Good day, ladies and gentlemen. Thank you for standing by. Welcome to the Paramount Group Fourth Quarter 2024 earnings conference call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. Please note that this conference call is being recorded today, February 28th, 2025. I will now turn the call over to Tom Hennessy, Vice President of Business Development and Investor Relations. Thank you, Operator, and good morning, everyone. Before we begin, I would like to point everyone to our fourth quarter 2024 earnings release and supplemental information, which were released yesterday. Both can be found under the heading Financial Results in the Investor section of the Paramount Group website at www.pgre.com. Some of our comments will be forward-looking statements within the meaning of the federal securities laws. Forward-looking statements, which are usually identified by the use of words such as will, expect, should, or other similar phrases, are subject to numerous risks and uncertainties that could cause actual results to differ materially from what we expect. Therefore, you should exercise caution in interpreting and relying on them. We refer you to our SEC filings for a more detailed discussion of the risks that could impact our future operating results and financial condition. During the call, we will discuss our non-GAAP measures, which we believe can be useful in evaluating the company's operating performance. These measures should not be considered in isolation or as a substitute for our financial results prepared in accordance with GAAP. A reconciliation of these measures to the most directly comparable GAAP measure is available in our Fourth Quarter 2024 earnings release and our supplemental information. Hosting the call today, we have Mr. Albert Behler, Chairman, Chief Executive Officer, and President of the company; Wilbur Paes, Chief Operating Officer, Chief Financial Officer, and Treasurer; and Peter Brindley, Executive Vice President, Head of Real Estate. Management will provide some opening remarks, and we will then open the call to questions. With that, I will turn the call over to Albert. Good morning, everyone. Thank you for joining our call today. Yesterday, we released our fourth quarter results, reporting core FFO of $0.19 per share, bringing our total for the year to $0.80 per share, which is at the high end of our most recent guidance range. Looking ahead, we have initiated 2025 core FFO per share guidance with a range between $0.51 and $0.57 per share, along with the 2025 leasing guidance range between 800,000 and 1 million sq ft. Wilbur will review our financial results and guidance in greater detail. In the fourth quarter, we leased approximately 109,000 sq ft, bringing our full-year total to 763,500 sq ft leased. This volume is 3% ahead of last year and near the midpoint of our original guidance for the year, though it trails our revised target from November. In New York, we leased approximately 57,000 sq ft in the fourth quarter. While our quarterly leasing in New York did not meet the revised targets we had set for ourselves in November, the pipeline remains robust. Peter will cover this in more detail shortly. We are seeing strong interest from a wide array of tenants, particularly in the financial services and legal sectors. This demand reaffirms our conviction in the long-term appeal of our high-quality, strategically located space in New York's core submarkets. The flight to quality remains a consistent theme as we begin the new year, with tenants increasingly focused on premier buildings in core locations. Our portfolio is benefiting from this trend, particularly along 6th Avenue, where the Paramount Club continues to be a significant differentiator in the market. This amenity has proven transformative, not just in attracting new tenants, but in fostering a vibrant workplace community that enhances tenant satisfaction and retention. In San Francisco, while the market continues to lag New York, we see encouraging signs. The November election results potentially signal the beginning of a political shift, and in our view, are a clear indication of reduced patience from the electorate. In our portfolio this quarter, we leased approximately 51,000 sq ft, bringing our full-year total to approximately 339,000 sq ft leased. Our 2024 leasing activity in San Francisco was over 40% higher compared to last year. We are definitely seeing progress as the market continues to improve. The majority of our leasing activity in San Francisco remains focused on renewals and shorter terms. The flight to quality is also evident, and San Francisco's position as a hub for tech innovation and its leadership in AI-focused venture capital funding underscore its potential for recovery. We are confident our portfolio is well-suited to capitalize on these trends. Moving to our capital allocation activities, subsequent to the end of the year, we closed the sale of a 45% interest in 900 Third Avenue, raising approximately $95 million in net proceeds. The transaction valued the property at $210 million, or $354 per sq ft. We continue to own the remaining 55% interest, and we will continue to lease and manage the property. This transaction underscores the underappreciated value of our assets in the public market, highlighting