12 ) $ 1,297 Equity securities 3,127 235 — 3,362 Total $ 4,415 $ 256 $ (12 ) $ 4,659

Mortgage Notes Payable (Tables)

Mortgage Notes Payable (Tables)	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Schedule of Mortgage Notes Payable	The Company's mortgage notes payable as of June 30, 2015 and December 31, 2014 consist of the following: Outstanding Loan Amount Portfolio Encumbered Properties June 30, December 31, Effective Interest Rate Interest Rate Maturity (In thousands) (In thousands) Design Center 1 $ 20,000 $ 20,198 4.4 % Fixed Dec. 2021 Bleecker Street 3 21,300 21,300 4.3 % Fixed Dec. 2015 Foot Locker 1 3,250 3,250 4.6 % Fixed Jun. 2016 Regal Parking Garage 1 3,000 3,000 4.5 % Fixed Jul. 2016 Duane Reade 1 8,400 8,400 3.6 % Fixed Nov. 2016 Washington Street Portfolio 1 4,695 4,741 4.4 % Fixed Dec. 2021 One Jackson Square 1 13,000 13,000 3.4 % Fixed (1) Dec. 2016 350 West 42nd Street 1 11,365 11,365 3.4 % Fixed Aug. 2017 1100 Kings Highway 1 20,200 20,200 3.4 % Fixed (1) Aug. 2017 1623 Kings Highway 1 7,288 7,288 3.3 % Fixed (1) Nov. 2017 256 West 38th Street 1 24,500 24,500 3.1 % Fixed (1) Dec. 2017 229 West 36th Street 1 35,000 35,000 2.9 % Fixed (1) Dec. 2017 14 $ 171,998 $ 172,242 3.6 % (2) ______________________ (1) Fixed through an interest rate swap agreement. (2) Calculated on a weighted average basis for all mortgages outstanding as of June 30, 2015 .
Schedule Of Aggregate Principal Payments On Mortgages	The following table summarizes the scheduled aggregate principal repayments subsequent to June 30, 2015 : (In thousands) Future Minimum Principal Payments July 1, 2015 - December 31, 2015 $ 21,550 2016 28,167 2017 102,730 2018 4,573 2019 4,777 Thereafter 10,201 Total $ 171,998

Fair Value of Financial Instr32

Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Liabilities Measured on Recurring Basis	The following table presents information about the Company's assets and liabilities (including derivatives that are presented net) measured at fair value on a recurring basis as of June 30, 2015 and December 31, 2014 , aggregated by the level in the fair value hierarchy within which those instruments fall: (In thousands) Quoted Prices in Active Markets Level 1 Significant Other Observable Inputs Level 2 Significant Unobservable Inputs Level 3 Total June 30, 2015 Interest rate swaps, net $ — $ (1,741 ) $ — $ (1,741 ) Investment securities $ 3,563 $ — $ — $ 3,563 December 31, 2014 Interest rate swaps, net $ — $ (1,071 ) $ — $ (1,071 ) Investment securities $ 4,659 $ — $ — $ 4,659 The following table presents information about the Company's OPP, which is measured at fair value on a recurring basis as of June 30, 2015 and December 31, 2014 , aggregated by the level in the fair value hierarchy within which the instrument falls: (In thousands) Quoted Prices in Active Markets Level 1 Significant Other Observable Inputs Level 2 Significant Unobservable Inputs Level 3 Total June 30, 2015 OPP $ — $ — $ 23,800 $ 23,800 December 31, 2014 OPP $ — $ — $ 29,100 $ 29,100
Fair Value, by Balance Sheet Grouping	The fair values of the Company's financial instruments that are not reported at fair value on the consolidated balance sheet are reported below. Carrying Amount at Fair Value at Carrying Amount at Fair Value at (In thousands) Level June 30, 2015 June 30, 2015 December 31, 2014 December 31, 2014 Mortgage notes payable 3 $ 171,998 $ 173,315 $ 172,242 $ 174,468 Credit facility 3 $ 635,000 $ 637,865 $ 635,000 $ 651,579 Preferred equity investment 3 $ — $ — $ 35,100 $ 34,800

Interest Rate Derivatives and33

Interest Rate Derivatives and Hedging Activities (Tables)	6 Months Ended
	Jun. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Interest Rate Derivatives	As of June 30, 2015 and December 31, 2014 , the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk. June 30, 2015 December 31, 2014 Interest Rate Derivative Number of Instruments Notional Amount Number of Instruments Notional Amount (In thousands) (In thousands) Interest rate swaps 6 $ 179,988 6 $ 179,988
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value	The table below presents the fair value of the Company's derivative financial instruments as well as their classification on the consolidated balance sheets as of June 30, 2015 and December 31, 2014 : (In thousands) Balance Sheet Location June 30, 2015 December 31, 2014 Derivatives designated as hedging instruments: Interest rate swaps Derivative assets, at fair value $ 10 $ 205 Interest rate swaps Derivative liabilities, at fair value $ (1,751 ) $ (1,276 )
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance	The table below details the location in the financial statements of the income or loss recognized on interest rate derivatives designated as cash flow hedges for the three and six months ended June 30, 2015 and 2014 : Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2015 2014 2015 2014 Amount of loss recognized in accumulated other comprehensive income (loss) from interest rate derivatives (effective portion) $ (100 ) $ (1,575 ) $ (1,719 ) $ (2,232 ) Amount of loss reclassified from accumulated other comprehensive income (loss) into income as interest expense (effective portion) $ (527 ) $ (540 ) $ (1,053 ) $ (1,071 ) Amount of loss recognized in loss on derivative instruments (ineffective portion and amount excluded from effectiveness testing) $ — $ — $ (4 ) $ —
Offsetting Liabilities	The table below presents a gross presentation, the effects of offsetting, and a net presentation of the Company's derivatives as of June 30, 2015 and December 31, 2014 . The net amounts of derivative assets or liabilities can be reconciled to the tabular disclosure of fair value. The tabular disclosure of fair value provides the location that derivative assets and liabilities are presented on the accompanying balance sheets. Gross Amounts Not Offset on the Balance Sheet Derivatives (In thousands) Gross Amounts of Recognized Assets Gross Amounts of Recognized Liabilities Net Amounts of Assets (Liabilities) presented on the Balance Sheet Financial Instruments Cash Collateral Posted Net Amount June 30, 2015 $ 10 $ (1,751 ) $ (1,741 ) $ — $ — $ (1,741 ) December 31, 2014 $ 205 $ (1,276 ) $ (1,071 ) $ — $ — $ (1,071 )

