New York REIT Liquidating (NYRT) 10-Q 9 Nov 16 2016 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2016	Oct. 31, 2016
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	Sep. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Common Stock, Shares Outstanding		165,856,770

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Real estate investments, at cost:
Land	$ 477,171	$ 477,171
Buildings, fixtures and improvements	1,175,518	1,208,138
Acquired intangible assets	132,673	137,594
Total real estate investments, at cost	1,785,362	1,822,903
Less accumulated depreciation and amortization	(197,076)	(172,668)
Total real estate investments, net	1,588,286	1,650,235
Cash and cash equivalents	59,841	98,604
Restricted cash	5,095	2,019
Investment in unconsolidated joint venture	194,325	215,370
Assets held for sale	0	29,268
Derivatives, at fair value	46	431
Tenant and other receivables	4,890	3,537
Unbilled rent receivables	51,045	42,905
Prepaid expenses and other assets (including amounts prepaid to related parties of $7 as of December 31, 2015)	9,390	10,074
Deferred costs, net	10,473	12,319
Total assets	1,923,391	2,064,762
LIABILITIES AND EQUITY
Mortgage notes payable, net of deferred financing costs	363,851	381,443
Credit facility	485,000	485,000
Market lease intangibles, net	67,102	73,083
Liabilities related to assets held for sale	0	321
Derivatives, at fair value	1,569	1,266
Accounts payable, accrued expenses and other liabilities (including amounts due to related parties of $526 and $99 as of September 30, 2016 and December 31, 2015, respectively)	32,759	27,736
Deferred revenue	8,315	3,617
Dividends payable	17	27
Total liabilities	958,613	972,493
Common stock, $0.01 par value; 300,000,000 shares authorized, 165,855,226 and 162,529,811 shares issued and outstanding at September 30, 2016 and December 31, 2015, respectively	1,659	1,626
Additional paid-in capital	1,434,644	1,403,624
Accumulated other comprehensive loss	(1,555)	(1,237)
Accumulated deficit	(482,510)	(369,273)
Total stockholders' equity	952,238	1,034,740
Non-controlling interests	12,540	57,529
Total equity	964,778	1,092,269
Total liabilities and equity	1,923,391	2,064,762
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	Sep. 30, 2016	Dec. 31, 2015
Due from affiliate	$ 0	$ 7
Due to affiliate	$ 526	$ 99
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)	165,855,226	162,529,811
Common stock, shares outstanding (in shares)	165,855,226	162,529,811
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		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Revenues:
Rental income	$ 30,267	$ 32,510	$ 89,045	$ 98,118
Hotel revenue	7,098	7,054	18,487	18,626
Operating expense reimbursements and other revenue	3,895	5,044	10,360	13,390
Total revenues	41,260	44,608	117,892	130,134
Operating expenses:
Property operating	11,539	11,197	31,994	32,264
Hotel operating	6,856	6,525	19,710	18,690
Operating fees incurred from the Advisor	3,500	3,121	9,624	9,366
Transaction related	11,623	2,850	18,233	3,071
Impairment loss on real estate investment	27,911	0	27,911	0
General and administrative	1,760	6,519	(975)	15,672
Depreciation and amortization	16,305	20,484	50,117	64,317
Total operating expenses	79,494	50,696	156,614	143,380
Operating loss	(38,234)	(6,088)	(38,722)	(13,246)
Other income (expenses):
Interest expense	(8,875)	(7,495)	(27,913)	(20,091)
Income from unconsolidated joint venture	711	473	2,556	1,278
Income from preferred equity investment, investment securities and interest	3	141	24	1,079
Gain on sale of real estate investments, net	0	0	6,630	0
Loss on derivative instruments	(12)	(540)	(370)	(544)
Total other expenses	(8,173)	(7,421)	(19,073)	(18,278)
Net loss	(46,407)	(13,509)	(57,795)	(31,524)
Net loss attributable to non-controlling interests	1,140	434	1,475	952
Net loss attributable to stockholders	(45,267)	(13,075)	(56,320)	(30,572)
Other comprehensive income (loss):
Unrealized gain (loss) on derivatives	660	(580)	(318)	(1,246)
Unrealized loss on investment securities	0	(151)	0	(239)
Total other comprehensive income (loss)	660	(731)	(318)	(1,485)
Comprehensive loss attributable to stockholders	$ (44,607)	$ (13,806)	$ (56,638)	$ (32,057)
Basic and diluted weighted average common shares outstanding (in shares)	165,384,074	162,203,065	164,700,025	162,151,058
Basic and diluted net loss per share attributable to stockholders (in dollars per share)	$ (0.27)	$ (0.08)	$ (0.34)	$ (0.19)
Dividends declared per common share (in dollars per share)	$ 0.115	$ 0.115	$ 0.345	$ 0.345

CONSOLIDATED STATEMENT OF CHANG

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - 9 months ended Sep. 30, 2016 - USD ($) $ in Thousands	Total	Total Stockholders' Equity	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit	Non-controlling Interests
Beginning Balance (in shares) at Dec. 31, 2015			162,529,811
Beginning Balance at Dec. 31, 2015	$ 1,092,269	$ 1,034,740	$ 1,626	$ 1,403,624	$ (1,237)	$ (369,273)	$ 57,529
Increase (Decrease) in Stockholders' Equity [Roll Forward]
OP units redeemed for common stock (in shares)			3,336,430
OP units redeemed for common stock		30,798	$ 33	30,765
OP units converted to common stock, non-controlling interests							30,798
Equity-based compensation and redemption of vested shares (in shares)			(11,015)
Equity-based compensation and redemption of vested shares	(10,637)	255		255			(10,892)
Dividends declared on common stock and distributions to non-controlling interest holders	(58,741)	(56,917)				(56,917)	(1,824)
Net loss	(57,795)	(56,320)				(56,320)	(1,475)
Unrealized loss on derivatives	(318)	(318)			(318)
Ending Balance (in shares) at Sep. 30, 2016			165,855,226
Ending Balance at Sep. 30, 2016	$ 964,778	$ 952,238	$ 1,659	$ 1,434,644	$ (1,555)	$ (482,510)	$ 12,540

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Cash flows from operating activities:
Net loss	$ (57,795)	$ (31,524)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	50,117	64,317
Amortization of deferred financing costs	6,627	4,539
Accretion of below- and amortization of above-market lease liabilities and assets, net	(4,908)	(6,757)
Equity-based compensation	(10,467)	6,518
Loss on derivative instruments	370	120
Income from unconsolidated joint venture	(2,556)	(1,278)
Gain on sale of real estate investment, net	(6,630)	0
Impairment loss on real estate investment	27,911	0
Gain on sale of investment securities	0	(102)
Bad debt expense	262	760
Changes in assets and liabilities:
Tenant and other receivables	(1,454)	(724)
Unbilled rent receivables	(8,338)	(11,251)
Prepaid expenses, other assets and deferred costs	(1,659)	2,325
Accrued unbilled ground rent	2,058	2,493
Accounts payable and accrued expenses	2,663	4,519
Deferred revenue	790	(711)
Net cash (used in) provided by operating activities	(3,009)	33,244
Cash flows from investing activities:
Proceeds from sale of real estate investments and redemption of preferred equity investment	35,429	35,100
Acquisition funds released from escrow	0	4,748
Capital expenditures	(15,979)	(23,325)
Distributions from unconsolidated joint venture	27,509	3,550
Proceeds from sale of investment securities	0	4,357
Purchase of investment securities	0	(78)
Net cash provided by investing activities	46,959	24,352
Cash flows from financing activities:
Proceeds from mortgage notes payable	0	305,000
Payments on mortgage notes payable	(19,069)	(88,705)
Payments on credit facility	0	(150,000)
Payments for purchase of derivative instruments	0	(488)
Increases in funds held in escrow related to financing transactions	0	(52,089)
Payments of financing costs	(1,647)	(10,720)
Dividends paid	(56,927)	(56,016)
Distributions to non-controlling interest holders	(1,824)	(1,982)
Redemptions of restricted shares	(170)	0
Restricted cash	(3,076)	(4,685)
Net cash used in financing activities	(82,713)	(59,685)
Net decrease in cash and cash equivalents	(38,763)	(2,089)
Cash and cash equivalents, beginning of period	98,604	22,512
Cash and cash equivalents, end of period	59,841	20,423
Supplemental disclosures:
Cash paid for interest	21,221	14,932
Non-cash investing and financing activities:
Dividends payable	17	26
Accrued capital expenditures	860	1,418
Conversion of OP units to common stock	$ 30,798	$ 974

Organization

Organization	9 Months Ended
	Sep. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Note 1 — Organization New York REIT, Inc. (the "Company") was incorporated on October 6, 2009 as 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. On April 15, 2014, the Company listed its common stock on the New York Stock Exchange ("NYSE") under the symbol "NYRT" (the "Listing"). The Company purchased its first property and commenced active operations in June 2010. As of September 30, 2016 , the Company owned 19 properties. As of September 30, 2016 , the Company's properties aggregated 3.3 million rentable square feet, had an occupancy of 93.4% and a weighted-average remaining lease term of 9.0 years . The Company's portfolio primarily consisted of office and retail properties, representing 83% and 9% , respectively, of rentable square feet as of September 30, 2016 . The Company has acquired hotel and other types of real properties to add diversity to its portfolio. Properties other than office and retail spaces represented 8% of rentable square feet. Substantially all of the Company's business is conducted through its operating partnership, New York Recovery Operating Partnership, L.P. (the "OP"). The Company's only significant asset is the general partnership interests it owns in the OP and assets held by the Company for the use and benefit of the OP. The Company has no 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. The Advisor and Property Manager are under common control with AR Global Investments, LLC (the successor business to AR Capital, LLC, "AR Global"), the parent of the Company's sponsor, American Realty Capital III, LLC (the "Sponsor"), as a result of which, they are related parties and have received or will continue to receive compensation, fees and expense reimbursements for services related to the investment and management of the Company's assets. In September 2016, the Company issued a Request For Proposals (“RFP”) for all interested, qualified parties to serve as the Company’s external advisor upon expiration of the existing advisory agreement with the Advisor (the “Advisory Agreement”) on December 26, 2016. Pursuant to the Advisory Agreement, the Company has provided notice to the Advisor that the Advisory Agreement will terminate in accordance with its terms on December 26, 2016. The Company is evaluating proposals received under the RFP, including a proposal from the Advisor, and a decision has not been made as to whether the Company will enter into a new advisory agreement with the Advisor or another party or the terms of any new advisory agreement. The Company expects to complete this RFP process and make a selection of an advisor prior to its 2016 annual meeting of stockholders (the “Annual Meeting”) scheduled to be held on December 19, 2016. The property management agreement with the Property Manager (the “Property Management Agreement”) has a term expiring on September 1, 2017. On August 22, 2016, the Company's board of directors approved a plan of liquidation to sell all or substantially all of the assets of the Company and its OP and to liquidate and dissolve the Company and the OP (the "plan of liquidation"). Adoption of the plan of liquidation is subject to stockholder approval, and, on September 27, 2016, the Company filed a preliminary proxy statement on Schedule 14A with respect to seeking stockholder approval of the plan of liquidation (the “preliminary proxy statement”). Subsequently, the Company announced that it will seek stockholder approval of the plan of liquidation at its Annual Meeting. If the plan of liquidation is approved by the Company's stockholders, the Company will adopt the liquidation basis of accounting which requires the Company's assets to be measured at the estimated amounts of consideration the entity expects to collect in settling and disposing of its assets and liabilities are to be measured at the estimated amounts at which the liabilities are expected to be settled. If the plan of liquidation is approved by the Company’s stockholders and implemented, the sale of the Company’s assets will be administered by the board of directors and the Advisor (or any replacement advisor) in accordance with the plan of liquidation and an advisory agreement with the Advisor (or any replacement advisor) and subject to the Company’s governing documents. Pursuant to the plan of liquidation, the Company expects to sell or transfer all of its assets, pay or provide for its liabilities and expenses, distribute the remaining proceeds of the liquidation of its assets to its stockholders, wind up its operations and dissolve. The actual amounts and times of the liquidating distributions the Company will make to its stockholders pursuant to the plan of liquidation will be determined by the Company’s board of directors in its discretion. The board of directors may terminate, modify or amend the plan of liquidation at any time before or after it is approved by the stockholders. Additional information and considerations regarding the plan of liquidation are included in the preliminary proxy statement.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2016
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2 — 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 nine months ended September 30, 2016 are not necessarily indicative of the results of operations 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, 2015 , which are included in the Company's Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission ("SEC") on February 26, 2016 . There have been no significant changes to the Company's significant accounting policies during the three and nine months ended September 30, 2016 , other than the updates described below and in the subsequent notes. Recent Accounting Pronouncements In March 2016, the Financial Accounting Standards Board (the "FASB") issued guidance which requires an entity to determine whether the nature of its promise to provide goods or services to a customer is performed in a principal or agent capacity and to recognize revenue in a gross or net manner based on its principal/agent designation. This guidance is effective for public business entities for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2017. Early adoption is permitted. The Company is currently evaluating the impact of this new guidance. In June 2016, the FASB issued guidance that changes how entities measure credit losses for financial assets carried at amortized cost. The update eliminates the requirement that a credit loss must be probable before it can be recognized and instead requires an entity to recognize the current estimate of all expected credit losses. Additionally, the update requires credit losses on available-for-sale debt securities to be carried as an allowance rather than as a direct write-down of the asset. The amendments become effective for reporting periods beginning after December 15, 2019. The amendments may be adopted early for reporting periods beginning after December 15, 2018. The Company is currently evaluating the impact of this new guidance. In August 2016, the FASB issued guidance on how certain transactions should be classified and presented in the statement of cash flows as either operating, investing or financing activities. Among other things, the update provides specific guidance on where to classify debt prepayment and extinguishment costs, payments for contingent consideration made after a business combination and distributions received from equity method investments. The revised guidance is effective for reporting periods beginning after December 15, 2017. Early adoption is permitted. The Company is currently evaluating the impact of this new guidance. Recently Adopted Accounting Pronouncements In February 2015, the FASB amended the accounting for consolidation of certain legal entities. The amendments modify the evaluation of whether certain legal entities are variable interest entities ("VIE") or voting interest entities, eliminate the presumption that a general partner should consolidate a limited partnership and affect the consolidation analysis of reporting entities that are involved with VIEs (particularly those that have fee arrangements and related party relationships). The revised guidance is effective for the Company's fiscal year ended December 31, 2016. The Company has evaluated the impact of the adoption of the new guidance on its consolidated financial statements and has determined the OP is considered to be a VIE and continues to consolidate the OP as required under previous GAAP. However, the Company meets the disclosure exemption criteria as the Company is the primary beneficiary of the VIE and the Company’s partnership interest is considered a majority voting interest in a business and the assets of the OP can be used for purposes other than settling its obligations, such as paying distributions. Also as a result of the new guidance, the Company has also determined that WWP Holdings, LLC ("Worldwide Plaza") is a VIE, but the Company is not the primary beneficiary and therefore continues to not consolidate the entity. As such, the adoption of the new guidance did not have a material impact on the Company's consolidated financial statements. In April 2015, the FASB amended the presentation of debt issuance costs on the balance sheet. The amendment requires that debt issuance costs related to a recognized debt liability be presented on the balance sheet as a direct deduction from the carrying amount of that debt liability and that the entity apply the new guidance on a retrospective basis. In August 2015, the FASB added that, for line of credit arrangements, the SEC staff would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line, regardless of whether or not there are any outstanding borrowings. The revised guidance is effective for the Company's fiscal year ended December 31, 2016. As a result of adoption of the new guidance, the Company has reclassified deferred financing costs, net related to mortgage notes payable of $5.3 million and $7.0 million , respectively, as of September 30, 2016 and December 31, 2015 as a reduction of the carrying amount of mortgage notes payable. See Note 6 — Mortgage Notes Payable . As permitted, deferred financing costs related to the Company's credit facility with Capital One, National Association (the "Credit Facility") continue to be reflected within deferred costs, net on the consolidated balance sheets. In March 2016, the FASB issued an update that changes the accounting for certain aspects of share-based compensation. Among other things, the revised guidance allows companies to make an entity-wide accounting policy election to either estimate the number of awards that are expected to vest or account for forfeitures when they occur. The revised guidance is effective for reporting periods beginning after December 15, 2016. Early adoption is permitted. The Company has adopted the provisions of this guidance beginning January 1, 2016 and determined that there is no impact to the Company’s consolidated financial position, results of operations and cash flows. The Company's policy is to account for forfeitures as they occur.