the difference between the underlying long-term value of our real estate compared to levels at which our stock currently trades. The transaction also further strengthens our balance sheet, offering enhanced flexibility in our capital allocation strategy. We ended the year with approximately $461,400,000 in cash and restricted cash, excluding non-core assets, and before the impact of the partial sale of 900 Third Avenue. Further adjusting for the sale of 900 Third Avenue would bring our cash and restricted cash to $546,500,000. As we experienced with our sale of 900 Third, the broader real estate transaction market continues to exhibit signs of resurgence. We are seeing an uptick in potential deals, which could signal a more active market in the coming year. The persistent gap between buyer and seller expectations also continues to narrow, potentially unlocking more opportunities. In this evolving landscape, we remain committed to our disciplined approach to capital allocation. Our strong financial position enables us to act swiftly on attractive opportunities, particularly those involving strategic partnerships where we can leverage our market expertise. Lastly, I'm particularly proud to highlight that Paramount achieved a GRESB Five-Star rating for the sixth consecutive year in 2024, earning Sector Leader status in the Office Americas Strategy category. This recognition, which places us among the top performers out of over 2,200 global participants, demonstrates our unwavering commitment to environmental stewardship and sustainable operations. Our score outperformed the GRESB average by 21%, and we achieved an A rating for public disclosure, reflecting our dedication to transparency and stakeholder engagement. These achievements underscore that our focus on sustainability isn't just about meeting current standards; it's about setting them. This leadership position in ESG practices increasingly resonates with our tenants and investors, who prioritize partnerships with environmentally responsible landlords. With that, I'll hand over to Peter. Thank you, Albert, and good morning. During the fourth quarter, we leased approximately 109,000 sq ft, with 53% occurring in New York and the balance in San Francisco. The weighted average term for leases signed during the fourth quarter was 11.1 years. At quarter end, our same-store portfolio-wide lease occupancy rate at share was 84.8%, up 10 basis points from last quarter. In both New York and San Francisco, tenants continue to prioritize premier, centrally located, amenity-rich buildings. We remain focused on cultivating our strong tenant relationships, securing renewals for upcoming lease expirations, and filling our vacant spaces. For the full year, approximately 40% of our leasing activity occurred on vacant space or space scheduled to roll in 2024. The balance of our leasing activity served to de-risk lease roll in 2025 and beyond. Looking ahead, we are very encouraged by the current level of interest in our portfolio, particularly in New York, where improving market dynamics in Midtown's core submarkets, combined with our market-leading amenity offering at the Paramount Club, have helped generate significant momentum in our portfolio. Subsequent to quarter end, we completed a significant new lease for 131,000 sq ft at 90 Third Avenue, addressing both vacant and soon-to-be-vacant floors. Our pipeline continues to grow, with approximately 350,000 sq ft of leases out, approximately half of which are for vacant space and the balance for space scheduled to expire in 2025 and 2026. Additionally, we are in advanced stage negotiations for more than 200,000 sq ft of proposals. Turning to the New York market, Midtown's fourth quarter leasing activity marked the highest quarterly total since Q4 2019, exceeding the five-year quarterly average by 73%. For the full year, Midtown's 2024 leasing activity exceeded leasing activity for full year 2023 by 38%. This increased leasing activity in Midtown resulted in 2.5 million sq ft of positive absorption during the fourth quarter, the highest quarterly total in nearly 25 years. Business sentiment continues to improve, irrespective of industry, resulting in tenants' willingness to make longer-term lease commitments. In fact, there are currently more than 350 active tenants in the market in Manhattan for more than 25 million sq ft, exceeding Manhattan's 2018-2019 demand profile. Increased tenant demand, coupled with conversions of select office buildings and little to no new development, is leading to a scarcity of high-quality availability in Midtown's premier buildings. We are gaining momentum in our New York portfolio, as evidenced by our current pipeline, and expect the improving market dynamics will support increased leasing and improved deal economics in the year ahead. Our New York portfolio is currently 85% leased on a same-store basis at share, unchanged from last quarter. Our lease expiration profile in New York remains manageable, with approximately 6% expiring at share during 2025. Shifting to San Francisco, market-wide leasing activity continues to steadily improve. San Francisco employees have been returning to the office at an increasing rate as more tech companies modify their workplace policy to be more office-centric. As