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Minimum Rental Payments for Operating Leases	The following table reflects the minimum base cash payments due from the Company over the next five years and thereafter under these arrangements, including the present value of the net minimum payments due under capital leases. These amounts exclude contingent rent payments, as applicable, that may be payable based on provisions related to increases in annual rent based on exceeding certain economic indexes among other items. Future Minimum Base Rent Payments (In thousands) Operating Leases Capital Leases July 1, 2015 - December 31, 2015 $ 2,450 $ 43 2016 4,958 86 2017 4,905 86 2018 5,089 86 2019 5,346 86 Thereafter 251,627 3,490 Total minimum lease payments $ 274,375 $ 3,877 Less: amounts representing interest (1,753 ) Total present value of minimum lease payments $ 2,124
Schedule of Capital Leased Assets	The following table discloses assets recorded under capital leases and the accumulated amortization thereon as of June 30, 2015 and December 31, 2014 . (In thousands) June 30, 2015 December 31, 2014 Buildings, fixtures and improvements $ 11,783 $ 11,783 Less accumulated depreciation and amortization (1,421 ) (1,137 ) Total real estate investments, net $ 10,362 $ 10,646

Related Party Transactions an35

Related Party Transactions and Arrangements (Tables)	6 Months Ended
	Jun. 30, 2015
Related Party Transactions [Abstract]
Schedule of Amount Contractually Due and Forgiven in Connection With Operation Related Services	The following table details amounts incurred, forgiven and contractually due in connection with the operations related services described above as of and for the periods presented: Three Months Ended June 30, Six Months Ended June 30, Payable (Receivable) as of 2015 2014 2015 2014 June 30, December 31, (In thousands) Incurred Forgiven Incurred Forgiven Incurred Forgiven Incurred Forgiven 2015 2014 Financing coordination fees $ — $ — $ 2,363 $ — $ — $ — $ 2,363 $ — $ — $ — Ongoing fees: Asset management fees (1) 3,101 — 2,274 — 6,245 — 2,274 — (48 ) 15 Transfer agent and other professional fees 270 — 1,041 — 454 — 1,627 — 268 560 Property management and leasing fees — 683 — 413 — 1,219 — 787 — — Dividends on Class B units — — 19 — — — 107 — — — Total related party operational fees and reimbursements $ 3,371 $ 683 $ 5,697 $ 413 $ 6,699 $ 1,219 $ 6,371 $ 787 $ 220 $ 575 ___________________________________________ (1) Prior to the Listing, the Company caused the OP to issue to the Advisor restricted performance based Class B units for asset management services, which vested as of the Listing.
General and Administrative Expenses Absorbed by Affiliate	The following table details general and administrative expenses absorbed by the Advisor during the three and six months ended June 30, 2015 and 2014 . These costs are presented net in the accompanying consolidated statements of operations and comprehensive loss. Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2015 2014 2015 2014 General and administrative expenses absorbed $ — $ 1,041 $ — $ 1,041

Share-Based Compensation (Table

Share-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity	The following table displays restricted share award activity during the six months ended June 30, 2015 : Number of Restricted Shares Weighted-Average Issue Price Unvested, December 31, 2014 89,499 $ 10.73 Granted 281,499 10.36 Vested (17,558 ) 10.75 Forfeited — — Unvested, June 30, 2015 353,440 $ 10.44
Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Performance-Based Units, Performance Schedule	The Advisor will be eligible to earn a number of LTIP units with a value equal to a portion of the OPP Cap upon the first, second and third anniversaries of the Effective Date based on the Company’s achievement of certain levels of total return to its stockholders (“Total Return”), including both share price appreciation and common stock dividends, as measured against a peer group of companies, as set forth below, for the three-year performance period commencing on the Effective Date (the “Three-year Period”); each 12 -month period during the Three -Year Period (the “One-Year Periods”); and the initial 24 -month period of the Three -Year Period (the “Two-Year Period”), as follows: Performance Period Annual Period Interim Period Absolute Component: 4% of any excess Total Return attained above an absolute hurdle measured from the beginning of such period: 21% 7% 14% Relative Component: 4% of any excess Total Return attained above the Total Return for the performance period of the Peer Group*, subject to a ratable sliding scale factor as follows based on achievement of cumulative Total Return measured from the beginning of such period: • 100% will be earned if cumulative Total Return achieved is at least: 18% 6% 12% • 50% will be earned if cumulative Total Return achieved is: —% —% —% • 0% will be earned if cumulative Total Return achieved is less than: —% —% —% • a percentage from 50% to 100% calculated by linear interpolation will be earned if the cumulative Total Return achieved is between: 0% - 18% 0% - 6% 0% - 12% ______________________ *The “Peer Group” is comprised of the companies in the SNL US REIT Office Index.
Schedule of Fair Value, Liabilities Measured on Recurring Basis	The following table presents information about the Company's assets and liabilities (including derivatives that are presented net) measured at fair value on a recurring basis as of June 30, 2015 and December 31, 2014 , aggregated by the level in the fair value hierarchy within which those instruments fall: (In thousands) Quoted Prices in Active Markets Level 1 Significant Other Observable Inputs Level 2 Significant Unobservable Inputs Level 3 Total June 30, 2015 Interest rate swaps, net $ — $ (1,741 ) $ — $ (1,741 ) Investment securities $ 3,563 $ — $ — $ 3,563 December 31, 2014 Interest rate swaps, net $ — $ (1,071 ) $ — $ (1,071 ) Investment securities $ 4,659 $ — $ — $ 4,659 The following table presents information about the Company's OPP, which is measured at fair value on a recurring basis as of June 30, 2015 and December 31, 2014 , aggregated by the level in the fair value hierarchy within which the instrument falls: (In thousands) Quoted Prices in Active Markets Level 1 Significant Other Observable Inputs Level 2 Significant Unobservable Inputs Level 3 Total June 30, 2015 OPP $ — $ — $ 23,800 $ 23,800 December 31, 2014 OPP $ — $ — $ 29,100 $ 29,100
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation	The following is a reconciliation of the beginning and ending balance for the changes in instruments with Level 3 inputs in the fair value hierarchy for the six months ended June 30, 2015 : (In thousands) OPP Beginning balance as of December 31, 2014 $ 29,100 Fair value adjustment (5,300 ) Ending balance as of June 30, 2015 $ 23,800
Valuation techniques	The following table provides quantitative information about significant Level 3 input used: Financial Instrument Fair Value Principal Valuation Technique Unobservable Inputs Input Value (In thousands) June 30, 2015 OPP $ 23,800 Monte Carlo Simulation Expected volatility 24.0% December 31, 2014 OPP $ 29,100 Monte Carlo Simulation Expected volatility 27.0%