Real Estate Investments

Real Estate Investments	9 Months Ended
	Sep. 30, 2016
Real Estate [Abstract]
Real Estate Investments	Note 3 — Real Estate Investments There were no real estate assets acquired or liabilities assumed during the three and nine months ended September 30, 2016 or 2015 . The following table presents future minimum base cash rental payments due to the Company, excluding future minimum base cash rental payments related to the Company's unconsolidated joint venture, subsequent to September 30, 2016 . 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 October 1, 2016 - December 31, 2016 $ 26,672 2017 107,433 2018 104,372 2019 96,285 2020 96,819 Thereafter 555,308 Total $ 986,889 The following table lists the tenants whose annualized cash rent represented greater than 10% of total annualized cash rent as of September 30, 2016 and 2015 , including annualized cash rent related to the Company's unconsolidated joint venture: September 30, Property Portfolio Tenant 2016 2015 Worldwide Plaza Cravath, Swaine & Moore, LLP 16% 16% Worldwide Plaza Nomura Holdings America, Inc. 11% 10% The termination, delinquency or non-renewal of any of the above tenants may have a material adverse effect on the Company's operations. Intangible Assets and Liabilities Acquired intangible assets and liabilities as of September 30, 2016 and December 31, 2015 consist of the following: September 30, 2016 (In thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Intangible assets: In-place leases $ 108,577 $ 34,479 $ 74,098 Other intangibles 3,804 670 3,134 Above-market leases 20,292 4,681 15,611 Total acquired intangible assets $ 132,673 $ 39,830 $ 92,843 Intangible lease liabilities: Below-market leases $ 75,613 $ 25,190 $ 50,423 Above-market ground lease liability 17,968 1,289 16,679 Total market lease intangibles $ 93,581 $ 26,479 $ 67,102 December 31, 2015 (In thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Intangible assets: In-place leases $ 113,392 $ 31,120 $ 82,272 Other intangibles 3,804 429 3,375 Above-market leases 20,398 3,713 16,685 Total acquired intangible assets $ 137,594 $ 35,262 $ 102,332 Intangible lease liabilities: Below-market leases $ 77,177 $ 21,110 $ 56,067 Above-market ground lease liability 17,968 952 17,016 Total market lease intangibles $ 95,145 $ 22,062 $ 73,083 The following table discloses amounts recognized within the consolidated statements of operations and comprehensive loss related to amortization of in-place leases and other intangibles, amortization and accretion of above- and below-market lease assets and liabilities, net and the amortization of above-market ground lease, for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, (In thousands) 2016 2015 2016 2015 Amortization of in-place leases and other intangibles (1) $ 2,608 $ 4,706 $ 8,415 $ 15,683 Amortization and (accretion) of above- and below market leases, net (2) $ (1,455 ) $ (1,732 ) $ (4,571 ) $ (6,420 ) Amortization of above-market ground lease (3) $ (112 ) $ (112 ) $ (337 ) $ (337 ) _______________ (1) Reflected within depreciation and amortization expense. (2) Reflected within rental income. (3) Reflected within hotel expenses. The following table provides the projected amortization expense and adjustments to revenues for the next five years as of September 30, 2016 : October 1, 2016 - December 31, 2016 2017 2018 2019 2020 In-place leases $ 2,490 $ 9,612 $ 8,655 $ 8,271 $ 8,033 Other intangibles 80 321 321 321 321 Total to be included in depreciation and amortization expense $ 2,570 $ 9,933 $ 8,976 $ 8,592 $ 8,354 Above-market lease assets $ (355 ) $ (1,420 ) $ (1,420 ) $ (1,420 ) $ (1,407 ) Below-market lease liabilities 1,802 6,660 5,875 5,490 5,250 Total to be included in rental income $ 1,447 $ 5,240 $ 4,455 $ 4,070 $ 3,843 Above-market ground lease liability to be deducted from hotel expenses $ (112 ) $ (449 ) $ (449 ) $ (449 ) $ (449 ) Real Estate Sales During the nine months ended September 30, 2016 , the Company sold its properties located at 163-30 Cross Bay Boulevard in Queens, New York ("Duane Reade"), 1623 Kings Highway in Brooklyn, New York ("1623 Kings Highway") and 2061-2063 86th Street in Brooklyn, New York ("Foot Locker"). The following table summarizes the properties sold during the nine months ended September 30, 2016 . The Company did not sell any real estate assets during the three months ended September 30, 2016 or during the three and nine months ended September 30, 2015 . Property Borough Disposition Date Contract Sales Price Gain on Sale (1)(2) (in thousands) (in thousands) Duane Reade (3) Queens February 2, 2016 $ 12,600 $ 126 1623 Kings Highway Brooklyn February 17, 2016 17,000 4,293 Foot Locker Brooklyn March 30, 2016 8,400 2,211 $ 38,000 $ 6,630 ______________________ (1) Reflected within gain on sale of real estate investments, net in the consolidated statements of operations and comprehensive loss for the nine months ended September 30, 2016 . (2) During the nine months ended September 30, 2016 , the Company repaid three mortgage notes payable totaling $18.9 million with the proceeds from the sales of Duane Reade, 1623 Kings Highway and Foot Locker. (3) Impairment charge of $0.9 million was recognized during the year ended December 31, 2015 in connection with the classification of Duane Reade as held for sale. The sale of Duane Reade, 1623 Kings Highway and Foot Locker did not represent a strategic shift that has a major effect on the Company’s operations and financial results. Accordingly, the results of operations of Duane Reade, 1623 Kings Highway and Foot Locker remain classified within continuing operations for all periods presented until the respective dates of their sale. Non-Recurring Fair Value Measurement Adjustments As a result of the Company’s board of director’s approval of adoption of the plan of liquidation, subject to approval of the Company’s stockholders, the Company reconsidered its intended holding period for all of its operating properties and evaluated the impact on its ability to recover the carrying value of such properties based on the expected cash flows over its intended holding period. The Company's estimated future cash flows expected to be generated are based on management’s experience in its real estate market and the effects of current market conditions. The assumptions are subject to economic and market uncertainties including, among others, market capitalization rates, discount rates, demand for space, competition for tenants, changes in market rental rates, and costs to operate the property. As these factors are difficult to predict and are subject to future events that may alter management’s assumptions, the future cash flows estimated by management in its impairment analysis may not be achieved, and actual losses or impairment may be realized in the future. As a result of its consideration of impairment, the Company determined that the carrying value of the Viceroy Hotel exceeded its estimated fair value and recognized an impairment charge of $27.9 million for the three and nine months ended September 30, 2016 . The Company recognized no impairment during the three and nine months ended September 30, 2015 .

Investment in Unconsolidated Jo

Investment in Unconsolidated Joint Venture	9 Months Ended
	Sep. 30, 2016
Equity Method Investments and Joint Ventures [Abstract]
Investment in Unconsolidated Joint Venture	Note 4 — Investment in Unconsolidated Joint Venture On October 30, 2013, the Company purchased a 48.9% equity interest in Worldwide Plaza for a contract purchase price of $220.1 million , based on the property value for Worldwide Plaza of $1.3 billion less $875.0 million of debt on the property. As of September 30, 2016 , the Company's pro rata portion of debt secured by 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. As a result of new accounting guidance, the Company has determined that Worldwide Plaza is a VIE, but is not required to consolidate the activities of Worldwide Plaza. 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. See Note 2 — Summary of Significant Accounting Policies . Pursuant to the terms of the membership agreement governing the Company’s 48.9% equity interest in Worldwide Plaza, the Company retains an option (the "WWP Option") to purchase the balance of the equity interest in Worldwide Plaza beginning on January 1, 2017 until June 30, 2017, 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 the WWP Option, the Company will be subject to a fee in the amount of $25.0 million . The Company intends to exercise the WWP Option, but the Company does not currently have sufficient funds to exercise the WWP Option. While the Company has commenced the process of seeking new financing in sufficient amount to exercise the WWP Option and meet other capital needs, there can be no assurance that such financing will be available on a timely basis, on favorable terms or at all. 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 September 30, 2016 and December 31, 2015 , the carrying value of the Company's investment in Worldwide Plaza was $194.3 million and $215.4 million , respectively. The Company is party to litigation related to Worldwide Plaza. See Note 10 — Commitments and Contingencies . 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 September 30, 2016 and December 31, 2015 for Worldwide Plaza are as follows: (In thousands) September 30, 2016 December 31, 2015 (Unaudited) Real estate assets, at cost $ 715,415 $ 714,642 Less accumulated depreciation and amortization (132,349 ) (117,092 ) Total real estate assets, net 583,066 597,550 Cash and cash equivalents 1,809 9,036 Other assets 264,329 259,894 Total assets $ 849,204 $ 866,480 Debt $ 875,000 $ 875,000 Other liabilities 15,675 15,515 Total liabilities 890,675 890,515 Deficit (41,471 ) (24,035 ) Total liabilities and deficit $ 849,204 $ 866,480 Company's basis $ 194,325 $ 215,370 The condensed statements of operations for the three and nine months ended September 30, 2016 and 2015 for Worldwide Plaza are as follows: Three Months Ended September 30, Nine Months Ended September 30, (In thousands) 2016 2015 2016 2015 Rental income $ 31,564 $ 30,771 $ 94,172 $ 92,036 Other revenue 1,239 1,245 3,699 3,694 Total revenue 32,803 32,016 97,871 95,730 Operating expenses: Operating expenses 12,026 11,812 35,636 35,780 Depreciation and amortization 6,850 6,945 20,469 20,659 Total operating expenses 18,876 18,757 56,105 56,439 Operating income 13,927 13,259 41,766 39,291 Interest expense (10,364 ) (10,102 ) (30,874 ) (29,976 ) Net income 3,563 3,157 10,892 9,315 Company's preferred return (3,957 ) (3,936 ) (12,012 ) (11,681 ) Net loss to members $ (394 ) $ (779 ) $ (1,120 ) $ (2,366 ) Net income (loss) related to Worldwide Plaza includes the Company's preferred return, the Company's pro rata share of Worldwide Plaza net income (loss) to members and amortization of the basis difference. The following table presents the components of the income related to the Company's investment in Worldwide Plaza for the periods presented, which is included in income from unconsolidated joint venture on the consolidated statements of operations and comprehensive loss. Three Months Ended September 30, Nine Months Ended September 30, (In thousands) 2016 2015 2016 2015 Company's preferred return $ 3,957 $ 3,936 $ 12,012 $ 11,681 Company's share of net loss from Worldwide Plaza (193 ) (381 ) (546 ) (1,157 ) Amortization of basis difference (3,053 ) (3,082 ) (8,910 ) (9,246 ) Company's income from Worldwide Plaza $ 711 $ 473 $ 2,556 $ 1,278

Credit Facility

Credit Facility	9 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
Credit Facility	Note 5 — Credit Facility The Company is party to the Credit Facility, which 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 2017. The Company exercised its first extension option in August 2016 and has one option remaining 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 Company has historically paid interest calculated based on LIBOR, plus an applicable margin. The outstanding balance of the term and revolving portions of the Credit Facility was $305.0 million and $180.0 million , respectively, as of September 30, 2016 , and $305.0 million and $180.0 million , respectively, as of December 31, 2015 . The Credit Facility had a combined weighted average interest rate of 2.64% and 2.39% as of September 30, 2016 and December 31, 2015 , respectively, a portion of which is fixed with an interest rate swap. The Credit Facility requires the Company to pay 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 actual availability of borrowings under the Credit Facility for any period is based on requirements outlined in the Credit Facility with respect to the pool of eligible unencumbered assets that comprise the borrowing base properties. The unused borrowing capacity, based on the debt service coverage ratio of the borrowing base properties as of September 30, 2016 , was $55.2 million . 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. During the fourth quarter of 2015, the Company identified certain immaterial errors impacting interest expense in its previously issued quarterly financial statements. Interest expense and net loss were understated by $0.3 million and $1.0 million , respectively, for the three and nine months ended September 30, 2015 , which has been corrected in the accompanying consolidated statements of operations and comprehensive loss for the prior period. The Credit Facility requires the Company to meet certain financial covenants, including the maintenance of certain ratios (such as specified debt to equity and debt service coverage ratios), maintenance of a minimum net worth and limits on certain restricted payments. As of September 30, 2016 , the Company was in compliance with the debt covenants under the Credit Facility, except with respect to the restricted payments covenant which was exceeded as of September 30, 2016 . The Company subsequently obtained the necessary waiver from the Credit Facility lenders pursuant to a waiver agreement (the "Waiver Agreement"). Pursuant to the Waiver Agreement, the Company will pay a waiver fee of $0.1 million to lenders which approved the waiver by 5:00 pm New York City time on November 8, 2016 ( 0.02% of the commitment amount of each such lender). In addition, the Waiver Agreement provides that the Company will not to pay any cash dividends to stockholders (or make certain other restricted payments) until the earlier of December 31, 2016 and the repayment of all amounts outstanding under the Credit Facility. The Company is currently seeking to obtain new financing of approximately $760 million in order to repay the existing Credit Facility in full, to provide additional liquidity for the Company to exercise the WWP Option and to provide increased flexibility to sell assets and distribute the proceeds to stockholders pursuant to the plan of liquidation. There can be no assurance that such financing will be available on a timely basis, on favorable terms or at all.

