Hines finalized a joint venture with Boston Properties to acquire land for the construction of the Transbay Tower office building in San Francisco from the Transbay Joint Powers Authority for approximately $190 million. The firm also received final planning approval from the San Francisco Planning Commission for the project to proceed.
Hines and Boston Properties will both have a 50 percent interest in the venture, which will result in the construction of a 1.4-million-sq.-ft., 61-story building next to the $4 billion Transbay Transit Center. Designed by Pelli Clarke Pelli Architects, Transbay Tower will be the tallest building on the West Coast, with a height of 1,070 feet.
The land acquisition is scheduled to close in the first quarter of 2013.
“We are very gratified to have both a stellar partner and the city’s nod of approval,” said Hines Chairman Gerald D. Hines in a statement. “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.”
“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,” added Boston Properties Chairman and CEO Mortimer B. Zuckerman, also in a statement.