Accumulated Other Comprehensi37

Accumulated Other Comprehensive Income (Tables)	6 Months Ended
	Jun. 30, 2015
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	The following table illustrates the changes in accumulated other comprehensive loss as of and for the periods indicated: Unrealized gains Change in Total on available-for-sale unrealized gain accumulated other (in thousands) securities (loss) on derivatives comprehensive loss Balance, December 31, 2014 $ 244 $ (1,060 ) $ (816 ) Other comprehensive loss, before reclassifications (40 ) (1,719 ) (1,759 ) Amounts reclassified from accumulated other comprehensive income (loss) (48 ) 1,053 1,005 Net current-period other comprehensive loss (88 ) (666 ) (754 ) Balance, June 30, 2015 $ 156 $ (1,726 ) $ (1,570 )

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following is a summary of the basic and diluted net loss per share computations for the periods presented: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Net loss attributable to stockholders (In thousands) $ (8,659 ) $ (67,237 ) $ (16,858 ) $ (75,393 ) Weighted average shares outstanding, basic and diluted 162,156,470 168,972,601 162,124,624 172,003,465 Net loss per share attributable to stockholders, basic and diluted $ (0.05 ) $ (0.40 ) $ (0.10 ) $ (0.44 )
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The Company had the following common share equivalents for the periods presented, which were excluded from the calculation of diluted loss per share attributable to stockholders as the effect would have been antidilutive: Six Months Ended June 30, 2015 2014 Unvested restricted stock 353,440 214,019 OP units 4,178,090 1,272,200 LTIP units 8,880,579 8,880,579 Total anti-dilutive common share equivalents 13,412,109 10,366,798

Organization (Details)

Organization (Details)	Jun. 30, 2015property
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of properties owned	23

Summary of Significant Accoun40

Summary of Significant Accounting Policies (Narrative) (Details) - Jun. 30, 2014 - USD ($) $ in Millions	Total	Total
Income (loss) from unconsolidated joint venture
Reclassifications [Line Items]
Reclassification adjustment related to difference in amortization basis of unconsolidated joint venture	$ 3.2	$ 6.5

Real Estate Investments (Schedu

Real Estate Investments (Schedule of Future Minimum Rental Payments for Operating Lease) (Details) $ in Thousands	Jun. 30, 2015USD ($)
Real Estate [Abstract]
July1, 2015 - December 31, 2015	$ 54,519
2,016	97,681
2,017	97,864
2,018	95,800
2,019	94,466
Thereafter	647,264
Total	$ 1,087,594

Real Estate Investments (Sche42

Real Estate Investments (Schedule of Annualized Rental Income by Major Tenant) (Details) - Worldwide Plaza	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cravath, Swaine & Moore, LLP
Revenue, Major Customer [Line Items]
Major tenant rental income, as a percentage of total annualized rental income	16.00%	18.00%
Nomura Holdings America, Inc.
Revenue, Major Customer [Line Items]
Major tenant rental income, as a percentage of total annualized rental income	10.00%	12.00%

Investment in Unconsolidated 43

Investment in Unconsolidated Joint Venture (Details) - USD ($)	Oct. 30, 2013	Jun. 30, 2015	Dec. 31, 2014
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated joint venture		$ 226,306,000	$ 225,501,000
Worldwide Plaza
Schedule of Equity Method Investments [Line Items]
Ownership percentage	48.90%
Aggregate cost	$ 220,100,000
Agreed upon value	1,325,000,000
Notes payable	$ 875,000,000	875,000,000	875,000,000
Interest rate	4.60%
Purchase obligation	$ 1,400,000,000
Purchase option term	38 months
Fee for non-exercise of purchase option		25,000,000
Difference between carrying amount and underlying equity	$ 260,600,000
Investments in unconsolidated joint venture		226,306,000	$ 225,501,000
Parent Company | Worldwide Plaza
Schedule of Equity Method Investments [Line Items]
Notes payable		$ 427,900,000

Investment in Unconsolidated 44

Investment in Unconsolidated Joint Venture (Condensed Balance Sheet) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014	Oct. 30, 2013
Schedule of Equity Method Investments [Line Items]
Real estate assets, at cost	$ 1,897,792	$ 1,888,366
Less accumulated depreciation and amortization	(166,680)	(124,178)
Total real estate investments, net	1,731,112	1,764,188
Total assets	2,061,649	2,120,835
Total liabilities	920,359	925,158
Deficit	(309,669)	(255,478)
Total liabilities and equity	2,061,649	2,120,835
Company's basis	226,306	225,501
Worldwide Plaza
Schedule of Equity Method Investments [Line Items]
Real estate assets, at cost	713,339	704,143
Less accumulated depreciation and amortization	(107,075)	(97,181)
Total real estate investments, net	606,264	606,962
Other assets	269,005	255,784
Total assets	875,269	862,746
Debt	875,000	875,000	$ 875,000
Other liabilities	18,807	12,442
Total liabilities	893,807	887,442
Deficit	(18,538)	(24,696)
Total liabilities and equity	875,269	862,746
Company's basis	$ 226,306	$ 225,501

Investment in Unconsolidated 45

Investment in Unconsolidated Joint Venture (Condensed Income Statement) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Schedule of Equity Method Investments [Line Items]
Rental income	$ 32,130	$ 26,104	$ 64,661	$ 53,275
Other revenue	4,184	3,303	8,346	6,819
Total revenues	43,677	35,949	84,579	69,541
Property operating	10,098	8,304	21,067	17,162
Depreciation and amortization	22,154	20,222	42,886	41,235
Total operating expenses	47,147	100,510	91,737	136,958
Operating income	(3,470)	(64,561)	(7,158)	(67,417)
Interest expense	(6,024)	(4,813)	(11,957)	(8,752)
Net loss	(8,916)	(67,748)	(17,376)	(75,903)
Net loss attributable to stockholders	(8,659)	(67,237)	(16,858)	(75,393)
Company's share of net loss from Worldwide Plaza			805	(1,036)
Income (loss) from unconsolidated joint venture	570	948	805	(1,036)
Worldwide Plaza
Schedule of Equity Method Investments [Line Items]
Rental income	30,751	27,739	61,265	55,394
Other revenue	1,232	1,229	2,449	2,444
Total revenues	31,983	28,968	63,714	57,838
Property operating	11,727	10,779	23,967	22,292
Depreciation and amortization	6,864	6,260	13,714	12,628
Total operating expenses	18,591	17,039	37,681	34,920
Operating income	13,392	11,929	26,033	22,918
Interest expense	(9,992)	(9,992)	(19,874)	(19,874)
Net loss	3,400	1,937	6,159	3,044
Preferred return	(3,894)	(1,334)	(7,745)	(7,745)
Net loss attributable to stockholders	(494)	603	(1,586)	(4,701)
Company's preferred return	3,894	3,894	7,745	7,745
Company's share of net loss from Worldwide Plaza	(242)	(957)	(776)	(2,299)
Amortization of basis difference	(3,082)	(3,241)	(6,164)	(6,482)
Reallocation of net loss to members	$ 0	$ 1,252	$ 0	$ 0