Mortgage Notes Payable

Mortgage Notes Payable	9 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
Mortgage Notes Payable	Note 6 — Mortgage Notes Payable The Company's mortgage notes payable as of September 30, 2016 and December 31, 2015 consist of the following: Outstanding Loan Amount Portfolio Encumbered Properties September 30, 2016 December 31, 2015 Effective Interest Rate Interest Rate Maturity (In thousands) (In thousands) Design Center 1 $ 19,486 $ 19,798 4.4 % Fixed Dec. 2021 1100 Kings Highway 1 20,200 20,200 3.4 % Fixed (1) Aug. 2017 256 West 38 th Street 1 24,500 24,500 3.1 % Fixed (1) Dec. 2017 1440 Broadway (2) 1 305,000 305,000 4.1 % Variable (3) Oct. 2019 Foot Locker (4) — 3,250 Duane Reade (4) — 8,400 1623 Kings Highway (4) — 7,288 Mortgage notes payable, gross principal amount 369,186 388,436 Less: deferred financing costs, net (5,335 ) (6,993 ) Mortgage notes payable, net of deferred financing costs 4 $ 363,851 $ 381,443 4.0 % (5) ______________________ (1) Fixed through an interest rate swap agreement. (2) Total commitments of $325.0 million ; additional $20.0 million available, subject to lender approval, to fund certain tenant allowances, capital expenditures and leasing costs. (3) LIBOR portion is capped through an interest rate cap agreement. (4) During the nine months ended September 30, 2016 , the Company repaid three mortgage notes payable with the proceeds from the sales of Duane Reade, 1623 Kings Highway and Foot Locker. (5) Calculated on a weighted average basis for all mortgages outstanding as of September 30, 2016 . The Company's remaining properties, with the exception of 367-369 Bleecker Street and 387 Bleecker Street, but excluding 382-384 Bleecker Street, that are not subject to mortgage notes payable represent the borrowing base of the Credit Facility and represent collateral under the Credit Facility for that purpose. On September 30, 2015, in connection with the mortgage notes payable secured by its property located at 1440 Broadway, the Company executed guarantees in favor of the lenders with respect to the costs of certain unfunded obligations of the Company related to tenant allowances, capital expenditures and leasing costs, which guarantees are capped at $5.3 million in the aggregate. The guarantees expire in October 2019, the maturity date of the 1440 Broadway mortgage. As of September 30, 2016 , the Company has not been required to perform under the guarantees and has not recognized any assets or liabilities related to the guarantees. Real estate investments of $635.1 million , at cost and net of below-market lease liabilities, at September 30, 2016 have been pledged as collateral to their respective mortgages and are not available to satisfy the Company's corporate debts and obligations unless first satisfying the mortgage notes payable on the properties. The following table summarizes the scheduled aggregate principal repayments subsequent to September 30, 2016 : (In thousands) Future Minimum Principal Payments October 1, 2016 - December 31, 2016 $ 106 2017 48,245 2018 3,703 2019 308,869 2020 4,041 Thereafter 4,222 Total $ 369,186 Some of the Company's mortgage note agreements require compliance with certain property-level financial covenants including debt service coverage ratios. As of September 30, 2016 , the Company was in compliance with the financial covenants under its mortgage note agreements.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 2016
Fair Value Disclosures [Abstract]
Fair Value Of Financial Instruments	Note 7 — Fair Value of Financial Instruments The Company determines fair value of its financial instruments 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 has determined that the majority of the inputs used to value its derivatives, such as interest rate swaps and caps, fall within Level 2 of the fair value hierarchy and the credit valuation adjustments associated with those derivatives, such as estimates of current credit spreads to evaluate the likelihood of default by the Company and its counterparties are not significant to the overall valuation of the Company's derivatives. See Note 8 — Interest Rate Derivatives and Hedging Activities . The valuation of derivatives is determined using a discounted cash flow analysis on the expected cash flows. This analysis reflects the contractual terms of the derivatives, 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 following table presents information about the Company's derivatives that are presented net, measured at fair value on a recurring basis as of September 30, 2016 and December 31, 2015 , 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 September 30, 2016 Derivatives, net $ — $ (1,523 ) $ — $ (1,523 ) December 31, 2015 Derivatives, net $ — $ (835 ) $ — $ (835 ) 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 nine months ended September 30, 2016 . 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, 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. September 30, 2016 December 31, 2015 (In thousands) Level Gross Principal Balance Fair Value Gross Principal Balance Fair Value Mortgage notes payable 3 $ 369,186 $ 379,196 $ 388,436 $ 401,503 Credit Facility 3 $ 485,000 $ 497,573 $ 485,000 $ 487,579 The fair value of mortgage notes payable and the fixed-rate portions of term loans on the Credit Facility are estimated using a discounted cash flow analysis based on similar types of arrangements. 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	9 Months Ended
	Sep. 30, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Interest Rate Derivatives and Hedging Activities	Note 8 — Interest Rate Derivatives and Hedging Activities Risk Management Objective of Using Derivatives The Company uses 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 perform under the agreements. To mitigate this risk, the Company only enters into derivative financial instruments with counterparties that the Company believes to have high credit ratings and with major financial institutions with which the Company and the Advisor and its affiliates may also have other financial relationships. The Company does not anticipate that any of the counterparties will fail to meet their obligations. 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 caps 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 caps designated as cash flow hedges involve the receipt of variable-rate amounts if interest rates rise above the cap 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 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. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. During the nine months ended September 30, 2016 , the Company terminated one of its interest rate swaps as the related hedged debts were repaid, which made it probable that the forecasted transactions would not occur and, as a result, accelerated the reclassification of immaterial amounts in accumulated other comprehensive loss to earnings. The accelerated amounts resulted in a loss of approximately $24,000 for the nine months ended September 30, 2016 . Amounts reported in accumulated other comprehensive loss related to derivatives are 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 $1.0 million will be reclassified from accumulated other comprehensive loss as an increase to interest expense. As of September 30, 2016 and December 31, 2015 , the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk. September 30, 2016 December 31, 2015 Interest Rate Derivative Number of Instruments Notional Amount Number of Instruments Notional Amount (In thousands) (In thousands) Interest rate swaps 3 $ 124,700 4 $ 131,988 Derivatives Not Designated as Hedges Derivatives not designated as hedges are not speculative and 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 under GAAP. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in earnings, which resulted in an expense of approximately $12,000 and $0.4 million during the three and nine months ended September 30, 2016 , respectively, and included in loss on derivative instruments on the consolidated statements of operations and comprehensive loss. As of September 30, 2016 , the Company had the following outstanding interest rate derivatives that were not designated as hedges in qualified hedging relationships. September 30, 2016 December 31, 2015 Interest Rate Derivative Number of Instruments Notional Amount Number of Instruments Notional Amount (In thousands) (In thousands) Interest rate caps 2 $ 305,000 2 $ 305,000 Balance Sheet Classification 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 September 30, 2016 and December 31, 2015 : (In thousands) Balance Sheet Location September 30, 2016 December 31, 2015 Derivatives designated as hedging instruments: Interest rate swaps Derivative assets, at fair value $ — $ 15 Interest rate swaps Derivative liabilities, at fair value $ (1,569 ) $ (1,266 ) Derivatives not designated as hedging instruments: Interest rate caps Derivative assets, at fair value $ 46 $ 416 Derivatives in Cash Flow Hedging Relationships The table below details the location in the financial statements of the gain or loss recognized on interest rate derivatives designated as cash flow hedges for the three and nine months ended September 30, 2016 and 2015 , respectively: Three Months Ended September 30, Nine Months Ended September 30, (In thousands) 2016 2015 2016 2015 Amount of income (loss) recognized in accumulated other comprehensive income (loss) from interest rate derivatives (effective portion) $ 350 $ (1,286 ) $ (1,308 ) $ (3,005 ) Amount of loss reclassified from accumulated other comprehensive loss into income as interest expense (effective portion) $ (310 ) $ (706 ) $ (990 ) $ (1,759 ) Amount of loss recognized in loss on derivative instruments (ineffective portion, reclassifications of missed forecasted transactions and amounts excluded from effectiveness testing) $ — $ — $ (1 ) $ (4 ) Offsetting Derivatives The Company does not offset its derivatives on the accompanying consolidated balance sheets. The table below presents a gross presentation, the potential effects of offsetting, and a potential net presentation of the Company's derivatives as of September 30, 2016 and December 31, 2015 . 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 consolidated balance sheets. Gross Amounts Not Offset on the Balance Sheet Derivatives (In thousands) Gross Amounts of Recognized Assets Gross Amounts of Recognized Liabilities Potential Net Amounts of Assets (Liabilities) presented on the Balance Sheet Financial Instruments Cash Collateral Posted Net Amount September 30, 2016 $ 46 $ (1,569 ) $ (1,523 ) $ — $ — $ (1,523 ) December 31, 2015 $ 431 $ (1,266 ) $ (835 ) $ — $ — $ (835 ) Credit-risk-related Contingent Features The Company has agreements with each of 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 September 30, 2016 , 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 $1.6 million . As of September 30, 2016 , the Company has not posted any collateral related to these 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 their aggregate termination value of $1.6 million at September 30, 2016 .

Common Stock

Common Stock	9 Months Ended
	Sep. 30, 2016
Stockholders' Equity Note [Abstract]
Common Stock	Note 9 — Common Stock As of September 30, 2016 and December 31, 2015 , the Company had 165.9 million and 162.5 million shares of common stock outstanding, respectively, including shares of unvested restricted common stock ("restricted shares"), but not including limited partnership interests of the OP entitled "OP units" ("OP units") or limited partnership units of the OP entitled "LTIP units" ("LTIP units") which may in the future be redeemed for shares of common stock. During the three and nine months ended September 30, 2016 , the Company issued 726,365 and 3,336,430 shares, respectively, of its common stock upon redemption of 726,365 and 3,336,430 OP units, respectively, held by certain individuals who are members, employees or former employees of the Advisor. See Note 15 — Non-Controlling Interests . From April 2014 through October 2016, the Company's board of directors has authorized, and the Company has declared, a monthly dividend at an annualized rate equal to $0.46 per share per annum. Dividends were 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. In October 2016, the Company announced that because of the plan of liquidation approved by the Company's board of directors, which is subject to stockholder approval, the Company’s board of directors had determined that the Company will not pay a regular dividend for the month of November 2016 and December 2016. As described in the preliminary proxy statement, if the plan of liquidation is approved by the Company’s stockholders, the Company thereafter expects to make periodic liquidating distributions out of net proceeds of asset sales, subject to satisfying its liabilities and obligations, in lieu of regular monthly dividends. If the plan of liquidation is not approved by the Company’s stockholders, the Company’s board of directors will re-evaluate the Company’s dividend policy. See Note 16 — Subsequent Events . The Company was in default under the Credit Facility as of September 30, 2016, because the regular monthly dividends that the Company paid in September 2016 caused the Company to exceed the amount of restricted payments permitted to be paid under the Credit Facility during the relevant period. Because of this default, the payment of the Company’s regular monthly dividend in October 2016 also was not permitted under the Credit Facility. On November 8, 2016, the required lenders under the Credit Facility waived this default, and the Company agreed, in connection with the waiver, not to pay any cash dividends to stockholders (or make certain other restricted payments) until the earlier of December 31, 2016 and the repayment of all amounts outstanding under the Credit Facility. See Note 16 — Subsequent Events .

