$160M Parcel Purchased At Transbay Center

Transbay Hub
Transbay Joint Powers Authority

Development in and around San Francisco’s Transbay District marked another milestone this week with the sale of Parcel F for $160M.

A team led by Urban Pacific, Hines and Goldman Sachs' Broad Street Principal Investments acquired the land, according to the San Francisco Business Times. While plans for the parcel are still being finalized, the expectation is for a 750-foot-tall tower split between residential, hotel and retail space.

Parcel F was the last remaining parcel in the Transbay District. Though Crescent Heights had planned to buy the property, the firm deemed the affordable housing requirements too steep to accomplish the desired project and walked away. That loss was a blow to the finances of the Transbay Joint Powers Authority, which was relying on the sale to help pay for construction of the Transbay Transit Center and was forced to take out a bridge loan in February.

The Urban Pacific and Hines JV stepped forward in March to bid for the property.

The Transbay Transit Center has been beset by cost and schedule overruns. Many key elements of the plan are now uncertain in the face of opposition and accusations of mismanagement.

The new project has not been entitled and needs additional approval from planners before construction can start. [SFBT]

Continue reading this story with a free account

Log in or register
Related Topics: Goldman Sachs , Hines , Urban Pacific
Sign up for more articles like this
Subscribe to Bisnow's San Francisco Newsletters
Related Stories

Battersea Power Station Lands £280M Refinancing For Final Phases

'Very Desirable Market': Investment Surges Across Houston's Westchase District

Grafton Place Scheme Comes To Market Again, Guiding At €250M

SFF Realty Partners Extends Spending Spree With $82M Acquisition In Downtown San Jose

Drawbridge Realty Acquires 180K SF Office Building In Sunnyvale For $219M

Hines Spends $170.5M On Mixed-Use Portfolio In Dallas' Bishop Arts District

San Francisco Office Market Climbs, Fueling Demand For Large Blocks, Luxury Space

Morgan Stanley Fund Buys 189K SF Milpitas Industrial Building

Austin's Office Slump Is Fueling Mixed‑Use Projects

Hudson Pacific Sells San Francisco Office Buildings

Basin Street Adds 113K SF To North Bay CRE Portfolio: The San Francisco Deal Sheet

500-Unit Mixed-Use Project Wins Rezoning Approval Near Raleigh