we have seen in New York, return to work on a larger scale in San Francisco will drive increased leasing activity in 2025 and beyond. AI-based companies accounted for 86 leases totaling more than 1 million sq ft in 2024 and have become an increasingly large percentage of the tenants in the market as they continue to raise significant venture capital funding. This past year, San Francisco-based companies raised $47.3 billion, or roughly 20% of the venture capital funding throughout the United States. With more than 1,400 AI-based startups, San Francisco is far and away the largest innovation hub in the United States and where many of these leading-edge companies will operate and grow their business. While overall market conditions remain challenging given elevated supply, there continues to be a steady uptick in leasing inquiries and tour activity, which have increasingly led to proposals and an increased number of transactions. In fact, San Francisco's fourth quarter leasing activity was commensurate with the pre-pandemic quarterly average of approximately 2.3 million sq ft, resulting in the strongest full-year leasing total since 2019. We remain focused on our soon-to-be move-outs, notably the backfill of Google space at One Market Plaza and the portion of JPMorgan space at One Front Street that expire this year. We are currently developing plans to deliver exceptional amenities at both One Market Plaza and One Front Street, leveraging our experience from the Paramount Club. We are confident that our amenity plan will resonate with existing tenants and prospective tenants alike and look forward to updating you on our plan on future calls. At year end, our San Francisco portfolio was 83.8% leased on a same-store basis at share, up 20 basis points from last quarter. Our lease expiration profile in San Francisco is significant, with approximately 29% expiring at share in 2025, 66% of which is comprised of Google at One Market Plaza and JPMorgan at One Front Street. With that summary, I will turn the call over to Wilbur, who will discuss the financial results. Thank you, Peter, and good morning, everyone. Yesterday, we reported core FFO of $0.19 per share for the fourth quarter, which was one cent ahead of consensus estimates, bringing our full-year 2024 core FFO to $0.80 per share. Same-store cash NOI growth in the fourth quarter was basically flat at -0.1%, bringing full-year same-store cash NOI growth to -1.1%, which came in better than our expectations as we continued to rein in operating expenses. While real estate impairment losses do not have an effect on FFO, I do want to highlight that during the fourth quarter, the 55 Second Street joint venture recorded an $87.2 million non-cash real estate impairment loss. Our 44.1% share of this impairment loss was $38.4 million. However, we were limited to recognizing only $29.8 million as it brought the basis of our investment in the joint venture to zero. During the fourth quarter, we executed 11 leases for a total of 108,824 sq ft at weighted average starting rents of $85.65 per sq ft and for a weighted average lease term of 11.1 years. We ended 2024 with 47 executed leases, aggregating 763,449 sq ft. While our financial results came in at or ahead of our most recent guidance, we missed the mark on our most recent leasing activity and same-store occupancy goals. This was primarily due to a significant lease that fell through at the goal line, which unfortunately can happen sometimes. Having said that, our leasing team came through in a big way with the execution of the 131,000 sq ft lease at 900 Third Avenue in the first quarter, which sets us up nicely as we move into 2025. As Albert indicated earlier, in January, we sold a 45% interest in 900 Third Avenue at a gross asset valuation of $210 million. The sale yielded us net proceeds of approximately $95 million, of which $9.5 million was reflected in the $461.4 million year-end cash and restricted cash balances, and the remaining will be reflected on our balance sheet at the end of the first quarter. As most of you know, 900 Third Avenue was one of the assets supporting our unsecured credit facility. In order to permit the sale of the asset, we modified our credit facility to reduce the number of assets supporting the facility and improve certain covenants while limiting our borrowing capacity to $200 million. Now, let me turn to our 2025 guidance. We expect 2025 core FFO to be between $0.51-$0.57 per share or $0.54 per share at the midpoint. This represents a $0.26 per share decrease from the $0.80 reported in 2024. The $0.26 decrease in core FFO is comprised of the following: a $0.17 decrease in cash NOI, resulting primarily from the scheduled lease expirations, including that of JPMorgan and Google in our San Francisco portfolio, which has been telegraphed for quite some time; a $0.04 decrease in non-cash straight-line rent revenue; a $0.02 decrease from the disposition of a 45% interest in 900 Third Avenue in January 2025; a $0.02 decrease in fee and other income due to lower yields and certain non-recurring fees earned in 2024; a $0.01 decrease in lease termination income, which we typically do not budget for; a $0.01 increase in interest and debt expense, partially offset by a $0.01 decrease in general