Preferred Equity Investment (De

Preferred Equity Investment (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Equity [Abstract]
Current pay rate	6.00%
Current accrual rate	2.00%
Interest Income from preferred equity investment	$ 1,100
Proceeds from sale of preferred equity investment	$ 35,100	$ 0

Investment Securities (Details)

Investment Securities (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Cost	$ 3,407	$ 4,415
Gross Unrealized Gains	156	256
Gross Unrealized Losses	0	(12)
Fair Value	$ 3,563	4,659
Preferred Shares
Schedule of Available-for-sale Securities [Line Items]
Period from issuance when investments become redeemable	5 years
Redeemable Preferred Stock
Schedule of Available-for-sale Securities [Line Items]
Cost	$ 238	1,288
Gross Unrealized Gains	15	21
Gross Unrealized Losses	0	(12)
Fair Value	253	1,297
Equity securities
Schedule of Available-for-sale Securities [Line Items]
Cost	3,169	3,127
Gross Unrealized Gains	141	235
Gross Unrealized Losses	0	0
Fair Value	$ 3,310	$ 3,362

Credit Facility (Details)

Credit Facility (Details) - USD ($)	6 Months Ended
	Jun. 30, 2015	Dec. 31, 2014	Apr. 14, 2014
Line of Credit Facility [Line Items]
Maximum capacity on credit facility			$ 705,000,000
Additional borrowing capacity under certain circumstances			1,000,000,000
Credit facility	$ 635,000,000	$ 635,000,000
Term Loan
Line of Credit Facility [Line Items]
Maximum capacity on credit facility			305,000,000
Revolving Loan
Line of Credit Facility [Line Items]
Maximum capacity on credit facility			$ 400,000,000
Credit Facility
Line of Credit Facility [Line Items]
Credit facility	$ 305,000,000	$ 330,000,000
Effective interest rate	2.10%	2.08%
Remaining borrowing capacity	$ 20,200,000
Credit Facility | LIBOR
Line of Credit Facility [Line Items]
Unused capacity commitment fee percentage threshold	50.00%
Below Threshold | Credit Facility | LIBOR
Line of Credit Facility [Line Items]
Unused capacity fee percentage	0.15%
Above Threshold | Credit Facility | LIBOR
Line of Credit Facility [Line Items]
Unused capacity fee percentage	0.25%
Line of Credit Facility, Interest Rate, Option One | Credit Facility | Maximum | LIBOR
Line of Credit Facility [Line Items]
Spread on variable rate basis	2.25%
Line of Credit Facility, Interest Rate, Option One | Credit Facility | Minimum | LIBOR
Line of Credit Facility [Line Items]
Spread on variable rate basis	1.50%
Line of Credit Facility, Interest Rate, Option Two | Credit Facility | Maximum | Base Rate
Line of Credit Facility [Line Items]
Spread on variable rate basis	1.25%
Line of Credit Facility, Interest Rate, Option Two | Credit Facility | Minimum | Base Rate
Line of Credit Facility [Line Items]
Spread on variable rate basis	0.50%
Line of Credit Facility, Base Rate, Option Two | Credit Facility | Federal Funds Effective Rate
Line of Credit Facility [Line Items]
Spread on variable rate basis	0.50%
Line of Credit Facility, Base Rate, Option Three | Credit Facility | One-Month LIBOR
Line of Credit Facility [Line Items]
Spread on variable rate basis	1.00%

Mortgage Notes Payable (Narrati

Mortgage Notes Payable (Narrative) (Details) $ in Millions	Jun. 30, 2015USD ($)
Debt Disclosure [Abstract]
Real estate investments at cost related to mortgages	$ 314.9

Mortgage Notes Payable (Schedul

Mortgage Notes Payable (Schedule of Mortgage Notes Payable) (Details) $ in Thousands		Jun. 30, 2015USD ($)property	Dec. 31, 2014USD ($)
Debt Instrument [Line Items]
Outstanding Loan Amount		$ 171,998	$ 172,242
Mortgages
Debt Instrument [Line Items]
Encumbered Properties | property		14
Outstanding Loan Amount		$ 171,998	172,242
Effective Interest Rate	[1]	3.60%
Mortgages | Design Center
Debt Instrument [Line Items]
Encumbered Properties | property		1
Outstanding Loan Amount		$ 20,000	20,198
Effective Interest Rate		4.40%
Mortgages | Bleecker Street
Debt Instrument [Line Items]
Encumbered Properties | property		3
Outstanding Loan Amount		$ 21,300	21,300
Effective Interest Rate		4.30%
Mortgages | Foot Locker
Debt Instrument [Line Items]
Encumbered Properties | property		1
Outstanding Loan Amount		$ 3,250	3,250
Effective Interest Rate		4.60%
Mortgages | Regal Parking Garage
Debt Instrument [Line Items]
Encumbered Properties | property		1
Outstanding Loan Amount		$ 3,000	3,000
Effective Interest Rate		4.50%
Mortgages | Duane Reade
Debt Instrument [Line Items]
Encumbered Properties | property		1
Outstanding Loan Amount		$ 8,400	8,400
Effective Interest Rate		3.60%
Mortgages | Washington Street Portfolio
Debt Instrument [Line Items]
Encumbered Properties | property		1
Outstanding Loan Amount		$ 4,695	4,741
Effective Interest Rate		4.40%
Mortgages | One Jackson Square
Debt Instrument [Line Items]
Encumbered Properties | property		1
Outstanding Loan Amount		$ 13,000	13,000
Effective Interest Rate	[2]	3.40%
Mortgages | 350 West 42nd Street
Debt Instrument [Line Items]
Encumbered Properties | property		1
Outstanding Loan Amount		$ 11,365	11,365
Effective Interest Rate		3.40%
Mortgages | 1100 Kings Highway
Debt Instrument [Line Items]
Encumbered Properties | property		1
Outstanding Loan Amount		$ 20,200	20,200
Effective Interest Rate	[2]	3.40%
Mortgages | 1623 Kings Highway
Debt Instrument [Line Items]
Encumbered Properties | property		1
Outstanding Loan Amount		$ 7,288	7,288
Effective Interest Rate	[2]	3.30%
Mortgages | 256 West 38th Street
Debt Instrument [Line Items]
Encumbered Properties | property		1
Outstanding Loan Amount		$ 24,500	24,500
Effective Interest Rate	[2]	3.10%
Mortgages | 229 West 36th Street
Debt Instrument [Line Items]
Encumbered Properties | property		1
Outstanding Loan Amount		$ 35,000	$ 35,000
Effective Interest Rate	[2]	2.90%
[1]	Calculated on a weighted average basis for all mortgages outstanding as of June 30, 2015.
[2]	Fixed through an interest rate swap agreement.

