Hines and Boston Properties closed on the acquisition of 101 First Street, a land parcel sold by Transbay Joint Powers Authority (TJPA) for approximately $192m.
The sale of the 50,000 sqm parcel closed at nearly $4,000 per sqm. The firms are now set to develop the Transbay Transit Tower, a new Pelli Clarke Pelli-designed tower adjacent to the Transbay Transit Center, a multi-modal transportation hub and the new heart of the revitalized South of Market San Francisco neighborhood. A partnership of Clark Construction and Hathaway Dinwiddie will serve as general contractors for the 60-story office building at Mission and First streets.
At 1,070 meters the tower is set to be the tallest on the United States’ West Coast and the seventh tallest in the U.S., edging out New York’s Chrysler Building. The project was initiated in 2007 and received planning approval in October of 2012. Construction of tower could begin as early as summer 2013 with project completion in 2016, just before the opening of the new transit facility.
