Boston Properties and Hines have closed on the $192 million acquisition of the Transbay Tower site, and announced that a partnership of Clark Construction and Hathaway Dinwiddie will serve as general contractors for the 60-story tower at 101 First St.
The announcement comes on the eve of a ceremonial groundbreaking at the site, which will celebrate the purchase of the 50,000 square foot parcel. In a statement Boston Properties and Hines stated that they could start work on the Pelli Clarke Pelli-designed tower as early as this summer.
At 1,070 feet, 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. The project could be complete in 2016, just before the opening of the new transit facility, according to Hines and Boston Properties.
The groundbreaking tomorrow will be attended by San Francisco Mayor Edwin M. Lee; TJPA Executive Director Maria Ayerdi-Kaplan, Chair of the TJPA Board and Supervisor Jane Kim, along with other board members, as well as Boston Properties Chairman and CEO Mortimer B. Zuckerman; and Hines Chairman Gerald D. Hines.
“The sale of the Transbay Transit Tower property is a transformative moment for San Francisco,” said TJPA Executive Director Maria Ayerdi-Kaplan. “The Tower and the Transbay Transit Center will stand at the center of one of the most forward-looking transit-oriented developments in the world today.”
Zuckerman said the tower would "stand as a landmark for all who travel to San Francisco and add to its appeal as one of our most sought after 24/7 cities in the U.S. on top of being the technology capital of the world.”
Hines Senior Managing Director Paul Paradis, who spent six years entitling the project, said that "tenant interest in the financial, professional services and tech sectors has been extremely high."
"Now that we are closing on the land and moving full speed ahead with the design, I’m confident that discussions will progress into leasing quickly," he said. "Transbay will be a new icon for the city and state, but also a beacon for a progressive anchor tenant looking for the finest, sustainable office space.”