BOSTON--(BUSINESS WIRE)--Apr. 11, 2014--
Boston Properties, Inc. (NYSE: BXP), a real estate investment
trust, together with its co-development partner Hines, announced today
that it has signed a lease with salesforce.com for 714,000 square feet
on floors 1, 3-30 & 61 at the new Salesforce Tower, the 1,400,000 square
foot 61-story, LEED Platinum pre-certified office building currently
under construction in San Francisco, CA. With the execution of the
lease, Boston Properties and salesforce.com have agreed to rename the
building Salesforce Tower. In conjunction with signing what is the
largest office lease in San Francisco’s history, Boston Properties has
committed to construct the building and expects to complete the building
in early 2017 for a projected total cost of approximately $1.1 billion,
which includes capitalized interest in accordance with GAAP.
Mortimer B. Zuckerman, Executive Chairman of Boston Properties,
commented, “We are pleased to partner with salesforce.com on this iconic
tower. At 61 stories and 1,070 feet tall, with an outstanding design, it
will have a transformative impact on the San Francisco skyline.
Salesforce Tower is a reflection of our mutual confidence in the City of
San Francisco and the South Financial submarket as a home to successful
companies that seek to employ today’s highly educated and highly
motivated worker. Salesforce.com’s commitment further demonstrates the
desirability of high-quality, well designed first class office space to
today’s premier technology companies.”
“Salesforce Tower represents an incredible milestone in our company’s
history—it will be the heart of our global headquarters in San
Francisco,” said Marc Benioff, Chairman and CEO, salesforce.com. “We
founded salesforce.com in San Francisco 15 years ago and this expansion
of our urban campus represents our commitment to growing in the city.”
Paul Paradis, Senior Managing Director of Hines, added, “We are
delighted to be developing the Salesforce Tower with our partner, Boston
Properties. This building represents the spirit and essence of San
Francisco and its place in the world economy.”
Salesforce Tower is located at 415 Mission Street, in the South
Financial District of San Francisco and will be the hub of
salesforce.com’s urban campus. The building will feature superior air
quality with 100 percent outside air coming into each floor, 10’-0” tall
floor-to-ceiling glass allowing exceptional light, voluminous 13’-9”
ceilings and column-free interior floor plans allowing for total space
planning flexibility. When complete, Salesforce Tower will be the
tallest office building west of Chicago—a high performance workspace of
the future for innovative companies that will call it home. The
aerodynamic form of the tower will be punctuated by a glass and steel
crown that will redefine San Francisco’s skyline.
Boston Properties is a fully integrated, self-administered and
self-managed real estate investment trust that develops, redevelops,
acquires, manages, operates and owns a diverse portfolio of Class A
office space, one hotel, three residential properties and four retail
properties. The Company is one of the largest owners and developers of
Class A office properties in the United States, concentrated in four
markets – Boston, New York, San Francisco and Washington, DC.
This press release contains forward-looking statements within the
meaning of the Federal securities laws. You can identify these
statements by our use of the words “assumes,” “believes,” “estimates,”
“expects,” “guidance,” “intends,” “plans,” “projects” and similar
expressions that do not relate to historical matters. You should
exercise caution in interpreting and relying on forward-looking
statements because they involve known and unknown risks, uncertainties
and other factors which are, in some cases, beyond Boston Properties’
control and could materially affect actual results, performance or
achievements. These factors include, without limitation, the
ability to enter into new leases or renew leases on favorable terms,
dependence on tenants’ financial condition, the uncertainties of real
estate development, acquisition and disposition activity, the ability to
effectively integrate acquisitions, the uncertainties of investing in
new markets, the costs and availability of financing, the effectiveness
of our interest rate hedging contracts, the ability of our joint venture
partners to satisfy their obligations, the effects of local, national
and international economic and market conditions (including the impact
of the European sovereign debt issues), the effects of acquisitions,
dispositions and possible impairment charges on our operating results,
the impact of newly adopted accounting principles on Boston Properties’
accounting policies and on period-to-period comparisons of financial
results, regulatory changes and other risks and uncertainties detailed
from time to time in Boston Properties’ filings with the Securities and
Exchange Commission.
Source: Boston Properties, Inc.
Boston Properties, Inc.
Michael Walsh, 617-236-3410
Senior
Vice President, Finance
or
Hines
George Lancaster,
713-966-7676
Senior Vice President