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 10 — Commitments and Contingencies Future Minimum Lease Payments The Company entered into operating and capital lease agreements 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 (1) Capital Leases (2) October 1, 2016 - December 31, 2016 $ 1,226 $ 22 2017 4,905 86 2018 5,089 86 2019 5,346 86 2020 5,346 86 Thereafter 246,281 3,404 Total minimum lease payments $ 268,193 $ 3,770 Less: amounts representing interest (1,674 ) Total present value of minimum lease payments $ 2,096 _______________ (1) Operating leases comprise the Viceroy Hotel ground lease (2) Capital leases comprise 350 Bleecker Street ground lease Total rental expense related to operating leases was $1.9 million and $5.8 million , respectively, for the three and nine months ended September 30, 2016 and 2015 . During the three and nine months ended September 30, 2016 and 2015 , interest expense related to capital leases was approximately $16,000 and $48,000 , respectively. The following table discloses assets recorded under capital leases and the accumulated amortization thereon as of September 30, 2016 and December 31, 2015 . (In thousands) September 30, 2016 December 31, 2015 Buildings, fixtures and improvements $ 11,783 $ 11,783 Less accumulated depreciation and amortization (2,132 ) (1,705 ) Total real estate investments, net $ 9,651 $ 10,078 Litigation and Regulatory Matters In the ordinary course of business, the Company may become subject to litigation, claims and regulatory matters. There are no legal or regulatory proceedings pending or known to be contemplated against the Company from which the Company expects to incur a material loss. RXR Litigation RXR Realty (“RXR”) initiated a suit against the Company alleging that it suffered “lost profits” in connection with the Company’s purchase of its 48.9% interest in 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 appealed the ruling and, on October 13, 2015, the appellate court upheld the previous decisions; however, the appellate court held that the trial court's exclusion of lost profit damages was premature and would have to be considered through a motion for summary judgment. The Company moved for partial summary judgment to reinstate the damages limitation, and the trial court granted the motion at oral argument on March 24, 2016. On June 16, 2016, RXR appealed and the appeal is expected to be heard later this year. 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. Combination Transactions Litigation During June 2016, Irene Jacobs and Marvin Jacobs filed a class action complaint (the “Jacobs Complaint”) on behalf of public stockholders of the Company against the Company, the OP, Michael Happel, the Company's chief executive officer, and its board of directors. The Jacobs Complaint was originally filed in New York Supreme Court, New York County on June 17, 2016, but the New York action was discontinued and re-filed in Maryland Circuit Court on July 12, 2016. The Jacobs Complaint seeks to enjoin the series of transactions contemplated by the Master Combination Agreement (the “JBG Combination Agreement”) the Company entered into in May 2016 with JBG Properties, Inc. and JBG/Operating Partners, L.P (collectively “JBG Management Entities”), and certain pooled investment funds that are affiliates of the JBG Management Entities (collectively with the JBG Management Entities and certain affiliated entities, “JBG”). The Jacobs Complaint alleges, among other things, that the individual defendants breached their fiduciary duties to the public stockholders of the Company by causing the Company to enter into the JBG Combination Agreement, and that the Company, the OP and JBG knowingly assisted in those alleged breaches. On August 2, 2016, the Company and the OP entered into an agreement with JBG to terminate the JBG Combination Agreement. On September 2, 2016, following termination of the JBG Combination Agreement, a stipulation of voluntary discontinuance of the Jacobs Complaint was filed, concluding the matter. 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	9 Months Ended
	Sep. 30, 2016
Related Party Transactions [Abstract]
Related Party Transactions and Arrangements	Note 11 — Related Party Transactions and Arrangements Individual members of the Advisor and employees of the Advisor hold interests in the OP. See Note 15 — Non-Controlling Interests . Realty Capital Securities, LLC (the "Former Dealer Manager") served as the dealer manager of the IPO, which was ongoing from September 2010 to December 2013, and, together with its affiliates, continued to provide the Company with various services through December 31, 2015. RCS Capital Corporation ("RCAP"), the parent company of the Former Dealer Manager and certain of its affiliates that provided services to the Company, filed for Chapter 11 bankruptcy protection in January 2016, prior to which it was also under common control with AR Global, the parent of the Sponsor. In May 2016, RCAP and its affiliated debtors emerged from bankruptcy under the new name, Aretec Group, Inc. Viceroy Hotel The following table details revenues from related parties at the Viceroy Hotel. The Company did not have any receivables from related parties as of September 30, 2016 or December 31, 2015 . Three Months Ended September 30, Nine Months Ended September 30, (In thousands) 2016 2015 2016 2015 Hotel revenues $ 7 $ 25 $ 36 $ 110 Advisor and its Affiliates Pursuant to the Advisory Agreement, the Company pays to the Advisor an asset management fee 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 is payable 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. The Company has paid this fee in cash during all periods in the fiscal year ended December 31, 2015 and for the nine months ended September 30, 2016 . On April 25, 2016, the Advisory Agreement was amended to provide for automatic renewal for successive six-month periods beginning on June 26, 2016, unless terminated automatically upon the consummation of a change in control or upon 60-days' written notice without cause and without penalty prior to the expiration of the original term or any subsequent renewal period. On October 24, 2016, the Company provided notice that the existing Advisory Agreement between the Company and the Advisor will be terminated effective December 26, 2016. See Note 16 — Subsequent Events . Pursuant to the Property Management Agreement, unless the Company contracts with a third party, the Company has agreed to pay 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 equal to 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. The term of the Property Management Agreement expires on September 1, 2017, and thereafter is automatically renewed for an additional one-year term unless either party gives 60 days prior written notice of its intention not to renew. The Company reimburses the Advisor for costs and expenses paid or incurred by the Advisor and its affiliates in connection with providing services to the Company (including reasonable salaries and wages, benefits and overhead of all employees directly involved in performing services), although the Company does not reimburse the Advisor for personnel costs in connection with services for which the Advisor receives a separate fee. The Company’s executive officers, employees of affiliates of the Advisor and Property Manager, except for awards of restricted shares under certain limited circumstances, do not receive any compensation directly from the Company for serving as executive officers. The Company does not reimburse the Advisor and its affiliates that are involved in managing the Company’s operations, including the Property Manager, for salaries, bonuses or benefits incurred by these entities and paid to the Company's executive officers. Prior to June 2015, 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 during the applicable time) 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% Limitation"). The Company amended and restated the Advisory Agreement on June 26, 2015 which, among other things, removed the 2%/25% Limitation. Total reimbursement of costs and expenses for the three and nine months ended September 30, 2016 was $0.8 million and $2.9 million , respectively. The Company did not reimburse the Advisor for costs and expenses incurred during the three and nine months ended September 30, 2015 . If the Company acquires additional properties, the Company will reimburse the Advisor for expenses incurred by the Advisor or its affiliates for services provided by third parties and acquisition expenses incurred by the Advisor or its affiliates on their own behalf or directly from third parties, but is not obligated to pay to the Advisor or any of its affiliates additional fees. The predecessor to the parent of the Sponsor was party to a services agreement with RCS Advisory Services, LLC, a subsidiary of the parent company of the Former Dealer Manager ("RCS Advisory"), pursuant to which RCS Advisory and its affiliates provided the Company and certain other companies sponsored by the Sponsor with services (including, without limitation, transaction management, compliance, due diligence, event coordination and marketing services, among others) on a time and expenses incurred basis or at a flat rate based on services performed. The predecessor to the parent of the Sponsor instructed RCS Advisory to stop providing such services in November 2015 and no services have since been provided by RCS Advisory. The Company was also party to a transfer agency agreement with American National Stock Transfer, LLC ("ANST"); a subsidiary of the parent company of the Former Dealer Manager, pursuant to which ANST provided the Company with transfer agency services (including broker and stockholder servicing, transaction processing, year-end IRS reporting and other services), and supervisory services overseeing the transfer agency services performed by DST Systems, Inc. ("DST"), a third-party transfer agent. The Sponsor received written notice from ANST on February 10, 2016 that it would wind down operations by the end of the month and would withdraw as the transfer agent effective February 29, 2016. Subsequently, the Company entered into an agreement with Computershare, Inc ("Computershare"), a third-party transfer agent to provide the Company directly with transfer agency services (including broker and stockholder servicing, transaction processing, year-end Internal Revenue Service ("IRS") reporting and other services). For the three and nine months ended September 30, 2016 , the fees for services provided by DST and Computershare are included in general and administrative expenses on the consolidated statements of operations and comprehensive loss during the period in which the service was provided. The following table details amounts incurred, waived and contractually owed to the Advisor, Property Manager or other related parties as of and for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, Payable (Receivable) as of 2016 2015 2016 2015 September 30, December 31, (In thousands) Incurred Waived Incurred Waived Incurred Waived Incurred Waived 2016 2015 Ongoing fees: Asset management fees $ 3,054 $ — $ 3,121 $ — $ 9,178 $ — $ 9,366 $ — $ — $ (7 ) Transfer agent and other professional fees 756 — 448 — 2,107 — 902 — 80 99 Property management fees 446 — 727 727 1,440 994 1,946 1,946 446 — Total related party operational fees and reimbursements $ 4,256 $ — $ 4,296 $ 727 $ 12,725 $ 994 $ 12,214 $ 1,946 $ 526 $ 92 During the three months ended September 30, 2016 , the Property Manager began to not waive the property management fee pursuant to the Property Management Agreement, which were paid in cash. The independent directors are reviewing these property management fees. For the six months ended June 30, 2016 and three and nine months ended September 30, 2015 , the Advisor and Property Manager agreed to waive certain fees, including property management fees. The fees that were waived were not deferrals and accordingly, will not be paid to the Advisor in any subsequent periods. In connection with a sale of one or more properties, in which the Advisor provides a substantial amount of services, as determined by the Company’s independent directors, the Company is required under the Advisory Agreement to 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. The Company incurred and paid $0.2 million in property disposition fees during the nine months ended September 30, 2016 . No such fees were incurred or paid during the three months ended September 30, 2016 or the three and nine months ended September 30, 2015 .

Economic Dependency

Economic Dependency	9 Months Ended
	Sep. 30, 2016
Economic Dependency [Abstract]
Economic Dependency	Note 12 — 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, 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	9 Months Ended
	Sep. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-Based Compensation	Note 13 — 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 September 30, 2016 and December 31, 2015 , 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. Under the RSP, the annual amount granted to the independent directors is determined by the board of directors. The maximum number of shares of stock granted under the RSP cannot exceed 10% of the Company’s outstanding shares of common stock on a fully diluted basis at any time. Restricted shares issued to independent directors generally vest over a three -year period in increments of 33.3% per annum. Generally, such awards provide for accelerated vesting of (i) all unvested restricted shares upon a "change in control" or a termination "without cause" and (ii) the portion of the unvested restricted shares scheduled to vest in the year of voluntary termination or the failure to be re-elected to the board. Restricted shares may not, in general, be sold or otherwise transferred until restrictions are removed and the shares have vested. Holders of restricted shares receive cash dividends and other distributions (including any liquidating distributions made pursuant to the plan of liquidation) prior to the time that the restrictions on the restricted shares have lapsed. Any dividends payable in shares of common stock are subject to the same restrictions as the underlying restricted shares. In February 2015, the board of directors approved, and the Company awarded, 279,365 restricted shares to employees of the Advisor, of which 79,805 restricted shares were subsequently forfeited. The remaining awards vest over a four -year period in increments of 25% per annum. The following table displays restricted share award activity during the nine months ended September 30, 2016 : Number of Restricted Shares Weighted-Average Issue Price Unvested, December 31, 2015 316,570 $ 10.59 Granted 5,915 10.14 Vested (73,044 ) 10.45 Unvested, September 30, 2016 249,441 $ 10.62 Compensation expense related to restricted shares was $0.1 million and $0.5 million for the three and nine months ended September 30, 2016 , respectively, and is included in general and administrative expenses on the consolidated statement of operations and other comprehensive loss. For the three and nine months ended September 30, 2015 , compensation expense related to restricted shares was $0.2 million and $0.4 million , respectively, and is included in general and administrative expenses on the consolidated statement of operations and other comprehensive loss. As of September 30, 2016 , the Company had $1.2 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 2.4 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 with the Advisor (as amended and restated effective August 5, 2015, the "OPP"). 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 interests in the OP. The Advisor is 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 if total stockholder 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 total stockholder return achieved is at least: 18% 6% 12% • 50% will be earned if total stockholder return achieved is: 0% 0% 0% • 0% will be earned if total stockholder return achieved is less than: 0% 0% 0% • 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 certain 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. On April 15, 2015, 367,059 LTIP units were earned by the Advisor under the terms of the OPP. On April 15, 2016, 805,679 additional LTIP units were earned by the Advisor under the terms of the OPP. Moreover, the OPP provides for early calculation of earned LTIP units and for the accelerated vesting of any earned LTIP units in the event the Advisor is terminated or in the event of a "change in control" of the Company, which could motivate the Advisor to recommend a transaction that would result in a "change in control" under the OPP when such a transaction would not otherwise be in the best interests of the Company's stockholders. 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 an LTIP unit is earned in accordance with the provisions of the OPP, the holder of such LTIP unit is entitled to distributions on such LTIP unit equal to 10% of the distributions (other than distributions of sales proceeds) made per OP unit. If real estate assets are sold and net sales proceeds distributed prior to April 15, 2017, the end of the Three -Year Period, the holders of LTIP units generally would be entitled to a portion of those net sales proceeds with respect to both the earned and unearned LTIP units (although the amount per LTIP unit, which would be determined in accordance with a formula in the limited partnership agreement of the OP, would be less than the amount per OP unit until the average capital account per LTIP unit equals the average capital account per OP unit). The Company’s board of directors has discretion as to the timing of distributions of net sales proceeds. The Company paid $0.2 million and $1.2 million in distributions related to LTIP units during the three and nine months ended September 30, 2016 , respectively, which is included in non-controlling interest in the consolidated balance sheets. For the three and nine months ended September 30, 2015 , the Company paid $0.1 million and $0.5 million , respectively, in distributions related to LTIP units that had been earned. After an LTIP unit is earned, the holder of such LTIP unit is entitled to a catch-up distribution and then the same distribution as the holder of an OP unit. At the time the Advisor’s average capital account balance with respect to an LTIP unit is economically equivalent to the average capital account balance of an OP unit, the LTIP unit has been earned and it has been vested for 30 days, the Advisor, in its sole discretion, will be entitled to convert such LTIP unit into an OP unit in accordance with the provisions of the limited partnership agreement of the OP. The Company records equity-based compensation expense associated with the OPP over the required service period of five years. Equity-based compensation expense is adjusted each reporting period for changes in the estimated value. The amortization of the fair value of the OPP awards recorded as equity-based compensation resulted in income of $2.3 million and $10.9 million for the three and nine months ended September 30, 2016 , respectively, and is included in general and administrative expenses. For the three and nine months ended September 30, 2015 , amortization of the fair value of the OPP awards recorded as equity-based compensation was included as an expense of $3.9 million and $6.1 million , respectively, and is included in general and administrative expenses. 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. See Note 7 — 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 September 30, 2016 and December 31, 2015 , 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 September 30, 2016 OPP $ — $ — $ 13,300 $ 13,300 December 31, 2015 OPP $ — $ — $ 43,500 $ 43,500 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 nine months ended September 30, 2016 : (In thousands) OPP Beginning balance as of December 31, 2015 $ 43,500 Fair value adjustment (30,200 ) Ending balance as of September 30, 2016 $ 13,300 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) September 30, 2016 OPP $ 13,300 Monte Carlo Simulation Expected volatility 16.0% December 31, 2015 OPP $ 43,500 Monte Carlo Simulation Expected volatility 27.0% 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. For the relationship described above, the inverse relationship would also generally apply.

Net Loss Per Share

Net Loss Per Share	9 Months Ended
	Sep. 30, 2016
Earnings Per Share [Abstract]
Net Loss Per Share	Note 14 — 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 September 30, Nine Months Ended September 30, (In thousands, except share and per share data) 2016 2015 2016 2015 Basic and diluted net loss attributable to stockholders $ (45,267 ) $ (13,075 ) $ (56,320 ) $ (30,572 ) Weighted average shares outstanding, basic and diluted 165,384,074 162,203,065 164,700,025 162,151,058 Net loss per share attributable to stockholders, basic and diluted $ (0.27 ) $ (0.08 ) $ (0.34 ) $ (0.19 ) Diluted net loss per share assumes the conversion of all common share equivalents into an equivalent number of common shares, unless the effect is anti-dilutive. The Company considers unvested restricted shares, OP units and LTIP units to be common share equivalents. The Company had the following common share equivalents for the period presented, which were excluded from the calculation of diluted loss per share attributable to stockholders as the effect would have been anti-dilutive: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Unvested restricted shares 249,441 317,215 249,441 317,215 OP units 841,660 4,178,090 841,660 4,178,090 LTIP units 8,880,579 8,880,579 8,880,579 8,880,579 Total anti-dilutive common share equivalents 9,971,680 13,375,884 9,971,680 13,375,884

Non-Controlling Interests

Non-Controlling Interests	9 Months Ended
	Sep. 30, 2016
Noncontrolling Interest [Abstract]
Non-Controlling Interests	Note 15 — Non-Controlling Interests The Company is the sole general partner of the OP and holds the majority of the OP units. As of September 30, 2016 and December 31, 2015 , the Advisor or members, employees or former employees of the Advisor held 841,660 and 4,178,090 OP units, respectively, and 8,880,579 unvested LTIP units. As of October 2016, all of these OP units have been submitted for redemption during October 2016 and will be redeemed for shares of common stock in accordance with the limited partnership agreement of the OP. There were $0.3 million and $1.8 million of distributions paid to OP unit and LTIP unit holders during the three and nine months ended September 30, 2016 , respectively. There were $0.6 million and $2.0 million of distributions paid to OP unit and LTIP unit holders during the three and nine months ended September 30, 2015 , respectively. A holder of OP units has the right to distributions and has the right to redeem 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 election of the Company, 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. During the three and nine months ended September 30, 2016 , respectively, 726,365 and 3,336,430 OP units were redeemed for shares of the Company's common stock. During the three and nine months ended September 30, 2016 , respectively, $6.8 million and $30.8 million were reclassified from non-controlling interest to stockholders' equity. See Note 9 — Common Stock .