and administrative expenses. We expect same-store growth to remain negative in 2025 and range between -11% and -7% on a cash basis and -13% and -9% on a GAAP basis, driven by the significant lease expirations in 2025. We expect our leasing velocity to improve in 2025, and our goal is to lease between 800,000 and 1 million sq ft. Notwithstanding that leasing goal, we expect year-end same-store occupancy to remain roughly flat given the significant expirations in 2025 and our guiding to a year-end portfolio-wide same-store lease occupancy rate between 83.9% and 85.9%. While we do not give specific guidance metrics with respect to New York and San Francisco, I will say that our assumptions include that occupancy in New York will continue to improve in 2025, while occupancy in San Francisco will further deteriorate in 2025, driven by the sheer magnitude of the JPMorgan and Google lease expirations. Please refer to page 6 of our supplemental package and our investor deck for additional information regarding our 2025 guidance. With that, Operator, please open the lines for questions. Thank you. We will now be conducting a question-and-answer session. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate a line is in the question queue. You may press star two to remove yourself from the queue. For participants using speaker equipment, it may be necessary to pick up the handset before pressing the star keys. One moment, please, while we pull for questions. Our first question comes from the line of Steve Sakwa with Evercore ISI. Please proceed with your question. Thanks. Good morning, everyone. This is Manason on for Steve. I just got a quick question on the deals that you were not able to sign, specifically the one that you were mentioning that fell through at the finish line. Could you maybe talk about the reasons why that happened? Maybe if it was location-based, if the tenant was hesitant, or if you could not agree on rental rates. Just for us to understand a little bit of color here would be helpful. Sure. This is Peter. Good morning. The ultimate reason is not entirely known. It is highly unusual for a lease to be at execution and for it to be pulled. That was really very unfortunate. I think it's probably more productive, quite honestly, to talk about our plan going forward. We have a couple of tenants that are very seriously interested in these two floors right now. While this other decision, I think the other tenant that did not ultimately transact is mulling what they will ultimately do, I think we will likely proceed with a really very creditworthy tenant for those two floors in the not-too-distant future. In fact, we think we're getting close. We think we'll have a good story to tell. Ultimately, it was unfortunate, but those two floors at the base of 1301 are squarely in the middle of where all of this activity that you're familiar with along 6th Avenue is occurring. It sits directly on top of arguably the finest club in New York. I'm referring, of course, to the Paramount Club, which is at 1301 Avenue of the Americas. Steve, this deal, I mean, it's really unfortunate, as Peter was saying, and very, very, very unusual that something like this happens. I feel for Peter and the team. The only good thing here is that current leases that Peter and the team are talking about are significantly higher in rent. I think that's a good momentum that we are going to see now here at the beginning of 2025, that finally we can push rent a little bit and that goes across the portfolio in New York. Got it. That makes sense. I appreciate the color. Maybe one follow-up question, if I may. Could you maybe touch on the progress or the current stand for the two non-core assets, so 111 Sutter Street or Market Center, in terms of a potential sale or lender resolution or just kind of like the thoughts as we stand now in the beginning of 2025? That would be helpful. Tommanason, I do not think there is much to talk about 111 Sutter yet, frankly. If you recall, we got an extension there that runs through the end of December 2025. We are going to resume conversations with the lender on that front. As we have highlighted before, there is no risk to Paramount's balance sheet with respect to 111 Sutter because we are not funding the debt shortfalls. We are not funding the TIs to lease that. We continue to manage the property, and we have optionality on that asset. Market Center, I am sure you guys have all seen the press reports and you saw a disclosure. That asset is in the market. That deal has been awarded. We continue to work with the lender to sell that property. That remains ongoing. We expect a resolution, perhaps as early as the second quarter, at which point the asset will come off our books, the debt will come off our books, and we'll recognize a tax loss that we can play around with. Great. That is all me. Thank you. Thank you. Thank you. Our next question comes from the line of Blaine Heck with Wells Fargo. Please proceed with your question. Great. Thanks. Good morning. The 2025 leasing target of 900,000 sq ft at the midpoint seems maybe a little ambitious relative to the 763,000 that you did and what some would argue is a pretty strong New York leasing market in 2024. Can you just talk about what gives you confidence in that