Boston Properties, Inc. (NYSE: BXP), a real estate investment trust, together with its co-development partner Hines, announced today that it has signed a lease with salesforce.com for 714,000 square feet on floors 1, 3-30 & 61 at the new Salesforce Tower, the 1,400,000 square foot 61-story, LEED Platinum pre-certified office building currently under construction in San Francisco, CA. With the execution of the lease, Boston Properties and salesforce.com have agreed to rename the building Salesforce Tower. In conjunction with signing what is the largest office lease in San Francisco’s history, Boston Properties has committed to construct the building and expects to complete the building in early 2017 for a projected total cost of approximately $1.1 billion, which includes capitalized interest in accordance with GAAP.
Mortimer B. Zuckerman, Executive Chairman of Boston Properties, commented, “We are pleased to partner with salesforce.com on this iconic tower. At 61 stories and 1,070 feet tall, with an outstanding design, it will have a transformative impact on the San Francisco skyline. Salesforce Tower is a reflection of our mutual confidence in the City of San Francisco and the South Financial submarket as a home to successful companies that seek to employ today’s highly educated and highly motivated worker. Salesforce.com’s commitment further demonstrates the desirability of high-quality, well designed first class office space to today’s premier technology companies.”
“Salesforce Tower represents an incredible milestone in our company’s history—it will be the heart of our global headquarters in San Francisco,” said Marc Benioff, Chairman and CEO, salesforce.com. “We founded salesforce.com in San Francisco 15 years ago and this expansion of our urban campus represents our commitment to growing in the city.”
Paul Paradis, Senior Managing Director of Hines, added, “We are delighted to be developing the Salesforce Tower with our partner, Boston Properties. This building represents the spirit and essence of San Francisco and its place in the world economy.”