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2016
Subsequent Events [Abstract]
Subsequent Events	Note 16 — 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: Advisory Agreement On October 24, 2016, the Company provided notice to the Advisor that the existing Advisory Agreement between the Company and the Advisor will be terminated effective December 26, 2016. Under the terms of the Advisory Agreement, there is no termination payment or fees due to the Advisor upon termination of the contract in accordance with its existing terms. The Company is evaluating proposals received under the RFP, including a proposal from the Advisor and a decision has not been made as to whether the Company will enter into a new advisory agreement with the Advisor or another party or the terms of any new advisory agreement. Suspension of Dividend On October 26, 2016, the Company announced that in light of the Company’s previously announced plan of liquidation, which is subject to stockholder approval, the board of directors determined that the Company will not pay a regular dividend for the month of November 2016 and December 2016. As described in the preliminary proxy statement filed on September 27, 2016, if the plan of liquidation is approved by the Company's stockholders, the Company intends to thereafter make periodic liquidating distributions, subject to satisfying its liabilities and obligations, in lieu of regular monthly distributions. If the plan of liquidation is not approved by the Company's stockholders, the Board will re-evaluate the dividend policy. Credit Facility Waiver The Credit Facility requires the Company to meet certain financial covenants, including the maintenance of certain ratios (such as specified debt to equity and debt service coverage ratios), maintenance of a minimum net worth and limits on certain restricted payments. As of September 30, 2016 , the Company was in compliance with the debt covenants under the Credit Facility, except with respect to the restricted payments covenant which was exceeded as of September 30, 2016 . On November 8, 2016, the lenders under the Credit Facility unanimously waived this default pursuant to Waiver Agreement, and the Company agreed, in connection with the waiver, not to pay any cash dividends to stockholders (or make certain other restricted payments) until the earlier of December 31, 2016 and the repayment of all amounts outstanding under the Credit Facility. In addition, pursuant to the Waiver Agreement, the Company will pay a waiver fee of $0.1 million to lenders which approved the waiver by 5:00 pm New York City time on November 8, 2016 ( 0.02% of the commitment amount of each such lender).

Summary of Significant Accoun23

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2016
Accounting Policies [Abstract]
Recent and Recently Adopted Accounting Pronouncements	Recent Accounting Pronouncements In March 2016, the Financial Accounting Standards Board (the "FASB") issued guidance which requires an entity to determine whether the nature of its promise to provide goods or services to a customer is performed in a principal or agent capacity and to recognize revenue in a gross or net manner based on its principal/agent designation. This guidance is effective for public business entities for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2017. Early adoption is permitted. The Company is currently evaluating the impact of this new guidance. In June 2016, the FASB issued guidance that changes how entities measure credit losses for financial assets carried at amortized cost. The update eliminates the requirement that a credit loss must be probable before it can be recognized and instead requires an entity to recognize the current estimate of all expected credit losses. Additionally, the update requires credit losses on available-for-sale debt securities to be carried as an allowance rather than as a direct write-down of the asset. The amendments become effective for reporting periods beginning after December 15, 2019. The amendments may be adopted early for reporting periods beginning after December 15, 2018. The Company is currently evaluating the impact of this new guidance. In August 2016, the FASB issued guidance on how certain transactions should be classified and presented in the statement of cash flows as either operating, investing or financing activities. Among other things, the update provides specific guidance on where to classify debt prepayment and extinguishment costs, payments for contingent consideration made after a business combination and distributions received from equity method investments. The revised guidance is effective for reporting periods beginning after December 15, 2017. Early adoption is permitted. The Company is currently evaluating the impact of this new guidance. Recently Adopted Accounting Pronouncements In February 2015, the FASB amended the accounting for consolidation of certain legal entities. The amendments modify the evaluation of whether certain legal entities are variable interest entities ("VIE") or voting interest entities, eliminate the presumption that a general partner should consolidate a limited partnership and affect the consolidation analysis of reporting entities that are involved with VIEs (particularly those that have fee arrangements and related party relationships). The revised guidance is effective for the Company's fiscal year ended December 31, 2016. The Company has evaluated the impact of the adoption of the new guidance on its consolidated financial statements and has determined the OP is considered to be a VIE and continues to consolidate the OP as required under previous GAAP. However, the Company meets the disclosure exemption criteria as the Company is the primary beneficiary of the VIE and the Company’s partnership interest is considered a majority voting interest in a business and the assets of the OP can be used for purposes other than settling its obligations, such as paying distributions. Also as a result of the new guidance, the Company has also determined that WWP Holdings, LLC ("Worldwide Plaza") is a VIE, but the Company is not the primary beneficiary and therefore continues to not consolidate the entity. As such, the adoption of the new guidance did not have a material impact on the Company's consolidated financial statements. In April 2015, the FASB amended the presentation of debt issuance costs on the balance sheet. The amendment requires that debt issuance costs related to a recognized debt liability be presented on the balance sheet as a direct deduction from the carrying amount of that debt liability and that the entity apply the new guidance on a retrospective basis. In August 2015, the FASB added that, for line of credit arrangements, the SEC staff would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line, regardless of whether or not there are any outstanding borrowings. The revised guidance is effective for the Company's fiscal year ended December 31, 2016. As a result of adoption of the new guidance, the Company has reclassified deferred financing costs, net related to mortgage notes payable of $5.3 million and $7.0 million , respectively, as of September 30, 2016 and December 31, 2015 as a reduction of the carrying amount of mortgage notes payable. See Note 6 — Mortgage Notes Payable . As permitted, deferred financing costs related to the Company's credit facility with Capital One, National Association (the "Credit Facility") continue to be reflected within deferred costs, net on the consolidated balance sheets. In March 2016, the FASB issued an update that changes the accounting for certain aspects of share-based compensation. Among other things, the revised guidance allows companies to make an entity-wide accounting policy election to either estimate the number of awards that are expected to vest or account for forfeitures when they occur. The revised guidance is effective for reporting periods beginning after December 15, 2016. Early adoption is permitted. The Company has adopted the provisions of this guidance beginning January 1, 2016 and determined that there is no impact to the Company’s consolidated financial position, results of operations and cash flows. The Company's policy is to account for forfeitures as they occur.

Real Estate Investments (Tables

Real Estate Investments (Tables)	9 Months Ended
	Sep. 30, 2016
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 the Company's unconsolidated joint venture, subsequent to September 30, 2016 . 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 October 1, 2016 - December 31, 2016 $ 26,672 2017 107,433 2018 104,372 2019 96,285 2020 96,819 Thereafter 555,308 Total $ 986,889
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 September 30, 2016 and 2015 , including annualized cash rent related to the Company's unconsolidated joint venture: September 30, Property Portfolio Tenant 2016 2015 Worldwide Plaza Cravath, Swaine & Moore, LLP 16% 16% Worldwide Plaza Nomura Holdings America, Inc. 11% 10%
Schedule of Finite-Lived Intangible Assets And Intangible Lease Liabilities	The following table discloses amounts recognized within the consolidated statements of operations and comprehensive loss related to amortization of in-place leases and other intangibles, amortization and accretion of above- and below-market lease assets and liabilities, net and the amortization of above-market ground lease, for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, (In thousands) 2016 2015 2016 2015 Amortization of in-place leases and other intangibles (1) $ 2,608 $ 4,706 $ 8,415 $ 15,683 Amortization and (accretion) of above- and below market leases, net (2) $ (1,455 ) $ (1,732 ) $ (4,571 ) $ (6,420 ) Amortization of above-market ground lease (3) $ (112 ) $ (112 ) $ (337 ) $ (337 ) _______________ (1) Reflected within depreciation and amortization expense. (2) Reflected within rental income. (3) Reflected within hotel expenses. Acquired intangible assets and liabilities as of September 30, 2016 and December 31, 2015 consist of the following: September 30, 2016 (In thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Intangible assets: In-place leases $ 108,577 $ 34,479 $ 74,098 Other intangibles 3,804 670 3,134 Above-market leases 20,292 4,681 15,611 Total acquired intangible assets $ 132,673 $ 39,830 $ 92,843 Intangible lease liabilities: Below-market leases $ 75,613 $ 25,190 $ 50,423 Above-market ground lease liability 17,968 1,289 16,679 Total market lease intangibles $ 93,581 $ 26,479 $ 67,102 December 31, 2015 (In thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Intangible assets: In-place leases $ 113,392 $ 31,120 $ 82,272 Other intangibles 3,804 429 3,375 Above-market leases 20,398 3,713 16,685 Total acquired intangible assets $ 137,594 $ 35,262 $ 102,332 Intangible lease liabilities: Below-market leases $ 77,177 $ 21,110 $ 56,067 Above-market ground lease liability 17,968 952 17,016 Total market lease intangibles $ 95,145 $ 22,062 $ 73,083
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	The following table provides the projected amortization expense and adjustments to revenues for the next five years as of September 30, 2016 : October 1, 2016 - December 31, 2016 2017 2018 2019 2020 In-place leases $ 2,490 $ 9,612 $ 8,655 $ 8,271 $ 8,033 Other intangibles 80 321 321 321 321 Total to be included in depreciation and amortization expense $ 2,570 $ 9,933 $ 8,976 $ 8,592 $ 8,354 Above-market lease assets $ (355 ) $ (1,420 ) $ (1,420 ) $ (1,420 ) $ (1,407 ) Below-market lease liabilities 1,802 6,660 5,875 5,490 5,250 Total to be included in rental income $ 1,447 $ 5,240 $ 4,455 $ 4,070 $ 3,843 Above-market ground lease liability to be deducted from hotel expenses $ (112 ) $ (449 ) $ (449 ) $ (449 ) $ (449 )
Real Estate Properties Sold	The following table summarizes the properties sold during the nine months ended September 30, 2016 . The Company did not sell any real estate assets during the three months ended September 30, 2016 or during the three and nine months ended September 30, 2015 . Property Borough Disposition Date Contract Sales Price Gain on Sale (1)(2) (in thousands) (in thousands) Duane Reade (3) Queens February 2, 2016 $ 12,600 $ 126 1623 Kings Highway Brooklyn February 17, 2016 17,000 4,293 Foot Locker Brooklyn March 30, 2016 8,400 2,211 $ 38,000 $ 6,630 ______________________ (1) Reflected within gain on sale of real estate investments, net in the consolidated statements of operations and comprehensive loss for the nine months ended September 30, 2016 . (2) During the nine months ended September 30, 2016 , the Company repaid three mortgage notes payable totaling $18.9 million with the proceeds from the sales of Duane Reade, 1623 Kings Highway and Foot Locker. (3) Impairment charge of $0.9 million was recognized during the year ended December 31, 2015 in connection with the classification of Duane Reade as held for sale.

Investment in Unconsolidated 25

Investment in Unconsolidated Joint Venture (Tables) - Worldwide Plaza	9 Months Ended
	Sep. 30, 2016
Schedule of Equity Method Investments [Line Items]
Condensed Balance Sheet	The condensed balance sheets as of September 30, 2016 and December 31, 2015 for Worldwide Plaza are as follows: (In thousands) September 30, 2016 December 31, 2015 (Unaudited) Real estate assets, at cost $ 715,415 $ 714,642 Less accumulated depreciation and amortization (132,349 ) (117,092 ) Total real estate assets, net 583,066 597,550 Cash and cash equivalents 1,809 9,036 Other assets 264,329 259,894 Total assets $ 849,204 $ 866,480 Debt $ 875,000 $ 875,000 Other liabilities 15,675 15,515 Total liabilities 890,675 890,515 Deficit (41,471 ) (24,035 ) Total liabilities and deficit $ 849,204 $ 866,480 Company's basis $ 194,325 $ 215,370
Condensed Income Statement	The condensed statements of operations for the three and nine months ended September 30, 2016 and 2015 for Worldwide Plaza are as follows: Three Months Ended September 30, Nine Months Ended September 30, (In thousands) 2016 2015 2016 2015 Rental income $ 31,564 $ 30,771 $ 94,172 $ 92,036 Other revenue 1,239 1,245 3,699 3,694 Total revenue 32,803 32,016 97,871 95,730 Operating expenses: Operating expenses 12,026 11,812 35,636 35,780 Depreciation and amortization 6,850 6,945 20,469 20,659 Total operating expenses 18,876 18,757 56,105 56,439 Operating income 13,927 13,259 41,766 39,291 Interest expense (10,364 ) (10,102 ) (30,874 ) (29,976 ) Net income 3,563 3,157 10,892 9,315 Company's preferred return (3,957 ) (3,936 ) (12,012 ) (11,681 ) Net loss to members $ (394 ) $ (779 ) $ (1,120 ) $ (2,366 ) The following table presents the components of the income related to the Company's investment in Worldwide Plaza for the periods presented, which is included in income from unconsolidated joint venture on the consolidated statements of operations and comprehensive loss. Three Months Ended September 30, Nine Months Ended September 30, (In thousands) 2016 2015 2016 2015 Company's preferred return $ 3,957 $ 3,936 $ 12,012 $ 11,681 Company's share of net loss from Worldwide Plaza (193 ) (381 ) (546 ) (1,157 ) Amortization of basis difference (3,053 ) (3,082 ) (8,910 ) (9,246 ) Company's income from Worldwide Plaza $ 711 $ 473 $ 2,556 $ 1,278

Mortgage Notes Payable (Tables)

Mortgage Notes Payable (Tables)	9 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
Schedule of Mortgage Notes Payable	The Company's mortgage notes payable as of September 30, 2016 and December 31, 2015 consist of the following: Outstanding Loan Amount Portfolio Encumbered Properties September 30, 2016 December 31, 2015 Effective Interest Rate Interest Rate Maturity (In thousands) (In thousands) Design Center 1 $ 19,486 $ 19,798 4.4 % Fixed Dec. 2021 1100 Kings Highway 1 20,200 20,200 3.4 % Fixed (1) Aug. 2017 256 West 38 th Street 1 24,500 24,500 3.1 % Fixed (1) Dec. 2017 1440 Broadway (2) 1 305,000 305,000 4.1 % Variable (3) Oct. 2019 Foot Locker (4) — 3,250 Duane Reade (4) — 8,400 1623 Kings Highway (4) — 7,288 Mortgage notes payable, gross principal amount 369,186 388,436 Less: deferred financing costs, net (5,335 ) (6,993 ) Mortgage notes payable, net of deferred financing costs 4 $ 363,851 $ 381,443 4.0 % (5) ______________________ (1) Fixed through an interest rate swap agreement. (2) Total commitments of $325.0 million ; additional $20.0 million available, subject to lender approval, to fund certain tenant allowances, capital expenditures and leasing costs. (3) LIBOR portion is capped through an interest rate cap agreement. (4) During the nine months ended September 30, 2016 , the Company repaid three mortgage notes payable with the proceeds from the sales of Duane Reade, 1623 Kings Highway and Foot Locker. (5) Calculated on a weighted average basis for all mortgages outstanding as of September 30, 2016 .
Schedule Of Aggregate Principal Payments On Mortgages	The following table summarizes the scheduled aggregate principal repayments subsequent to September 30, 2016 : (In thousands) Future Minimum Principal Payments October 1, 2016 - December 31, 2016 $ 106 2017 48,245 2018 3,703 2019 308,869 2020 4,041 Thereafter 4,222 Total $ 369,186