Mortgage Notes Payable (Sched51

Mortgage Notes Payable (Schedule Of Aggregate Future Principal Payments On Mortgage Notes Payable) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Total	$ 171,998	$ 172,242
Mortgages
Debt Instrument [Line Items]
July 1, 2015 - December 31, 2015	21,550
2,016	28,167
2,017	102,730
2,018	4,573
2,019	4,777
Thereafter	10,201
Total	$ 171,998	$ 172,242

Subordinated Listing Distribu52

Subordinated Listing Distribution Derivative (Details) - USD ($) $ in Thousands	Nov. 21, 2014	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Listing Distribution Derivative [Line Items]
Change in fair value of listing promote		$ 0	$ 38,100	$ 0	$ 38,100
Listing note, fair value		$ 33,500		$ 33,500
Excess of Adjusted Market Value of Real Estate Assets Plus Distributions Over Aggregate Contributed Investor Capital | New York Recovery Advisors, LLC | Advisor
Listing Distribution Derivative [Line Items]
Subordinated incentive listing distribution, percentage of benchmark		15.00%		15.00%
Minimum
Listing Distribution Derivative [Line Items]
Average market value of stock for listing period				180 days
Maximum
Listing Distribution Derivative [Line Items]
Average market value of stock for listing period				210 days
Annual Targeted Investor Return | Pre-tax Non-compounded Return on Capital Contribution | New York Recovery Advisors, LLC | Advisor
Listing Distribution Derivative [Line Items]
Cumulative capital investment return as a percentage of benchmark		6.00%		6.00%
Class B units | New York Recovery Advisors, LLC
Listing Distribution Derivative [Line Items]
Expected ownership interest (in shares)	3,062,512

Fair Value of Financial Instr53

Fair Value of Financial Instruments (Schedule of Fair Value, Liabilities Measured on Recurring Basis) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities	$ 3,563	$ 4,659
Interest rate swaps, net | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps, net	(1,741)	(1,071)
Interest rate swaps, net | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps, net	0	0
Interest rate swaps, net | Fair Value, Measurements, Recurring | Significant Other Observable Inputs Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps, net	(1,741)	(1,071)
Interest rate swaps, net | Fair Value, Measurements, Recurring | Significant Unobservable Inputs Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps, net	0	0
Investment securities | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities	3,563	4,659
Investment securities | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities	3,563	4,659
Investment securities | Fair Value, Measurements, Recurring | Significant Other Observable Inputs Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities	0	0
Investment securities | Fair Value, Measurements, Recurring | Significant Unobservable Inputs Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities	$ 0	$ 0

Fair Value of Financial Instr54

Fair Value of Financial Instruments (Fair Value, by Balance Sheet Grouping) (Details) - Level 3 - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Mortgage notes payable | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt, fair value	$ 171,998	$ 172,242
Mortgage notes payable | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt, fair value	173,315	174,468
Credit facility | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt, fair value	635,000	635,000
Credit facility | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt, fair value	637,865	651,579
Preferred Equity Investment | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt, fair value	0	35,100
Preferred Equity Investment | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt, fair value	$ 0	$ 34,800

Interest Rate Derivatives and55

Interest Rate Derivatives and Hedging Activities (Narrative) (Details) - Jun. 30, 2015 - Designated as Hedging Instrument - Cash Flow Hedging - USD ($) $ in Millions	Total
Derivatives at Fair Value | Interest rate swaps
Derivative [Line Items]
Fair value of derivatives	$ 1.9
Interest rate swaps, net
Derivative [Line Items]
Amount required to settle its obligations under the agreement at its aggregate termination value incase of breach	$ 1.9
Interest rate swaps, net | Interest Expense
Derivative [Line Items]
Interests reclassified to AOCI	12 months
Interests reclassified to AOCI period	$ 1.7

Interest Rate Derivatives and56

Interest Rate Derivatives and Hedging Activities (Schedule Of Interest Rate Derivative) (Details) - Interest rate swaps - Designated as Hedging Instrument - Cash Flow Hedging $ in Thousands	Jun. 30, 2015USD ($)derivative	Dec. 31, 2014USD ($)derivative
Derivative [Line Items]
Number of Instruments | derivative	6	6
Notional Amount	$ 179,988	$ 179,988

Interest Rate Derivatives and57

Interest Rate Derivatives and Hedging Activities (Schedule of Derivative Instruments in Statement of Financial Position, Fair Value) (Details) - Cash Flow Hedging - Interest rate swaps - Designated as Hedging Instrument - Derivatives at Fair Value - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Derivatives, Fair Value [Line Items]
Derivative assets, at fair value	$ 10	$ 205
Derivative liabilities, at fair value	$ (1,751)	$ (1,276)

Interest Rate Derivatives and58

Interest Rate Derivatives and Hedging Activities (Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance) (Details) - Cash Flow Hedging - Interest rate swaps, net - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Derivative Instruments, Gain (Loss) [Line Items]
Amount of loss recognized in accumulated other comprehensive income (loss) from interest rate derivatives (effective portion)	$ (100)	$ (1,575)	$ (1,719)	$ (2,232)
Amount of loss recognized in loss on derivative instruments (ineffective portion and amount excluded from effectiveness testing)	0	0	(4)	0
Interest Expense
Derivative Instruments, Gain (Loss) [Line Items]
Amount of loss reclassified from accumulated other comprehensive income (loss) into income as interest expense (effective portion)	$ (527)	$ (540)	$ (1,053)	$ (1,071)

Interest Rate Derivatives and59

Interest Rate Derivatives and Hedging Activities (Schedule of Offsetting Liabilities) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gross Amounts of Recognized Assets	$ 10	$ 205
Gross Amounts of Recognized Liabilities	(1,751)	(1,276)
Net Amounts of Assets (Liabilities) presented on the Balance Sheet	(1,741)	(1,071)
Financial Instruments	0	0
Cash Collateral Posted	0	0
Net Amount	$ (1,741)	$ (1,071)

Common Stock (Details)

