Hines, BXP JV on Transbay Tower

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.