Fair Value of Financial Instr27

Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2016
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Liabilities Measured on Recurring Basis	The following table presents information about the Company's derivatives that are presented net, measured at fair value on a recurring basis as of September 30, 2016 and December 31, 2015 , 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 September 30, 2016 Derivatives, net $ — $ (1,523 ) $ — $ (1,523 ) December 31, 2015 Derivatives, net $ — $ (835 ) $ — $ (835 ) The following table presents information about the Company's OPP, which is measured at fair value on a recurring basis as of September 30, 2016 and December 31, 2015 , 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 September 30, 2016 OPP $ — $ — $ 13,300 $ 13,300 December 31, 2015 OPP $ — $ — $ 43,500 $ 43,500
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. September 30, 2016 December 31, 2015 (In thousands) Level Gross Principal Balance Fair Value Gross Principal Balance Fair Value Mortgage notes payable 3 $ 369,186 $ 379,196 $ 388,436 $ 401,503 Credit Facility 3 $ 485,000 $ 497,573 $ 485,000 $ 487,579

Interest Rate Derivatives and28

Interest Rate Derivatives and Hedging Activities (Tables)	9 Months Ended
	Sep. 30, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Interest Rate Derivatives	As of September 30, 2016 and December 31, 2015 , the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk. September 30, 2016 December 31, 2015 Interest Rate Derivative Number of Instruments Notional Amount Number of Instruments Notional Amount (In thousands) (In thousands) Interest rate swaps 3 $ 124,700 4 $ 131,988 As of September 30, 2016 , the Company had the following outstanding interest rate derivatives that were not designated as hedges in qualified hedging relationships. September 30, 2016 December 31, 2015 Interest Rate Derivative Number of Instruments Notional Amount Number of Instruments Notional Amount (In thousands) (In thousands) Interest rate caps 2 $ 305,000 2 $ 305,000
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 September 30, 2016 and December 31, 2015 : (In thousands) Balance Sheet Location September 30, 2016 December 31, 2015 Derivatives designated as hedging instruments: Interest rate swaps Derivative assets, at fair value $ — $ 15 Interest rate swaps Derivative liabilities, at fair value $ (1,569 ) $ (1,266 ) Derivatives not designated as hedging instruments: Interest rate caps Derivative assets, at fair value $ 46 $ 416
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance	The table below details the location in the financial statements of the gain or loss recognized on interest rate derivatives designated as cash flow hedges for the three and nine months ended September 30, 2016 and 2015 , respectively: Three Months Ended September 30, Nine Months Ended September 30, (In thousands) 2016 2015 2016 2015 Amount of income (loss) recognized in accumulated other comprehensive income (loss) from interest rate derivatives (effective portion) $ 350 $ (1,286 ) $ (1,308 ) $ (3,005 ) Amount of loss reclassified from accumulated other comprehensive loss into income as interest expense (effective portion) $ (310 ) $ (706 ) $ (990 ) $ (1,759 ) Amount of loss recognized in loss on derivative instruments (ineffective portion, reclassifications of missed forecasted transactions and amounts excluded from effectiveness testing) $ — $ — $ (1 ) $ (4 )
Offsetting Liabilities	The table below presents a gross presentation, the potential effects of offsetting, and a potential net presentation of the Company's derivatives as of September 30, 2016 and December 31, 2015 . 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 consolidated balance sheets. Gross Amounts Not Offset on the Balance Sheet Derivatives (In thousands) Gross Amounts of Recognized Assets Gross Amounts of Recognized Liabilities Potential Net Amounts of Assets (Liabilities) presented on the Balance Sheet Financial Instruments Cash Collateral Posted Net Amount September 30, 2016 $ 46 $ (1,569 ) $ (1,523 ) $ — $ — $ (1,523 ) December 31, 2015 $ 431 $ (1,266 ) $ (835 ) $ — $ — $ (835 )

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2016
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 (1) Capital Leases (2) October 1, 2016 - December 31, 2016 $ 1,226 $ 22 2017 4,905 86 2018 5,089 86 2019 5,346 86 2020 5,346 86 Thereafter 246,281 3,404 Total minimum lease payments $ 268,193 $ 3,770 Less: amounts representing interest (1,674 ) Total present value of minimum lease payments $ 2,096 _______________ (1) Operating leases comprise the Viceroy Hotel ground lease (2) Capital leases comprise 350 Bleecker Street ground lease
Schedule of Capital Leased Assets	The following table discloses assets recorded under capital leases and the accumulated amortization thereon as of September 30, 2016 and December 31, 2015 . (In thousands) September 30, 2016 December 31, 2015 Buildings, fixtures and improvements $ 11,783 $ 11,783 Less accumulated depreciation and amortization (2,132 ) (1,705 ) Total real estate investments, net $ 9,651 $ 10,078

Related Party Transactions an30

Related Party Transactions and Arrangements (Tables)	9 Months Ended
	Sep. 30, 2016
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The following table details revenues from related parties at the Viceroy Hotel. The Company did not have any receivables from related parties as of September 30, 2016 or December 31, 2015 . Three Months Ended September 30, Nine Months Ended September 30, (In thousands) 2016 2015 2016 2015 Hotel revenues $ 7 $ 25 $ 36 $ 110
Schedule of Amount Contractually Due and Forgiven in Connection With Operation Related Services	The following table details amounts incurred, waived and contractually owed to the Advisor, Property Manager or other related parties as of and for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, Payable (Receivable) as of 2016 2015 2016 2015 September 30, December 31, (In thousands) Incurred Waived Incurred Waived Incurred Waived Incurred Waived 2016 2015 Ongoing fees: Asset management fees $ 3,054 $ — $ 3,121 $ — $ 9,178 $ — $ 9,366 $ — $ — $ (7 ) Transfer agent and other professional fees 756 — 448 — 2,107 — 902 — 80 99 Property management fees 446 — 727 727 1,440 994 1,946 1,946 446 — Total related party operational fees and reimbursements $ 4,256 $ — $ 4,296 $ 727 $ 12,725 $ 994 $ 12,214 $ 1,946 $ 526 $ 92

Share-Based Compensation (Table

Share-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2016
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 nine months ended September 30, 2016 : Number of Restricted Shares Weighted-Average Issue Price Unvested, December 31, 2015 316,570 $ 10.59 Granted 5,915 10.14 Vested (73,044 ) 10.45 Unvested, September 30, 2016 249,441 $ 10.62
Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Performance-Based Units, Performance Schedule	The Advisor is 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 if total stockholder 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 total stockholder return achieved is at least: 18% 6% 12% • 50% will be earned if total stockholder return achieved is: 0% 0% 0% • 0% will be earned if total stockholder return achieved is less than: 0% 0% 0% • 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 certain 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 derivatives that are presented net, measured at fair value on a recurring basis as of September 30, 2016 and December 31, 2015 , 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 September 30, 2016 Derivatives, net $ — $ (1,523 ) $ — $ (1,523 ) December 31, 2015 Derivatives, net $ — $ (835 ) $ — $ (835 ) The following table presents information about the Company's OPP, which is measured at fair value on a recurring basis as of September 30, 2016 and December 31, 2015 , 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 September 30, 2016 OPP $ — $ — $ 13,300 $ 13,300 December 31, 2015 OPP $ — $ — $ 43,500 $ 43,500
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 nine months ended September 30, 2016 : (In thousands) OPP Beginning balance as of December 31, 2015 $ 43,500 Fair value adjustment (30,200 ) Ending balance as of September 30, 2016 $ 13,300
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) September 30, 2016 OPP $ 13,300 Monte Carlo Simulation Expected volatility 16.0% December 31, 2015 OPP $ 43,500 Monte Carlo Simulation Expected volatility 27.0%

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	9 Months Ended
	Sep. 30, 2016
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 September 30, Nine Months Ended September 30, (In thousands, except share and per share data) 2016 2015 2016 2015 Basic and diluted net loss attributable to stockholders $ (45,267 ) $ (13,075 ) $ (56,320 ) $ (30,572 ) Weighted average shares outstanding, basic and diluted 165,384,074 162,203,065 164,700,025 162,151,058 Net loss per share attributable to stockholders, basic and diluted $ (0.27 ) $ (0.08 ) $ (0.34 ) $ (0.19 )
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The Company had the following common share equivalents for the period presented, which were excluded from the calculation of diluted loss per share attributable to stockholders as the effect would have been anti-dilutive: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Unvested restricted shares 249,441 317,215 249,441 317,215 OP units 841,660 4,178,090 841,660 4,178,090 LTIP units 8,880,579 8,880,579 8,880,579 8,880,579 Total anti-dilutive common share equivalents 9,971,680 13,375,884 9,971,680 13,375,884

Organization (Details)

Organization (Details) ft² in Millions	9 Months Ended
	Sep. 30, 2016ft²property
Concentration Risk [Line Items]
Number of properties owned | property	19
Area of real estate properties | ft²	3.3
Occupancy percentage	93.40%
Weighted-average remaining lease term	9 years
Office Building | Property Type Concentration Risk | Composition of Real Estate Portfolio
Concentration Risk [Line Items]
Concentration risk percent	83.00%
Retail Site | Property Type Concentration Risk | Composition of Real Estate Portfolio
Concentration Risk [Line Items]
Concentration risk percent	9.00%
Other Property | Property Type Concentration Risk | Composition of Real Estate Portfolio
Concentration Risk [Line Items]
Concentration risk percent	8.00%

Summary of Significant Accoun34

Summary of Significant Accounting Policies (Narrative) (Details) - Accounting Standards Update 2015-03 - USD ($) $ in Millions	Sep. 30, 2016	Dec. 31, 2015
Deferred Costs
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred finance costs	$ (5.3)	$ (7)
Mortgage Notes Payable
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred finance costs	$ 5.3	$ 7

Real Estate Investments (Schedu

Real Estate Investments (Schedule of Future Minimum Rental Payments for Operating Lease) (Details) $ in Thousands	Sep. 30, 2016USD ($)
Real Estate [Abstract]
October 1, 2016 - December 31, 2016	$ 26,672
2,017	107,433
2,018	104,372
2,019	96,285
2,020	96,819
Thereafter	555,308
Total	$ 986,889

Real Estate Investments (Sche36

Real Estate Investments (Schedule of Annualized Rental Income by Major Tenant) (Details) - Worldwide Plaza	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Cravath, Swaine & Moore, LLP
Revenue, Major Customer [Line Items]
Major tenant rental income, as a percentage of total annualized rental income	16.00%	16.00%
Nomura Holdings America, Inc.
Revenue, Major Customer [Line Items]
Major tenant rental income, as a percentage of total annualized rental income	11.00%	10.00%

Real Estate Investments (Intang

Real Estate Investments (Intangible Assets and Acquired Lease Liabilities) (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Finite-Lived Intangible Assets [Line Items]
Finite lived intangible assets	$ 132,673	$ 137,594
Accumulated Amortization	39,830	35,262
Finite lived intangible assets, net	92,843	102,332
Below market lease	75,613	77,177
Below market lease, accumulated amortization	25,190	21,110
Below market lease, net	50,423	56,067
Intangible liabilities	93,581	95,145
Intangible liabilities, accumulated amortization	26,479	22,062
Intangible liabilities, net	67,102	73,083
In-place leases
Finite-Lived Intangible Assets [Line Items]
Finite lived intangible assets	108,577	113,392
Accumulated Amortization	34,479	31,120
Finite lived intangible assets, net	74,098	82,272
Other intangibles
Finite-Lived Intangible Assets [Line Items]
Finite lived intangible assets	3,804	3,804
Accumulated Amortization	670	429
Finite lived intangible assets, net	3,134	3,375
Above-market leases
Finite-Lived Intangible Assets [Line Items]
Finite lived intangible assets	20,292	20,398
Accumulated Amortization	4,681	3,713
Finite lived intangible assets, net	15,611	16,685
Above-market ground lease liability
Finite-Lived Intangible Assets [Line Items]
Intangible liabilities	17,968	17,968
Intangible liabilities, accumulated amortization	1,289	952
Intangible liabilities, net	$ 16,679	$ 17,016

Real Estate Investments (Summar

Real Estate Investments (Summary of Amortization and Accretion Recognized) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Depreciation and Amortization | In-Place Leases and Other Intangibles
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 2,608	$ 4,706	$ 8,415	$ 15,683
Rental Income | Above Market Ground Lease
Finite-Lived Intangible Assets [Line Items]
Amortization and (accretion) of above- and below market leases, net	(1,455)	(1,732)	(4,571)	(6,420)
Hotel Expense | Above Market Ground Lease
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ (112)	$ (112)	$ (337)	$ (337)

Real Estate Investments (Sche39

Real Estate Investments (Schedule of Intangible Assets) (Details) $ in Thousands	Sep. 30, 2016USD ($)
Amortization Expense
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization expense, October 1, 2016 - December 31, 2016	$ 2,570
Amortization expense 2017	9,933
Amortization expense 2018	8,976
Amortization expense 2019	8,592
Amortization expense 2020	8,354
Amortization Expense | In-place leases
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization expense, October 1, 2016 - December 31, 2016	2,490
Amortization expense 2017	9,612
Amortization expense 2018	8,655
Amortization expense 2019	8,271
Amortization expense 2020	8,033
Amortization Expense | Other intangibles
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization expense, October 1, 2016 - December 31, 2016	80
Amortization expense 2017	321
Amortization expense 2018	321
Amortization expense 2019	321
Amortization expense 2020	321
Rental Income
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization expense, October 1, 2016 - December 31, 2016	1,447
Amortization expense 2017	5,240
Amortization expense 2018	4,455
Amortization expense 2019	4,070
Amortization expense 2020	3,843
Below market lease amortization income, October 1, 2016 - December 31, 2016	1,802
Below market lease amortization income 2017	6,660
Below market lease amortization income 2018	5,875
Below market lease amortization income 2019	5,490
Below market lease amortization income 2020	5,250
Rental Income | Above-market leases
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization expense, October 1, 2016 - December 31, 2016	(355)
Amortization expense 2017	(1,420)
Amortization expense 2018	(1,420)
Amortization expense 2019	(1,420)
Amortization expense 2020	(1,407)
Hotel Expense | Above-market ground lease liability
Acquired Finite-Lived Intangible Assets [Line Items]
Above-market ground lease amortization income October 1, 2016 - December 31, 2016	(112)
Above-market ground lease amortization income 2017	(449)
Above-market ground lease amortization income 2018	(449)
Above-market ground lease amortization income 2019	(449)
Above-market ground lease amortization income 2020	$ (449)

Real Estate Investments (Real E

Real Estate Investments (Real Estate Sales) (Details) $ in Thousands		3 Months Ended		9 Months Ended		12 Months Ended
		Sep. 30, 2016USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)mortgage	Sep. 30, 2015USD ($)	Dec. 31, 2015USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sale of real estate investments, net		$ 0	$ 0	$ 6,630	$ 0
Payments on mortgage notes payable				19,069	$ 88,705
Held-for-sale Property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Contract Sales Price				38,000
Gain on sale of real estate investments, net	[1]			$ 6,630
Number of mortgages repaid | mortgage				3
Payments on mortgage notes payable				$ 18,900
Duane Reade | Held-for-sale Property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Contract Sales Price	[2]			12,600
Gain on sale of real estate investments, net	[1],[2]			126
Impairment charge						$ 900
1623 Kings Highway | Held-for-sale Property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Contract Sales Price				17,000
Gain on sale of real estate investments, net	[1]			4,293
Foot Locker | Held-for-sale Property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Contract Sales Price				8,400
Gain on sale of real estate investments, net	[1]			$ 2,211
[1]	Reflected within gain on sale of real estate investments, net in the consolidated statements of operations and comprehensive loss for the nine months ended September 30, 2016.
[2]	Impairment charge of $0.9 million was recognized during the year ended December 31, 2015 in connection with the classification of Duane Reade as held for sale.