Common Stock (Details) - $ / shares	2 Months Ended	3 Months Ended		6 Months Ended		41 Months Ended	43 Months Ended
	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Apr. 30, 2014	Mar. 31, 2014	Dec. 31, 2014
Class of Stock [Line Items]
Common stock, shares outstanding (in shares)		162,556,189		162,556,189				162,181,939
Dividends declared (in dollars per share)	$ 0.46	$ 0.12	$ 0.08	$ 0.23	$ 0.23	$ 0.605
Dividends declared per day (in dollars per share)							$ 0.0016575342
Common stock
Class of Stock [Line Items]
Common stock, shares outstanding (in shares)		162,556,189		162,556,189				162,181,939

Commitments and Contingencies61

Commitments and Contingencies (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Commitments and Contingencies Disclosure [Abstract]
Rent expense	$ 1,900	$ 1,900	$ 3,900	$ 3,900
Interest expense	$ 16	$ 16	$ 32	$ 32

Commitments and Contingencies62

Commitments and Contingencies (Minimum Lease Payments) (Details) $ in Thousands	Jun. 30, 2015USD ($)
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
July 1, 2015 - December 31, 2015, Operating Leases	$ 2,450
2016, Operating Leases	4,958
2017, Operating Leases	4,905
2018, Operating Leases	5,089
2019, Operating Leases	5,346
Thereafter, Operating Leases	251,627
Total, Operating Leases	274,375
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
July 1, 2015 - December 31, 2015, Operating Leases	43
2016, Operating Leases	86
2017, Operating Leases	86
2018, Operating Leases	86
2019, Operating Leases	86
Thereafter, Operating Leases	3,490
Total, Operating Leases	3,877
Less: amounts representing interest	(1,753)
Total present value of minimum lease payments	$ 2,124

Commitments and Contingencies63

Commitments and Contingencies (Capital Lease Assets) (Details) - Building and Building Improvements - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Capital Leased Assets [Line Items]
Buildings, fixtures and improvements	$ 11,783	$ 11,783
Less accumulated depreciation and amortization	(1,421)	(1,137)
Total real estate investments, net	$ 10,362	$ 10,646

Related Party Transactions an64

Related Party Transactions and Arrangements (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Related Party Transaction [Line Items]
Common stock, shares outstanding (in shares)	162,556,189		162,556,189		162,181,939
Due from affiliates	$ 0		$ 0
Special Limited Partner
Related Party Transaction [Line Items]
Common stock, shares outstanding (in shares)	20,000		20,000		20,000
Sponsor | Real Estate Investment Fund
Related Party Transaction [Line Items]
Related party transaction, amount			$ 3,200,000
Investment income	$ 0	$ 0	42,000
Viceroy Hotel | Affiliated Entity
Related Party Transaction [Line Items]
Revenue from Related Parties	12,000	$ 100,000	45,000	$ 200,000
Due from affiliates	$ 0		$ 0		$ 23,000

Related Party Transactions an65

Related Party Transactions and Arrangements (Fees Paid in Connection With the Operations of the Company) (Details) - Advisor - USD ($)	Apr. 15, 2014	Jun. 30, 2015	Dec. 31, 2014
New York Recovery Advisors, LLC
Related Party Transaction [Line Items]
Cost of assets maximum		$ 3,000,000,000
Asset management fees earned above		0.40%
New York Recovery Advisors, LLC | Contract Purchase Price
Related Party Transaction [Line Items]
Acquisition fees earned by related party		1.00%
New York Recovery Advisors, LLC | Average Invested Assets
Related Party Transaction [Line Items]
Asset management fees as a percentage of benchmark		0.50%	0.75%
Cost of assets maximum		$ 3,000,000,000
New York Recovery Advisors, LLC | Gross Revenue, Multi-tenant Properties
Related Party Transaction [Line Items]
Property management fees as a percentage of benchmark		4.00%
New York Recovery Advisors, LLC | Amount Available or Outstanding Under Financing Arrangement
Related Party Transaction [Line Items]
Financing coordination as a percentage of benchmark		0.75%
New York Recovery Advisors, LLC and Realty Capital Securities, LLC | Contract Purchase Price
Related Party Transaction [Line Items]
Unearned units, in lieu of asset management fees (in shares)	1,188,667
Equity-based compensation	$ 11,500,000
Maximum | New York Recovery Advisors, LLC | Contract Purchase Price
Related Party Transaction [Line Items]
Acquisition fees and acquisition related expenses earned by related party		4.50%
Maximum | New York Recovery Advisors, LLC | Gross Revenue, Managed Properties
Related Party Transaction [Line Items]
Oversight fees as a percentage of benchmark		1.00%
Greater Of | Maximum | New York Recovery Advisors, LLC | Average Invested Assets
Related Party Transaction [Line Items]
Operating expenses as a percentage of benchmark		2.00%
Greater Of | Maximum | New York Recovery Advisors, LLC | Net Income, Excluding Additions to Non-cash Reserves and Gains on Sales of Assets
Related Party Transaction [Line Items]
Operating expenses as a percentage of benchmark		25.00%

Related Party Transactions an66

Related Party Transactions and Arrangements (Fees Paid in Connection With the Operations of the Company, Incurred, Forgiven and Payable) (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Related Party Transaction [Line Items]
Due to affiliates, net		$ 220		$ 220		$ 575
Financing coordination fees | Nonrecurring fees
Related Party Transaction [Line Items]
Due to affiliates, net		0		0		0
Asset management fees | Ongoing fees
Related Party Transaction [Line Items]
Due to affiliates, net	[1]	(48)		(48)		15
Transfer agent and other professional fees | Ongoing fees
Related Party Transaction [Line Items]
Due to affiliates, net		268		268		560
Property management and leasing fees | Ongoing fees
Related Party Transaction [Line Items]
Due to affiliates, net		0		0		0
Dividends on Class B units | Ongoing fees
Related Party Transaction [Line Items]
Due to affiliates, net		0		0		$ 0
Incurred
Related Party Transaction [Line Items]
Fees paid to related parties		3,371	$ 5,697	6,699	$ 6,371
Incurred | Financing coordination fees | Nonrecurring fees
Related Party Transaction [Line Items]
Fees paid to related parties		0	2,363	0	2,363
Incurred | Asset management fees | Ongoing fees
Related Party Transaction [Line Items]
Fees paid to related parties	[1]	3,101	2,274	6,245	2,274
Incurred | Transfer agent and other professional fees | Ongoing fees
Related Party Transaction [Line Items]
Fees paid to related parties		270	1,041	454	1,627
Incurred | Property management and leasing fees | Ongoing fees
Related Party Transaction [Line Items]
Fees paid to related parties		0	0	0	0
Incurred | Dividends on Class B units | Ongoing fees
Related Party Transaction [Line Items]
Fees paid to related parties		0	19	0	107
Forgiven
Related Party Transaction [Line Items]
Fees paid to related parties		683	413	1,219	787
Forgiven | Financing coordination fees | Nonrecurring fees
Related Party Transaction [Line Items]
Fees paid to related parties		0	0	0	0
Forgiven | Asset management fees | Ongoing fees
Related Party Transaction [Line Items]
Fees paid to related parties	[1]	0	0	0	0
Forgiven | Transfer agent and other professional fees | Ongoing fees
Related Party Transaction [Line Items]
Fees paid to related parties		0	0	0	0
Forgiven | Property management and leasing fees | Ongoing fees
Related Party Transaction [Line Items]
Fees paid to related parties		683	413	1,219	787
Forgiven | Dividends on Class B units | Ongoing fees
Related Party Transaction [Line Items]
Fees paid to related parties		$ 0	$ 0	$ 0	$ 0
[1]	Prior to the Listing, the Company caused the OP to issue to the Advisor restricted performance based Class B units for asset management services, which vested as of the Listing.

