TJPA Approves Final $190M Sales Agreement

SAN FRANCISCO-Those who follow @GlobeStcom on Twitter and @GlobeStLIVE may have seen a post teasing the announcement, but GlobeSt.com has learned that the Transbay Joint Powers Authority board of directors finalized the agreement to sell TJPA property for $190 million, paving the way for construction of the landmark Transbay Transit Tower. In October, GlobeSt.com reported that this was the first JV between Hines Corp. and its 50/50 JV partner, Boston Properties.

The State of California donated the Tower site to the TJPA for construction of the 61-story Tower, which will contain 1.4 million square feet of office space and serve as a beacon for the City’s Transit hub in the heart of downtown San Francisco. Hines has agreed to purchase the 50,000 square foot Tower site, located directly north of the future Transit Center fronting on Mission Street, for more than $190 million. On a per square foot basis, the sale price for the Tower site is the highest paid for a large development property in San Francisco history, according to a prepared statement.