Real Estate Investments (Non-Re

Real Estate Investments (Non-Recurring Fair Value Measurement Adjustments) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Real Estate [Line Items]
Impairment of Real Estate	$ 27,911,000	$ 0	$ 27,911,000	$ 0
Viceroy Hotel
Real Estate [Line Items]
Impairment of Real Estate	$ 27,900,000	$ 0	$ 27,900,000	$ 0

Investment in Unconsolidated 42

Investment in Unconsolidated Joint Venture (Narrative) (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015	Oct. 30, 2013
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated joint venture	$ 194,325	$ 215,370
Worldwide Plaza
Schedule of Equity Method Investments [Line Items]
Ownership percentage			48.90%
Aggregate cost			$ 220,100
Agreed upon value			1,300,000
Notes payable	875,000	875,000	$ 875,000
Interest rate			4.60%
Purchase obligation			$ 1,400,000
Fee for non-exercise of purchase option	25,000
Difference between carrying amount and underlying equity			$ 260,600
Investments in unconsolidated joint venture	194,325	$ 215,370
Parent Company | Worldwide Plaza
Schedule of Equity Method Investments [Line Items]
Notes payable	$ 427,900

Investment in Unconsolidated 43

Investment in Unconsolidated Joint Venture (Condensed Balance Sheet) (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015	Sep. 30, 2015	Dec. 31, 2014	Oct. 30, 2013
Schedule of Equity Method Investments [Line Items]
Real estate assets, at cost	$ 1,785,362	$ 1,822,903
Less accumulated depreciation and amortization	(197,076)	(172,668)
Total real estate investments, net	1,588,286	1,650,235
Cash and cash equivalents	59,841	98,604	$ 20,423	$ 22,512
Total assets	1,923,391	2,064,762
Total liabilities	958,613	972,493
Deficit	(482,510)	(369,273)
Total liabilities and equity	1,923,391	2,064,762
Company's basis	194,325	215,370
Worldwide Plaza
Schedule of Equity Method Investments [Line Items]
Real estate assets, at cost	715,415	714,642
Less accumulated depreciation and amortization	(132,349)	(117,092)
Total real estate investments, net	583,066	597,550
Cash and cash equivalents	1,809	9,036
Other assets	264,329	259,894
Total assets	849,204	866,480
Debt	875,000	875,000			$ 875,000
Other liabilities	15,675	15,515
Total liabilities	890,675	890,515
Deficit	(41,471)	(24,035)
Total liabilities and equity	849,204	866,480
Company's basis	$ 194,325	$ 215,370

Investment in Unconsolidated 44

Investment in Unconsolidated Joint Venture (Condensed Income Statement) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Schedule of Equity Method Investments [Line Items]
Rental income	$ 30,267	$ 32,510	$ 89,045	$ 98,118
Other revenue	3,895	5,044	10,360	13,390
Total revenues	41,260	44,608	117,892	130,134
Property operating	11,539	11,197	31,994	32,264
Depreciation and amortization	16,305	20,484	50,117	64,317
Total operating expenses	79,494	50,696	156,614	143,380
Operating income	(38,234)	(6,088)	(38,722)	(13,246)
Interest expense	(8,875)	(7,495)	(27,913)	(20,091)
Net loss	(46,407)	(13,509)	(57,795)	(31,524)
Net loss attributable to stockholders	(45,267)	(13,075)	(56,320)	(30,572)
Company's share of net loss from Worldwide Plaza			2,556	1,278
Company's income from Worldwide Plaza	711	473	2,556	1,278
Worldwide Plaza
Schedule of Equity Method Investments [Line Items]
Rental income	31,564	30,771	94,172	92,036
Other revenue	1,239	1,245	3,699	3,694
Total revenues	32,803	32,016	97,871	95,730
Property operating	12,026	11,812	35,636	35,780
Depreciation and amortization	6,850	6,945	20,469	20,659
Total operating expenses	18,876	18,757	56,105	56,439
Operating income	13,927	13,259	41,766	39,291
Interest expense	(10,364)	(10,102)	(30,874)	(29,976)
Net loss	3,563	3,157	10,892	9,315
Company's preferred return	(3,957)	(3,936)	(12,012)	(11,681)
Net loss attributable to stockholders	(394)	(779)	(1,120)	(2,366)
Company's preferred return	3,957	3,936	12,012	11,681
Company's share of net loss from Worldwide Plaza	(193)	(381)	(546)	(1,157)
Amortization of basis difference	(3,053)	(3,082)	(8,910)	(9,246)
Company's income from Worldwide Plaza	$ 711	$ 473	$ 2,556	$ 1,278

Credit Facility (Details)

Credit Facility (Details)	Nov. 08, 2016USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)Option	Sep. 30, 2015USD ($)	Dec. 31, 2015USD ($)
Line of Credit Facility [Line Items]
Maximum capacity on credit facility			$ 705,000,000
Options to extend maturity of credit facility | Option			1
Additional borrowing capacity under certain circumstances			$ 1,000,000,000
Credit facility			485,000,000		$ 485,000,000
Financing not yet obtained			760,000,000
Term Loan
Line of Credit Facility [Line Items]
Maximum capacity on credit facility			305,000,000
Credit facility			305,000,000		305,000,000
Revolving Loan
Line of Credit Facility [Line Items]
Maximum capacity on credit facility			400,000,000
Credit facility			$ 180,000,000		$ 180,000,000
Credit Facility
Line of Credit Facility [Line Items]
Effective interest rate			2.64%		2.39%
Remaining borrowing capacity			$ 55,200,000
Credit Facility | LIBOR
Line of Credit Facility [Line Items]
Unused capacity commitment fee percentage threshold			50.00%
Credit Facility | Line of Credit Facility, Interest Rate, Option One | Minimum | LIBOR
Line of Credit Facility [Line Items]
Spread on variable rate basis			1.50%
Credit Facility | Line of Credit Facility, Interest Rate, Option One | Maximum | LIBOR
Line of Credit Facility [Line Items]
Spread on variable rate basis			2.25%
Credit Facility | Line of Credit Facility, Interest Rate, Option Two | Minimum | Base Rate
Line of Credit Facility [Line Items]
Spread on variable rate basis			0.50%
Credit Facility | Line of Credit Facility, Interest Rate, Option Two | Maximum | Base Rate
Line of Credit Facility [Line Items]
Spread on variable rate basis			1.25%
Credit Facility | Line of Credit Facility, Base Rate, Option Two | Federal Funds Effective Rate
Line of Credit Facility [Line Items]
Spread on variable rate basis			0.50%
Credit Facility | Line of Credit Facility, Base Rate, Option Three | One-Month LIBOR
Line of Credit Facility [Line Items]
Spread on variable rate basis			1.00%
Credit Facility | Below Threshold | LIBOR
Line of Credit Facility [Line Items]
Unused capacity fee percentage			0.15%
Credit Facility | Above Threshold | LIBOR
Line of Credit Facility [Line Items]
Unused capacity fee percentage			0.25%
Interest Expense
Line of Credit Facility [Line Items]
Error (understatement), amount		$ (300,000)		$ 300,000
Net Loss
Line of Credit Facility [Line Items]
Error (understatement), amount		$ (1,000,000)		$ 1,000,000
Subsequent Event
Line of Credit Facility [Line Items]
Waiver fee	$ 100,000
Waiver fee as a percentage of commitment	0.02%

Mortgage Notes Payable (Schedul

Mortgage Notes Payable (Schedule of Mortgage Notes Payable) (Details)		9 Months Ended
		Sep. 30, 2016USD ($)mortgageproperty	Dec. 31, 2015USD ($)
Debt Instrument [Line Items]
Outstanding Loan Amount		$ 369,186,000
Mortgage notes payable, net of deferred financing costs		$ 363,851,000	$ 381,443,000
Held-for-sale Property
Debt Instrument [Line Items]
Number of mortgages repaid | mortgage		3
1440 Broadway
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 325,000,000
Mortgages
Debt Instrument [Line Items]
Encumbered Properties | property		4
Outstanding Loan Amount		$ 369,186,000	388,436,000
Effective Interest Rate	[1]	4.00%
Less: deferred financing costs, net		$ (5,335,000)	(6,993,000)
Mortgages | Design Center
Debt Instrument [Line Items]
Encumbered Properties | property		1
Outstanding Loan Amount		$ 19,486,000	19,798,000
Effective Interest Rate		4.40%
Mortgages | 1100 Kings Highway
Debt Instrument [Line Items]
Encumbered Properties | property		1
Outstanding Loan Amount		$ 20,200,000	20,200,000
Effective Interest Rate		3.40%
Mortgages | 256 West 38th Street
Debt Instrument [Line Items]
Encumbered Properties | property		1
Outstanding Loan Amount		$ 24,500,000	24,500,000
Effective Interest Rate		3.10%
Mortgages | 1440 Broadway
Debt Instrument [Line Items]
Encumbered Properties | property	[2]	1
Outstanding Loan Amount	[2]	$ 305,000,000	305,000,000
Effective Interest Rate	[2]	4.10%
Additional available borrowing capacity		$ 20,000,000
Mortgages | Foot Locker
Debt Instrument [Line Items]
Encumbered Properties | property	[3]
Outstanding Loan Amount	[3]	$ 0	3,250,000
Effective Interest Rate	[3]
Mortgages | Duane Reade
Debt Instrument [Line Items]
Encumbered Properties | property	[3]
Outstanding Loan Amount	[3]	$ 0	8,400,000
Effective Interest Rate	[3]
Mortgages | 1623 Kings Highway
Debt Instrument [Line Items]
Encumbered Properties | property	[3]
Outstanding Loan Amount	[3]	$ 0	$ 7,288,000
Effective Interest Rate	[3]
[1]	Calculated on a weighted average basis for all mortgages outstanding as of September 30, 2016.
[2]	Total commitments of $325.0 million; additional $20.0 million available, subject to lender approval, to fund certain tenant allowances, capital expenditures and leasing costs.
[3]	During the nine months ended September 30, 2016, the Company repaid three mortgage notes payable with the proceeds from the sales of Duane Reade, 1623 Kings Highway and Foot Locker.

Mortgage Notes Payable (Narrati

Mortgage Notes Payable (Narrative) (Details) $ in Millions	Sep. 30, 2016USD ($)
Debt Instrument [Line Items]
Maximum guarantee cap	$ 5.3
Mortgages
Debt Instrument [Line Items]
Real estate investments at cost related to mortgages	$ 635.1

Mortgage Notes Payable (Sched48

Mortgage Notes Payable (Schedule of Aggregate Future Principal Payments On Mortgage Notes Payable) (Details) $ in Thousands	Sep. 30, 2016USD ($)
Debt Disclosure [Abstract]
October 1, 2016 - December 31, 2016	$ 106
2,017	48,245
2,018	3,703
2,019	308,869
2,020	4,041
Thereafter	4,222
Total	$ 369,186

Fair Value of Financial Instr49

Fair Value of Financial Instruments (Schedule of Fair Value, Liabilities Measured on Recurring Basis) (Details) - Derivatives, net - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives, net	$ (1,523)	$ (835)
Quoted Prices in Active Markets Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives, net	0	0
Significant Other Observable Inputs Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives, net	(1,523)	(835)
Significant Unobservable Inputs Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives, net	$ 0	$ 0

Fair Value of Financial Instr50

Fair Value of Financial Instruments (Fair Value, by Balance Sheet Grouping) (Details) - Level 3 - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Mortgage notes payable | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt, fair value	$ 369,186	$ 388,436
Mortgage notes payable | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt, fair value	379,196	401,503
Credit Facility | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt, fair value	485,000	485,000
Credit Facility | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt, fair value	$ 497,573	$ 487,579

Interest Rate Derivatives and51

Interest Rate Derivatives and Hedging Activities (Narrative) (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)derivative	Sep. 30, 2015USD ($)
Derivative [Line Items]
Loss on derivative instruments	$ 12	$ 540	$ 370	$ 544
Derivatives, net
Derivative [Line Items]
Number of derivative instruments terminated | derivative			1
Designated as Hedging Instrument | Derivatives, net
Derivative [Line Items]
Loss on derivative instruments			$ 24
Designated as Hedging Instrument | Cash Flow Hedging | Derivatives, net
Derivative [Line Items]
Amount required to settle its obligations under the agreement at its aggregate termination value incase of breach	1,600		$ 1,600
Designated as Hedging Instrument | Cash Flow Hedging | Derivatives, net | Interest Expense
Derivative [Line Items]
AOCI reclassified to interest expense, period			12 months
AOCI reclassified to interest expense			$ 1,000
Designated as Hedging Instrument | Cash Flow Hedging | Interest rate swaps | Derivatives at Fair Value
Derivative [Line Items]
Fair value of derivatives	1,600		1,600
Not Designated as Hedging Instrument | Interest rate caps
Derivative [Line Items]
Loss on derivative instruments	$ 0		$ 400

Interest Rate Derivatives and52

Interest Rate Derivatives and Hedging Activities (Schedule Of Interest Rate Derivative) (Details) $ in Thousands	Sep. 30, 2016USD ($)derivative	Dec. 31, 2015USD ($)derivative
Interest rate swaps | Designated as Hedging Instrument | Cash Flow Hedging
Derivative [Line Items]
Number of instruments (in securities) | derivative	3	4
Notional Amount | $	$ 124,700	$ 131,988
Interest rate caps | Not Designated as Hedging Instrument
Derivative [Line Items]
Number of instruments (in securities) | derivative	2	2
Notional Amount | $	$ 305,000	$ 305,000

Interest Rate Derivatives and53

Interest Rate Derivatives and Hedging Activities (Schedule of Derivative Instruments in Statement of Financial Position, Fair Value) (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Interest rate caps | Not Designated as Hedging Instrument | Derivative Assets, at Fair Value
Derivatives, Fair Value [Line Items]
Derivative assets, at fair value	$ 46	$ 416
Cash Flow Hedging | Interest rate swaps | Designated as Hedging Instrument | Derivative Assets, at Fair Value
Derivatives, Fair Value [Line Items]
Derivative assets, at fair value	0	15
Cash Flow Hedging | Interest rate swaps | Designated as Hedging Instrument | Derivative Liabilities, at Fair Value
Derivatives, Fair Value [Line Items]
Derivative liabilities, at fair value	$ (1,569)	$ (1,266)