acceleration in 2025? Related to that, I think Peter said there's around 500,000 sq ft of leases under contract or in advanced stage negotiations. That would leave 400,000 of speculative leasing to get to the target. Is that kind of the right way to think about it? Yeah. Hi, Blaine. Let me start answering the question going back to 2024. The market was very fragmented with regard to leasing. A lot of the leasing happened in the Park Avenue area, and we do not have an asset there. Our asset is 900 Third outside of that submarket. It seems to be moving. With regard to high-quality properties, there seems to be a lack of assets, and the market is moving more towards 6th Avenue and the west side. That is why we are quite confident that the leasing guidance can be achieved. Especially with the mishap that happened in the fourth quarter on that one transaction, we were really counting on that being done. It was really pretty much ready to be signed. That space, as Peter was saying, is already marketed to other tenants who were basically left on the sidelines, and that is a significant square footage. We are very confident that we achieved this guidance. Okay. Great. Thanks, Albert. Yeah. Go ahead, Peter. Just to add to that, we're sitting here. It's just about March. We have, as I mentioned, leases out at various stages, but leases out nonetheless of 350,000, call it two-thirds of which is in New York. I mentioned advanced-age proposals for 200,000 or more. Of course, there's quite a bit beyond that in terms of proposals being exchanged. Just in terms of what we're seeing in the market, the way our offerings are positioned, we feel very confident as we sit here in just about March, call it, that we will achieve what we put forward by way of velocity at 900,000, the midpoint. Blaine, you had one question in terms of dimensioning that speculative. Just to clarify that, your math does not include in the speculative the 100,031 sq ft lease that was already done, right? When Peter is talking about a 500,000 sq ft pipeline, that is excluding the already executed lease that took place in the first quarter. Your 400,000 of speculative math would get reduced at a minimum by that 131 sq ft lease. Got it. That's very helpful. Peter, maybe sticking with you, leasing CapEx as a percentage of initial rent rose to the highest level we have on record in the fourth quarter. Can you just talk about whether there were any specific leases that drove that increase and more generally kind of what you're seeing with respect to concessions for new leases on the market? Sure. Sure, Blaine. I would not read into that as a trend. Really, what drove that was a deal that we chose to turnkey space. In other words, build it for a tenant. It was on a lower floor in one of our buildings. And as a percentage of initial rent, that turnkey was a little bit higher than where we have been historically. But generally speaking, what I expect we will see in the year ahead is, I think, for owners, certainly Paramount, that have well-positioned premier-type assets, we will have pricing power in the year ahead, particularly for higher floors. 80% of Midtown's availability is on floors 24 and below. Interestingly, when you have an upper floor, it is becoming increasingly scarce. I think as a result, we have pricing power. Concessions we know are elevated. They certainly have stabilized. I do think given that Midtown's being picked over real time, some tenants are out in the market a little bit earlier, and their objective is to not pay double rent. For that reason, I think free rent will likely remain where it is. It'll probably start to come down at some point, but remain where it is just in the near term for that reason. I think TIs may start to come in a little bit as the market continues to tighten. I recognize that over the last three to five years, inflation has had an impact on the cost to improve space. That being said, I do think that this market is moving very quickly in Midtown specifically. We feel really very good about fundamentals improving. We think that our product mix will allow us to, like I said, achieve better net effective rents in the year ahead. Blaine, just to add to what Peter said, I mean, and your comment that it screened as being very high, aside from the fact that you had the turnkey, recognize that you had only 100,000 sq ft of leasing activity or so in the fourth quarter. You have a turnkey. You have it on low floors, and you have limited activity. That number screened high. If you look at the full year based on the 763,000 sq ft that was leased, those numbers are more in line with what we have been reporting quarter over quarter, more in line with what our peers have been reporting. Quarterly metrics can fluctuate, but it is important to highlight that it was on very limited activity. Got it. That's absolutely fair. One more, if I can. I know we're just starting 2025, and I appreciate your commentary and transparency on the 2025 move-outs. I wanted to ask if you could give any color on the largest expirations in 2026 and your updated thoughts on which are likely move-outs and which are still in negotiation. Blaine, I would say that a number of the expirations in 2026 are currently in negotiation and under discussion. Certainly, I think the largest known move-out, if you look at New York specifically, Showtime represents the largest likely move-out in 2026. 