Related Party Transactions an67

Related Party Transactions and Arrangements (Fees absorbed by Affiliate) (Details) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Related Party Transaction [Line Items]
Due from affiliates		$ 0
New York Recovery Advisors, LLC | Absorbed General and Administrative Expenses | Advisor
Related Party Transaction [Line Items]
Related party transaction, amount	$ 1,041,000	$ 0	$ 1,041,000

Related Party Transactions an68

Related Party Transactions and Arrangements (Fees Paid in Connection with the Liquidation or Listing of the Company's Real Estate Assets) (Details) - USD ($)	1 Months Ended	3 Months Ended	6 Months Ended
	Apr. 30, 2014	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
RCS Advisory Services, LLC
Related Party Transaction [Line Items]
Transaction management fee			$ 3,000,000
Realty Capital Securities, LLC and American National Stock Transfer, LLC | Dealer Manager and Transfer Agent
Related Party Transaction [Line Items]
Fees paid to related parties		$ 700,000		$ 1,300,000
Information agent and advisory service fee			1,900,000
Transaction Management | RCS Advisory Services, LLC
Related Party Transaction [Line Items]
Fees paid to related parties		1,500,000	0	1,500,000
Information Agent and Advisory Service Fee | Realty Capital Securities, LLC and American National Stock Transfer, LLC | Dealer Manager and Transfer Agent
Related Party Transaction [Line Items]
Fees paid to related parties			$ 0		$ 600,000
Fees and expense reimbursements from the Advisor and Dealer Manager | RCS Advisory Services, LLC | Dealer Manager
Related Party Transaction [Line Items]
Fees paid to related parties	$ 6,900,000
Transaction fee earned			0.25%
Contract Sales Price | Maximum | New York Recovery Advisors, LLC | Advisor
Related Party Transaction [Line Items]
Fees paid to related parties		600,000	$ 600,000
Real estate commission earned by related party			2.00%
Contract Sales Price | Maximum | Brokerage Commission Fees | New York Recovery Advisors, LLC | Advisor
Related Party Transaction [Line Items]
Real estate commission earned by related party			50.00%
Contract Sales Price | Maximum | Real Estate Commissioner | New York Recovery Advisors, LLC | Advisor
Related Party Transaction [Line Items]
Real estate commission earned by related party			6.00%
General Legal Services | Maximum | New York Recovery Advisors, LLC | Advisor
Related Party Transaction [Line Items]
Fees paid to related parties		$ 9,000		$ 9,000

Share-Based Compensation (Detai

Share-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Mar. 31, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, par value (in dollars per share)	$ 0.01			$ 0.01		$ 0.01
Stock Options | Stock Option Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)	500,000			500,000
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum authorized amount as a percentage of shares authorized			5.00%
Common stock, par value (in dollars per share)			$ 0.01
Maximum percent of awards as a percent of total outstanding			10.00%
Restricted Stock | Restricted Share Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)			7,500,000
Shares automatically granted (in shares)	3,000			3,000
Vesting percentage	20.00%			20.00%
Vesting period				4 years
Granted (in shares)				281,499
Share-based payment award, award vesting rights				25.00%
Equity-based compensation	$ 0.2	$ 0.3		$ 0.2	$ 0.3
Compensation cost not yet recognized	$ 2.7			$ 2.7
Shares expected to vest				3 years 8 months 12 days
Advisor | Restricted Stock | Restricted Share Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)				279,365

Share-Based Compensation (Restr

Share-Based Compensation (Restricted Stock Activity) (Details) - Restricted Share Plan - Restricted Stock - $ / shares	6 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning Balance (in shares)	89,499
Granted (in shares)	281,499
Vested (in shares)	(17,558)
Forfeited (in shares)	0
Ending Balance (in shares)	353,440
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Beginning Balance (in dollars per share)	$ 10.44	$ 10.73
Granted (in dollars per share)	10.36
Vested (in dollars per share)	10.75
Forfeited (in dollars per share)	0
Ending Balance (in dollars per share)	$ 10.44