Interest Rate Derivatives and54

Interest Rate Derivatives and Hedging Activities (Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance) (Details) - Cash Flow Hedging - Derivatives, net - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Derivative Instruments, Gain (Loss) [Line Items]
Amount of income (loss) recognized in accumulated other comprehensive income (loss) from interest rate derivatives (effective portion)	$ 350	$ (1,286)	$ (1,308)	$ (3,005)
Amount of loss recognized in loss on derivative instruments (ineffective portion, reclassifications of missed forecasted transactions and amounts excluded from effectiveness testing)	0	0	(1)	(4)
Interest Expense
Derivative Instruments, Gain (Loss) [Line Items]
Amount of loss reclassified from accumulated other comprehensive loss into income as interest expense (effective portion)	$ (310)	$ (706)	$ (990)	$ (1,759)

Interest Rate Derivatives and55

Interest Rate Derivatives and Hedging Activities (Schedule of Offsetting Liabilities) (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gross Amounts of Recognized Assets	$ 46	$ 431
Gross Amounts of Recognized Liabilities	(1,569)	(1,266)
Potential Net Amounts of Assets (Liabilities) presented on the Balance Sheet	(1,523)	(835)
Financial Instruments	0	0
Cash Collateral Posted	0	0
Net Amount	$ (1,523)	$ (835)

Common Stock (Details)

Common Stock (Details) - $ / shares	3 Months Ended	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2016	Dec. 31, 2015
Class of Stock [Line Items]
Common stock, shares outstanding (in shares)	165,855,226	165,855,226	162,529,811
Dividends declared, annualized rate (in dollars per share)		$ 0.46
Common Stock
Class of Stock [Line Items]
Common stock, shares outstanding (in shares)	165,855,226	165,855,226	162,529,811
Shares issued (in shares)	726,365	3,336,430
Operating Partnership Unit
Class of Stock [Line Items]
OP units converted to common stock (in shares)	726,365	3,336,430

Commitments and Contingencies57

Commitments and Contingencies (Minimum Lease Payments) (Details) $ in Thousands	Sep. 30, 2016USD ($)
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
October 1, 2016 - December 31, 2016, Operating Leases	$ 1,226
2017, Operating Leases	4,905
2018, Operating Leases	5,089
2019, Operating Leases	5,346
2020, Operating Leases	5,346
Thereafter, Operating Leases	246,281
Total, Operating Leases	268,193
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
October 1, 2016 - December 31, 2016, Capital Leases	22
2017, Capital Leases	86
2018, Capital Leases	86
2019, Capital Leases	86
2020, Capital Leases	86
Thereafter, Capital Leases	3,404
Total, Capital Leases	3,770
Less: amounts representing interest	(1,674)
Total present value of minimum lease payments	$ 2,096

Commitments and Contingencies58

Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Oct. 30, 2013
Business Acquisition [Line Items]
Rent expense	$ 1,900	$ 1,900	$ 5,800	$ 5,800
Interest expense	$ 16	$ 16	$ 48	$ 48
Worldwide Plaza
Business Acquisition [Line Items]
Ownership percentage					48.90%

Commitments and Contingencies59

Commitments and Contingencies (Capital Lease Assets) (Details) - Building and Building Improvements - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Capital Leased Assets [Line Items]
Buildings, fixtures and improvements	$ 11,783	$ 11,783
Less accumulated depreciation and amortization	(2,132)	(1,705)
Total real estate investments, net	$ 9,651	$ 10,078

Related Party Transactions an60

Related Party Transactions and Arrangements (Revenues and Receivables from Related Party) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Viceroy Hotel | Affiliated Entity
Related Party Transaction [Line Items]
Revenue from related parties	$ 7	$ 25	$ 36	$ 110

Related Party Transactions an61

Related Party Transactions and Arrangements (Advisor and its Affiliates) (Details) - USD ($)	Apr. 25, 2016	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Related Party Transaction [Line Items]
Fees paid to related parties		$ 4,256,000	$ 4,296,000	$ 12,725,000	$ 12,214,000
Advisor
Related Party Transaction [Line Items]
Cost of assets maximum		$ 3,000,000,000		$ 3,000,000,000
Asset management fees earned above		0.40%		0.40%
Average Invested Assets | Advisor
Related Party Transaction [Line Items]
Asset management fees as a percentage of benchmark		0.50%		0.50%
Cost of assets maximum		$ 3,000,000,000		$ 3,000,000,000
Gross Revenue, Multi-tenant Properties | Advisor
Related Party Transaction [Line Items]
Property management fees as a percentage of benchmark		4.00%		4.00%
Maximum | Average Invested Assets | Advisor
Related Party Transaction [Line Items]
Operating expenses as a percentage of benchmark		2.00%		2.00%
Maximum | Gross Revenue, Managed Properties | Advisor
Related Party Transaction [Line Items]
Oversight fees as a percentage of benchmark		1.00%		1.00%
Maximum | Net Income, Excluding Additions to Non-cash Reserves and Gains on Sales of Assets | Advisor
Related Party Transaction [Line Items]
Operating expenses as a percentage of benchmark		25.00%		25.00%
Maximum | Contract Sales Price | Advisor
Related Party Transaction [Line Items]
Real estate commission earned by related party		2.00%		2.00%
Reimbursement of Costs and Expenses | Advisor
Related Party Transaction [Line Items]
Fees paid to related parties		$ 800,000	0	$ 2,900,000
Brokerage Commission Fees | Maximum | Contract Sales Price | Advisor
Related Party Transaction [Line Items]
Real estate commission earned by related party		50.00%		50.00%
Real Estate Commissions | Maximum | Contract Sales Price | Advisor
Related Party Transaction [Line Items]
Real estate commission earned by related party		6.00%		6.00%
Property Disposition Fees | Advisor
Related Party Transaction [Line Items]
Fees paid to related parties		$ 0	$ 0	$ 200,000	$ 0
Advisory Agreement | Advisor
Related Party Transaction [Line Items]
Advisory contract, automatic renewal term	6 months
Contract termination, notice of termination, term	60 days

Related Party Transactions an62

Related Party Transactions and Arrangements (Fees Paid in Connection With the Operations of the Company, Incurred, Waived and Payable) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Related Party Transaction [Line Items]
Expenses incurred	$ 4,256	$ 4,296	$ 12,725	$ 12,214
Expenses waived	0	727	994	1,946
Payable (Receivable)	526		526		$ 92
Asset management fees
Related Party Transaction [Line Items]
Expenses incurred	3,054	3,121	9,178	9,366
Expenses waived	0	0	0	0
Payable (Receivable)	0		0		(7)
Transfer agent and other professional fees
Related Party Transaction [Line Items]
Expenses incurred	756	448	2,107	902
Expenses waived	0	0	0	0
Payable (Receivable)	80		80		99
Property management fees
Related Party Transaction [Line Items]
Expenses incurred	446	727	1,440	1,946
Expenses waived	0	$ 727	994	$ 1,946
Payable (Receivable)	$ 446		$ 446		$ 0

Share-Based Compensation (Narra

Share-Based Compensation (Narrative) (Details) - USD ($)	Apr. 15, 2016	Apr. 15, 2015	Apr. 15, 2014	Feb. 28, 2015	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payments of distributions							$ 1,824,000	$ 1,982,000
Stock options issued (in shares)					0		0		0
Payments of Dividends							$ 56,927,000	56,016,000
New Multi-Year Outperformance Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation					$ 2,300,000	$ 3,900,000	$ 10,900,000	6,100,000
Requisite service period							5 years
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 | Restricted Share Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)							5,915
Equity-based compensation					$ 100,000	200,000	$ 500,000	400,000
Compensation cost not yet recognized					1,200,000		$ 1,200,000
Shares expected to vest							2 years 5 months 2 days
Performance Shares | New Multi-Year Outperformance Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payments of distributions					200,000		$ 1,200,000
Granted (in shares)	805,679	367,059
Share-based payment award, award vesting rights							33.33%
Opp units issued (in shares)			$ 8,880,579
Company's market capitalization percentage			5.00%
Distribution entitlement percentage							10.00%
Payments of Dividends						100,000		$ 500,000
Performance Shares | New Multi-Year Outperformance Plan | 12 Month Period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period							12 months
Performance Shares | New Multi-Year Outperformance Plan | 3 Year Period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period							3 years
Performance Shares | New Multi-Year Outperformance Plan | 24 Month Period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period							24 months
Advisor
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payments of distributions					$ 300,000	$ 600,000
Advisor | Restricted Stock | Restricted Share Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period							4 years
Granted (in shares)				279,365
Forfeited (in shares)				79,805
Share-based payment award, award vesting rights							25.00%
Independent Directors | Restricted Stock | Restricted Share Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum percent of awards as a percent of total outstanding					10.00%		10.00%
Vesting period							3 years
Vesting percentage					33.30%		33.30%

Share-Based Compensation (Restr

Share-Based Compensation (Restricted Stock Activity) (Details) - Restricted Share Plan - Restricted Stock	9 Months Ended
	Sep. 30, 2016$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning Balance (in shares) | shares	316,570
Granted (in shares) | shares	5,915
Vested (in shares) | shares	(73,044)
Ending Balance (in shares) | shares	249,441
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) | $ / shares	$ 10.59
Granted (in dollars per share) | $ / shares	10.14
Vested (in dollars per share) | $ / shares	10.45
Ending Balance (in dollars per share) | $ / shares	$ 10.62

Share-Based Compensation (Multi

Share-Based Compensation (Multi-Year Outperformance Plan Agreement) (Details) - New Multi-Year Outperformance Plan - Performance Shares	Sep. 30, 2016
Performance Period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Absolute Component: 4% of any excess Total Return if total stockholder return attained above an absolute hurdle measured from the beginning of such period:	21.00%
100% will be earned if total stockholder return achieved is at least:	18.00%	[1]
50% will be earned if total stockholder return achieved is:	0.00%	[1]
0% will be earned if total stockholder return achieved is less than:	0.00%	[1]
Annual Period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Absolute Component: 4% of any excess Total Return if total stockholder return attained above an absolute hurdle measured from the beginning of such period:	7.00%
100% will be earned if total stockholder return achieved is at least:	6.00%	[1]
50% will be earned if total stockholder return achieved is:	0.00%	[1]
0% will be earned if total stockholder return achieved is less than:	0.00%	[1]
Interim Period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Absolute Component: 4% of any excess Total Return if total stockholder return attained above an absolute hurdle measured from the beginning of such period:	14.00%
100% will be earned if total stockholder return achieved is at least:	12.00%	[1]
50% will be earned if total stockholder return achieved is:	0.00%	[1]
0% will be earned if total stockholder return achieved is less than:	0.00%	[1]
Relative Component | Excess Return, Above Peer Group
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized, percentage of benchmark	4.00%
Relative Component | Cumulative Return, Above Threshold
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares awarded as a percentage of maximum	100.00%
Relative Component | Cumulative Return, Above Threshold | Minimum | Performance Period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Return percentage threshold	0.00%
Relative Component | Cumulative Return, Above Threshold | Minimum | Annual Period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Return percentage threshold	0.00%
Relative Component | Cumulative Return, Above Threshold | Minimum | Interim Period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Return percentage threshold	0.00%
Relative Component | Cumulative Return, Above Threshold | Maximum | Performance Period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Return percentage threshold	18.00%
Relative Component | Cumulative Return, Above Threshold | Maximum | Annual Period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Return percentage threshold	6.00%
Relative Component | Cumulative Return, Above Threshold | Maximum | Interim Period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Return percentage threshold	12.00%
Relative Component | Cumulative Return, Equal to Threshold
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares awarded as a percentage of maximum	50.00%
Relative Component | Cumulative Return, Below Threshold
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares awarded as a percentage of maximum	0.00%
Absolute Component | Excess Return, Above Threshold
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized, percentage of benchmark	4.00%
[1]	*The “Peer Group” is comprised of certain 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	Sep. 30, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
OPP	$ 13,300	$ 43,500
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	$ 13,300	$ 43,500

Share-Based Compensation (Level

Share-Based Compensation (Level 3 Reconciliations) (Details) - Multi-year Outperformance Plan - Share Based Compensation Liability $ in Thousands	9 Months Ended
	Sep. 30, 2016USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	$ 43,500
Fair value adjustment	(30,200)
Ending Balance	$ 13,300

Share-Based Compensation (Valua

Share-Based Compensation (Valuation Techniques) (Details) - Monte Carlo Simulation - Fair Value, Measurements, Recurring - Share Based Compensation Liability - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
OPP	$ 13,300	$ 43,500
Expected volatility	16.00%	27.00%

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		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Earnings Per Share [Abstract]
Basic and diluted net loss attributable to stockholders	$ (45,267)	$ (13,075)	$ (56,320)	$ (30,572)
Weighted average shares outstanding, basic and diluted (in shares)	165,384,074	162,203,065	164,700,025	162,151,058
Net loss per share attributable to stockholders, basic and diluted (in dollars per share)	$ (0.27)	$ (0.08)	$ (0.34)	$ (0.19)

Net Loss Per Share (Schedule 70

Net Loss Per Share (Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share) (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive common share equivalents (in shares)	9,971,680	13,375,884	9,971,680	13,375,884
Unvested restricted stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive common share equivalents (in shares)	249,441	317,215	249,441	317,215
OP Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive common share equivalents (in shares)	841,660	4,178,090	841,660	4,178,090
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	8,880,579	8,880,579

Non-Controlling Interests (Deta

Non-Controlling Interests (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Noncontrolling Interest [Line Items]
Payments of distributions			$ 1,824	$ 1,982
Operating Partnership Unit
Noncontrolling Interest [Line Items]
OP units converted to common stock (in shares)	726,365		3,336,430
Non-controlling Interests
Noncontrolling Interest [Line Items]
OP units converted to common stock, decrease in non-controlling interest	$ 6,800		$ 30,798
Advisor
Noncontrolling Interest [Line Items]
Payments of distributions	$ 300	$ 600
Noncontrolling interest, decrease from distributions to noncontrolling interest holders			$ 1,800	$ 2,000
OP Units | Advisor
Noncontrolling Interest [Line Items]
Nonvested shares outstanding (in shares)	841,660		841,660		4,178,090
LTIP units | Advisor
Noncontrolling Interest [Line Items]
Nonvested shares outstanding (in shares)	8,880,579		8,880,579		8,880,579

Subsequent Events Subsequent Ev

Subsequent Events Subsequent Events (Details)	Nov. 08, 2016USD ($)	Oct. 23, 2016USD ($)directorshares	Oct. 22, 2016director	Sep. 30, 2016USD ($)shares	Dec. 31, 2015shares
Subsequent Event [Line Items]
Common shares owned by WW Investors (in shares) | shares				165,855,226	162,529,811
Reimbursement of fees and expenses | $				$ 5,300,000
Subsequent Event
Subsequent Event [Line Items]
Number of directors | director		9	6
Waiver fee | $	$ 100,000
Waiver fee as a percentage of commitment	0.02%
WW Investors | Subsequent Event
Subsequent Event [Line Items]
Common shares owned by WW Investors (in shares) | shares		1,213,140
Percentage of common shares owned by WW Investors, less than		1.00%
Minimum common shares required to own | shares		1,000,000
Reimbursement of fees and expenses | $		$ 700,000