57% of our 2026 expirations will occur at 1633, driven largely by Showtime. I will tell you that we have several tenants that have expressed interest in this block of space. The number of high-quality blocks in Midtown continues to dwindle. We are active on that block of space. That is the largest, I would say, at this point, likely move-out in our portfolio in 2026. If you think about the largest sort of moving parts in San Francisco, you have Morgan Lewis, Autodesk, Visa, and KPMG. I think Visa is a known move-out, and KPMG is a known move-out. The other two, I think, are too soon to comment on. Great. Very helpful. Thank you, guys. Thanks, Heck. Thank you. Our next question comes from the line of Ron Camden with Morgan Stanley. Please proceed with your question. Hey, just two quick ones. Just on the San Francisco, we've heard sort of different reads, different property types talking about a turnaround coming there. I'm just curious, just commentary on the market overall and how you're feeling today. If you could just specifically on some of the expirations, just remind us what the plan is for the backfill, large tenant, small tenant, redev, just what's the plan of attack there would be helpful. Great. Let me start on that. Thanks for asking the question because San Francisco, despite the fact that we did significantly better leasing in 2024 than in 2023, seems to be getting quite active already in the first two months. I think the impact might be that we have new leadership there. The new mayor, Lurie, is setting new goals. I think the leadership change in Washington might have brought more clarity to some of the tenants that are very active in the San Francisco market. Even in the first two months, we already increased, and Peter can go into details of what I am talking about, leasing demands, showing space. As you know, our assets are in good quality locations and are of good quality. We always have said this over the last at least six to eight earnings calls, that San Francisco seems to be lagging behind New York. The economy is not as diversified as the New York economy. Now it seems to be picking up also with the move of people being back in the office, large tech companies who had, for example, the chairman of Salesforce had said initially after the pandemic that nobody had to go ever back to the office, now is calling for five days in the office. Those kind of samples are important to change people's attitude. Peter? Adding to what Albert just now outlined, we all are well familiar with the supply-demand problem in San Francisco. I think we're all assessing real-time what's happening here. I can tell you it actually out in the field feels much more active to start the year. Tour activity is up. We've had a number of inquiries, a number of broker calls. Return to office is happening in a more significant way. We all know that's the fuel that drives leasing velocity. Venture capital funding to San Francisco-based companies has been quite significant. These early-stage companies are all acknowledging the importance of the office in order to execute on their lofty plans. They are out in the market. We're well positioned in that the CBD will likely be the north and south financial district will continue to be, I think, the first submarkets to recover in all of this. This is where the majority of the leasing velocity is occurring. All of this is just now percolating. We have a plan, of course, to backfill the known move-out, as you asked about with Google and JPMorgan. We have several leases out between the two buildings, and we have a good amount of tour activity. We're also working now to work through our amenity plan. It's one thing to talk about amenities. It's another to have, I think, the skill to execute on amenities that actually do move the needle for our tenants. We are putting quite a bit of work into leveraging what we have learned at the Paramount Club and what we are able to deliver and do that in a San Francisco way at our properties in San Francisco. All of that, I think, will help drive additional velocity. I would just say, Ron, to start the year, while we are not where we need to be ultimately by way of demand, we did just come off the best year we have had since 2019. We all would like to see more demand, but the tenants and the market profile continues to increase. Just out in the field, we are feeling generally considerably better to start the year than we did at this time last year. Great. That's helpful. My second one is, I saw the 279 Market Center loan. I think the plan there is working with the lenders to sell the property. I guess if I think about the 2026 maturities, I know it's early, but any indications on what the plan for those are and where you think you could sort of refinance? Thanks. Sure. Look, I think the 2026 maturity is a little bit too soon to talk. The overall market continues to improve, especially in New York. A lot of the 2026 maturities are in New York. Market improving for high-quality assets, high-quality sponsors. The banks and insurance companies continue to sit on the sidelines as they work through their loan books. CMBS issuance