feet in height when completed.
SAN FRANCISCO-Hines and Boston Properties have entered a 50/50 joint venture on the land for Transbay Tower, a 61-story office tower here that’s set to be the tallest building on the West Coast. A spokeswoman for Hines confirms that it’s the first JV between the two owner/developers, who will pay approximately $190 million to acquire the land from the Transbay Joint Powers Authority. The acquisition is expected to close in the first quarter of 2013.
In addition, the San Francisco Planning Commission last week gave the 1.4-million-square-foot tower its final planning approval, thus clearing the way for construction to begin. Although there’s “no firm timetable,” the Hines spokeswoman says the earliest that work could start on Transbay Tower would be next summer. It’s slated to reach 1,070 in height, or 52 feet taller than the US Bank Tower in Los Angeles.
In a statement, Hines chairman Gerald D. Hines says, “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.” Hines and Pelli Clarke Pelli Architects were selected by the TJPA in September 2007 to develop the property adjacent to the Transbay Transit Center, which began construction in August 2010.
The transit center itself is intended to replace the former Transbay Terminal at First and Mission streets, which opened in 1939. It will connect eight Bay Area counties and other points throughout California via 11 transit systems.
Both Houston-based Hines and Boston-based BXP are active in the Bay Area. Hines’ portfolio includes 17 San Francisco-area properties, the largest of which is the 1.3-million-square-foot 101 California. BXP’s holdings here include the four-million-square-foot Embarcadero Center office and retail complex.