The San Francisco office of Hines announced today two major milestones of its Transbay Tower project, a 1.4 million-square-foot, 61-story icon to be built adjacent to the Transbay Transit Center.
First, Hines recently finalized the formation of a joint venture with Boston Properties (NYSE: BXP) to acquire the project land from the Transbay Joint Powers Authority. The approximately $190 million acquisition is expected to close in the first quarter of 2013. Hines and Boston Properties each have a 50 percent interest in the venture.
In addition, on October 18, the San Francisco Planning Commission granted final planning approval for the tower to proceed. Designed by Pelli Clarke Pelli Architects (PCPA), the building is slated to be the tallest on the West Coast, with its crown soaring to a height of 1,070 feet.
Hines Chairman Gerald D. Hines commented, “We are very gratified to have both a stellar partner and the city’s nod of approval. We think the tower will be a beautiful addition to San Francisco’s beloved skyline as well as an extremely desirable and sustainable workplace next to one of the state’s busiest transit hubs.”
Mortimer B. Zuckerman, Chairman and CEO of Boston Properties, added, “We are delighted with our partnership with the Hines organization. Both organizations share the same values of building the highest-quality buildings in the best locations. The combination of our two organizations will provide superior management at all levels of this extraordinary project, which we are committed to make a landmark for generations to come.”
The Transbay Transit Center project is a visionary transportation and housing project that is transforming downtown San Francisco and the San Francisco Bay Area’s regional transportation system by creating a “Grand Central Station of the West Coast” in the heart of a new transit-friendly neighborhood. The $4 billion project will replace the former Transbay Terminal at First and Mission streets in San Francisco with a modern regional transit hub connecting eight Bay Area counties and the State of California through 11 transit systems. Designed by PCPA, the new Transit Center will feature a 5.4-acre rooftop park. The Transit Center project is a national model for environmentally friendly transit-oriented development. The Transbay Tower will be built adjacent to the Transit Center and the land sale proceeds will provide additional financing for the Transit Center project.