has picked up tremendously. In fact, in 2024, CMBS activity was 2.5x that of 2023. The market continues to improve. Spreads continue to come in. We are going to tackle that as we move into the second half of 2025 and into 2026. Great. That's it for me. Thank you. Thank you. Goodbye. Thank you. Our next question comes from the line of Tom Catherwood with BTIG. Please proceed with your question. Thanks. Good morning, everybody. Wilbur, sorry, I want to go back to your answer to Blaine's leasing question to make sure I get the numbers right. Between the 131,000 sq ft of leasing thus far in 1 Q and roughly 500,000 sq ft in the active pipeline, it leaves roughly 300,000 sq ft of yet-to-be-identified leasing opportunities to hit the midpoint of guidance. Am I getting that right? Not necessarily. Let me just add, clarify one. The 131,000 sq ft does not represent the first-quarter leasing activity. That just represents one significant deal that was done in the first quarter, right? There is other activity that has been executed. When Peter mentioned the pipeline, he said, "Look, it's 500,000 sq ft, and it's growing." When you take that, right now, if you were to just factor the 131, you'd come up to about 270,000 sq ft plus minus of speculative activity. Again, that does not include other leases that have been executed in the first quarter thus far and the pipeline growing. Okay. Let me try it a different way. It would then seem that roughly two-thirds of the midpoint, 900,000 sq ft, is already identified, maybe even higher. That seems like a very high percentage at the beginning of the year. Is that normal to have kind of that much identified for your leasing target once you give guidance, or am I thinking about this the wrong way? I think it depends. Look, we look at the portfolio. We look at the roll in any given year. We look at fundamentals in the market. We look at the pipeline. When he quotes a pipeline, you are assuming the entire pipeline is converted to a lease. That is not factually correct either. That does not typically happen. The pipeline is more to give you guys comfort as to what do we see in the hopper. In 2024 and 2023, we leased slightly under 800,000 sq ft. If you went to 2021 and 2022, we leased close to 1 million sq ft in those years. When we sit around the table and come through the guidance and the goals, the goals have to be robust. The goals have to be stretch goals. We try to triangulate between what we're seeing in the market as fundamentals continue to improve and establish these goals at the onset. We will continue to tweak them as we go forward. When we sat and determined these goals, there was a very good feeling about reaching the midpoint of our goal as we establish it in the beginning of the year. Okay. Maybe pivoting over, kind of thinking through, Albert, I think you mentioned over $500 million in cash with the closing of the partial interest sale at 900 Third. How much of that cash is earmarked for redevelopments or CapEx spending, maybe, for example, on One Front, which you pulled out of the same-store pool? How much of that $500 million could be allocated towards new investments should they arise? Yeah, it's a good question. We always consider all the options that we have. Nothing is really earmarked specifically. It's too early to exactly identify what's required at One Front Street or other assets. I think I mentioned on the other call, we have to keep a certain amount of firepower. If you have a bankruptcy, you might consider share buybacks. For the time being, we keep our options open. We want to stay liquid. We're also looking at opportunities. As I have said in the past, we will only go asset light. That means we will only invest a small amount of our equity, and we will find partners who will co-invest with us. There's quite an active line of people who think the correction has been overdone, and it's a more or less perfect time to get back into the market. The acquisition team is very busy looking at all the opportunities we have, and we are very focused on that. I think it was a great execution for the team and great for the shareholders to get a piece of 900 Third sold at about 25% north of what NAV currently is considered by the market. I think that shows that the pricing might not be correct in the public markets at this point. Got it. Appreciate the answers. Thanks, everyone. Sure. You're welcome. Thank you. Our next question comes from the line of Vikram Malhotra with Mizuho. Please proceed with your question. Thanks for the questions. Sorry if you answered this. I joined late, but just specifically on Google and JPMorgan, I'm not sure if you gave me a sense of the pipeline. I know they'll need to move out, etc., but just what are the options or how the pipeline to backfill those two specifically? Yeah. Hi, Vikram. This is Peter. I did mention earlier that we've got several leases out between the two buildings, those being One Front, One Market. Tour activity, while you always want to see more demand, and we are starting to see more by way of demand in San Francisco, has been steady. We are also, I think I mentioned earlier, delivering amenities, which are becoming increasingly important to tenants in San Francisco to both properties. We are in the process of rolling