On Tuesday, Hines and Boston Properties closed on the $192M acquisition of a 50k SF land parcel at 101 First St, San Francisco from Transbay Joint Powers Authority. Coming soon: the 60-story, 1.4M SF Transbay Transit Tower, which at 1,070 feet will be the West Coast's tallest tower and the seventh in the US, edging out the iconic Chrysler Building. (But slightly below Pink's Hot Dogs, if you include the line.) The Pelli Clarke Pelli-designed building will beadjacent to the Transbay Transit Center and built by Clark Construction and Hathaway Dinwiddie.
Here's a video from yesterday's groundbreaking, which included luminaries like TJPA exec director Maria Ayerdi-Kaplan, Hines chairman Gerald Hines, TJPA chair Jane Kim, Boston Properties chairman Mort Zuckerman, and San Francisco mayor Edwin Lee. Allen Matkins partner Tony Natsis, whose firm repped Boston Properties, tells us the acquisition transaction was "singularly unique," entailing a lengthy RFP process, an extensive exclusive negotiation agreement, and a complex set of purchase and sale documents, all done while the project was still in design. BuchalterNemer repped Hines. Click the videoabove to see more!
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