SAN FRANCISCO—Boston Properties Inc. has acquired a development property here for $71 million, with plans to build a 27-story office tower for $215 million.

The project at 535 Mission Street, in the South Financial market, will be a 27-story, 378 foot tall Class A office tower with approximately 307,000 rentable sq. ft. of office and retail space. This office tower will have a glass design with column free floor plates and will have dramatic views of the city and bay featuring floor to ceiling glass. The company expects to commence construction of the project in mid-February 2013 and expects to complete the project by the fall of 2014.

In addition, Boston Properties has entered into an agreement to purchase the last remaining parcel of land in the urban core of Reston Town Center in Reston, Va. for approximately $27 million. The closing is expected to occur in the first quarter of 2013 and is subject to customary closing conditions. The land parcel is commercially zoned for 250,000 sq. ft. of office space. The company is evaluating a potential mixed-use development plan, which could include residential uses as well as commercial uses.