all of that out, and that has been very well received by prospective tenants. As I mentioned, we do have several leases out. Tour activity is picking up. It's been feeling quite a bit better since the beginning part of this year relative to how we felt at this time last year. We will have more to report in the coming quarters, but San Francisco seems to be moving in the right direction, as we have said now several times on this call. We look forward to executing on what we have in front of us and converting some of the new opportunities that have come about most recently with both the increase in tour activity and the exchange of proposals, of course. That is where we are currently. Just last one, is there a thought about several years ago, you JV'd part of a small part of 1633. Is there, I guess, a thought or interest in additional JVs or asset sales or even just bigger picture, more strategic kind of action, just given where the stock is trading, perhaps absolute and relative to peers? As we had said in the past, if we find the right value and we find a partner who is willing to buy a piece of an asset and we think that is a decent pricing, as we had done with 1633, as you said, that was early in the pandemic, we would definitely consider other joint ventures and then making use of that equity and create and have flexibility and make sure that we can grow potentially with other opportunities and/or share buybacks or potentially dividends as well. Thank you. You're welcome. Thank you. As a reminder, if anyone has any questions, you may press star one on your telephone keypad to join the queue. Our next question comes from the line of Dylan Burzinski with Green Street. Please proceed with your question. Hey, guys. Thanks for taking the question. I guess just going back to your comments on sort of the acquisition team being as busy as ever, but there still sort of being a wider bid-ask spread to really necessitate transactions to start clearing. I mean, as you guys look across San Francisco and New York, I mean, do you guys get the sense that New York is getting to a point where that buy-sell spread is much narrower than it is in San Francisco? Or can you kind of just talk about that across the market footprint today? I think both markets are very different, and it really depends. Sometimes it's capitulation of an owner or the debt team taking over and really don't wanting to take over. It's different in each case. The spread, I think, is getting narrower in some cases. There are some assets that are getting considered to be put on the market for recapitalization that weren't in the market for a while. We are looking at those as well. I think in San Francisco, it's more that you can look for deep value, but you really have to be a believer in San Francisco coming back because the development is at least 12 months behind New York City. That is shown in the value that you can achieve. It's definitely riskier than investing in, at least in our kind of markets in midtown, mainly in midtown of New York. That's helpful. Thanks, Albert. I guess just one more. Touching on sort of large tenant leasing activity, especially in San Francisco, are you guys starting to see sort of a recovery there? I know traditional big tech has sort of been on the sidelines as it relates to leasing. Can you kind of talk about just the broader, larger tenant activity in San Francisco and New York today? Yeah. I think we're seeing a lot of activity from more early-stage companies. Some of the traditional companies over the past year, like law firms in New York, in some cases, were rightsizing, actually, which was very different than what we were experiencing in New York with law firms expanding. We're seeing a lot of smaller tech activity. A large percentage, about roughly 30% of the tenant-to-market profile is comprised of AI companies, many of them early-stage. They're high-octane-type tenants with significant funding, but they're not looking for 30,000 sq ft.-40,000 sq ft. They're looking for significantly less space. I think your average deal size in the first half of this year might be a little bit smaller in San Francisco. Certainly, with the return to office, we are starting to hear from some of the larger tech companies for the first time who have been largely dormant for the past several years, as we all know, starting to inquire again. That is, I think, something that we have seen in early going this year. I think it's not entirely clear just yet, but we are feeling very good about the number of inquiries that we've had out in the field, the number of tours that we've had. They are with not only financial service firms, law firms, but they're increasingly with technology companies that are re-engaging. I think this will be a really very interesting year for us to see how it develops in San Francisco. Awesome. Thanks, guys. Appreciate it. Thank you. Thank you. We have reached the end of the question-and-answer session. I would like to turn the floor back to Albert Behler for closing remarks. Thank you, Paul, for joining us here today on this call. We look forward to providing an update on our continued progress when we report our first quarter 2025 results. Goodbye. Thank you. This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.