SAN FRANCISCO—Boston Properties has replaced Hines as the lead developer of the Transbay Tower, which is expected to be San Francisco's tallest building.
For six years Hines has been the public face of the proposed 61-story tower, but it recently sold 90 percent of its remaining interest in the 1.4 million square foot Transbay Tower development to Boston Properties, says the San Francisco Business Times.
In a Securities and Exchange Commission filing, Boston Properties stated that Hines has elected to reduce its ownership interest in the joint venture from 50 percent to 5 percent, leaving Boston Properties as the 95 percent owner of the site, the Times reports.
The agreement came Tuesday, just two days before the Transbay Joint Powers Authority is scheduled to sell the property for $190 million to the developers. The proceeds will be used to help pay for the $4 billion Transbay terminal project in the south financial district. The land transfer is scheduled to close Thursday, with a March 27th public ceremony celebrating the transaction.
In October Boston Properties announced that it had bought a 50 percent stake in the tower, essentially replacing MetLife as equity partner.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
