SAN FRANCISCO—Boston Properties, which is becoming one of the city’s most active developers, is said to be in negotiations to buy a lot next to the Salt House restaurant which is entitled for a 354,000 square foot office tower.
The San Francisco Business Times cited multiple sources who said the REIT wants to build a tower at the 535 Mission St. site.
Boston Properties also owns the development project at 680 Folsom St. and is a joint venture with Hineson the 1.6 million square foot Transbay Tower. It is looking for a development that can be built out quickly to meet demand in one of the nation’s hottest leasing markets.
In addition to its prime location next to Tishman Speyer’s 555 Mission St. and the Salt House restaurant, the biggest advantage the developer of 535 Mission St. will have is speed. In October of 2008 Beacon Capital, which bought the property for $30 million in 2006, had already dug the foundation and bought the steel for 535 Mission. When the financial crisis started that year, the project soon came to a halt.
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