Share-Based Compensation (Multi

Share-Based Compensation (Multi-Year Outperformance Plan Agreement) (Details) - USD ($)		Apr. 15, 2015	Apr. 15, 2014	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payments of Dividends						$ 37,305,000	$ 28,830,000
New Multi-Year Outperformance Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation				$ 2,000,000	$ 1,800,000	$ 2,200,000	$ 1,801,603
New Multi-Year Outperformance Plan | Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Opp units issued (in shares)			$ 8,880,579
Company's market capitalization percentage			5.00%
Share-based payment award, award vesting rights						33.33%
Distribution entitlement percentage						10.00%
Payments of Dividends				$ 300,000		$ 400,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period		367,059
New Multi-Year Outperformance Plan | Performance Shares | Performance Period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Absolute Component: 4% of any excess Total Return attained above an absolute hurdle measured from the beginning of such period:				21.00%		21.00%
100% will be earned if cumulative Total Return achieved is at least:	[1]			18.00%		18.00%
50% will be earned if cumulative Total Return achieved is:	[1]			0.00%		0.00%
0% will be earned if cumulative Total Return achieved is less than:	[1]			0.00%		0.00%
New Multi-Year Outperformance Plan | Performance Shares | Annual Period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Absolute Component: 4% of any excess Total Return attained above an absolute hurdle measured from the beginning of such period:				7.00%		7.00%
100% will be earned if cumulative Total Return achieved is at least:	[1]			6.00%		6.00%
50% will be earned if cumulative Total Return achieved is:	[1]			0.00%		0.00%
0% will be earned if cumulative Total Return achieved is less than:	[1]			0.00%		0.00%
New Multi-Year Outperformance Plan | Performance Shares | Interim Period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Absolute Component: 4% of any excess Total Return attained above an absolute hurdle measured from the beginning of such period:				14.00%		14.00%
100% will be earned if cumulative Total Return achieved is at least:	[1]			12.00%		12.00%
50% will be earned if cumulative Total Return achieved is:	[1]			0.00%		0.00%
0% will be earned if cumulative Total Return achieved is less than:	[1]			0.00%		0.00%
Relative Component | Excess Return, Above Peer Group | New Multi-Year Outperformance Plan | Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized, percentage of benchmark				4.00%		4.00%
Relative Component | Cumulative Return, Above Threshold | New Multi-Year Outperformance Plan | Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares awarded as a percentage of maximum				100.00%		100.00%
Relative Component | Cumulative Return, Above Threshold | New Multi-Year Outperformance Plan | Performance Shares | Minimum | Performance Period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Return percentage threshold				0.00%		0.00%
Relative Component | Cumulative Return, Above Threshold | New Multi-Year Outperformance Plan | Performance Shares | Minimum | Annual Period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Return percentage threshold				0.00%		0.00%
Relative Component | Cumulative Return, Above Threshold | New Multi-Year Outperformance Plan | Performance Shares | Minimum | Interim Period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Return percentage threshold				0.00%		0.00%
Relative Component | Cumulative Return, Above Threshold | New Multi-Year Outperformance Plan | Performance Shares | Maximum | Performance Period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Return percentage threshold				18.00%		18.00%
Relative Component | Cumulative Return, Above Threshold | New Multi-Year Outperformance Plan | Performance Shares | Maximum | Annual Period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Return percentage threshold				6.00%		6.00%
Relative Component | Cumulative Return, Above Threshold | New Multi-Year Outperformance Plan | Performance Shares | Maximum | Interim Period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Return percentage threshold				12.00%		12.00%
Relative Component | Cumulative Return, Equal to Threshold | New Multi-Year Outperformance Plan | Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares awarded as a percentage of maximum				50.00%		50.00%
Relative Component | Cumulative Return, Below Threshold | New Multi-Year Outperformance Plan | Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares awarded as a percentage of maximum				0.00%		0.00%
Absolute Component | Excess Return, Above Threshold | New Multi-Year Outperformance Plan | Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized, percentage of benchmark				4.00%		4.00%
[1]	The “Peer Group” is comprised of the companies in the SNL US REIT Office Index.

Share-Based Compensation (Fair

Share-Based Compensation (Fair Value Inputs) (Details) - Multi-year Outperformance Plan - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
OPP	$ 23,800	$ 29,100
Quoted Prices in Active Markets Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
OPP	0	0
Significant Other Observable Inputs Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
OPP	0	0
Significant Unobservable Inputs Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
OPP	$ 23,800	$ 29,100

Share-Based Compensation (Level

Share-Based Compensation (Level 3 Reconciliations) (Details) - Multi-year Outperformance Plan - Share Based Compensation Liability $ in Thousands	6 Months Ended
	Jun. 30, 2015USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	$ 29,100
Fair value adjustment	(5,300)
Ending Balance	$ 23,800

Share-Based Compensation (Valua

Share-Based Compensation (Valuation Techniques) (Details) - Monte Carlo Simulation - Fair Value, Measurements, Recurring - Share Based Compensation Liability - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
OPP	$ 23,800	$ 29,100
Expected volatility	24.00%	27.00%

Accumulated Other Comprehensi75

Accumulated Other Comprehensive Income (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2015USD ($)
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Accumulated Other Comprehensive Income (Loss), Net of Tax	$ (816)
Other comprehensive income (loss), before reclassifications	(1,759)
Amounts reclassified from accumulated other comprehensive income (loss)	1,005
Net current-period other comprehensive income (loss)	(754)
Accumulated Other Comprehensive Income (Loss), Net of Tax	(1,570)
Unrealized gains on available-for-sale securities
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Accumulated Other Comprehensive Income (Loss), Net of Tax	244
Other comprehensive income (loss), before reclassifications	(40)
Amounts reclassified from accumulated other comprehensive income (loss)	(48)
Net current-period other comprehensive income (loss)	(88)
Accumulated Other Comprehensive Income (Loss), Net of Tax	156
Designated derivatives fair value adjustment
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Accumulated Other Comprehensive Income (Loss), Net of Tax	(1,060)
Other comprehensive income (loss), before reclassifications	(1,719)
Amounts reclassified from accumulated other comprehensive income (loss)	1,053
Net current-period other comprehensive income (loss)	(666)
Accumulated Other Comprehensive Income (Loss), Net of Tax	$ (1,726)

Net Loss Per Share (Schedule of

Net Loss Per Share (Schedule of Earnings Per Share, Basic and Diluted) (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 loss attributable to stockholders (In thousands)	$ (8,659)	$ (67,237)	$ (16,858)	$ (75,393)
Basic weighted average shares outstanding (in shares)	162,156,470	168,972,601	162,124,624	172,003,465
Basic and diluted net loss per share attributable to stockholders (in dollars per share)	$ (0.05)	$ (0.40)	$ (0.10)	$ (0.44)

Net Loss Per Share (Schedule 77

Net Loss Per Share (Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share) (Details) - shares	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive common share equivalents (in shares)	13,412,109	10,366,798
Unvested restricted stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive common share equivalents (in shares)	353,440	214,019
OP units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive common share equivalents (in shares)	4,178,090	1,272,200
LTIP units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive common share equivalents (in shares)	8,880,579	8,880,579

Non-controlling Interests (Deta

Non-controlling Interests (Details) - USD ($) $ in Thousands	May. 13, 2015	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014	Sep. 30, 2012
Noncontrolling Interest [Line Items]
Distributions to non-controlling interest holders				$ 1,361
163 Washington Ave Condominiums
Noncontrolling Interest [Line Items]
Noncontrolling members' aggregate investment							$ 500
Advisor
Noncontrolling Interest [Line Items]
Distributions to non-controlling interest holders		$ 800	$ 100	$ 1,400	$ 100
OP units | Advisor
Noncontrolling Interest [Line Items]
Nonvested Shares outstanding (in shares)		4,178,090		4,178,090		4,270,841
LTIP units | Advisor
Noncontrolling Interest [Line Items]
Nonvested Shares outstanding (in shares)		8,880,579		8,880,579		8,880,579
Common stock
Noncontrolling Interest [Line Items]
OP units converted to common stock (in shares)	92,751

Subsequent Events (Narrative) (

Subsequent Events (Narrative) (Details) - Subsequent Event	Aug. 06, 2015
Subsequent Event [Line Items]
Ownership interest in ARC Global	40.00%
AMH Holdings
Subsequent Event [Line Items]
Ownership interest in ARC Global	60.00%