Project Approved by San Francisco Planning
Commission
SAN FRANCISCO--(BUSINESS WIRE)--Oct. 23, 2012--
The San Francisco office of Hines announced today two major milestones
of its Transbay Tower project, a 1.4 million-square-foot, 61-story icon
to be built adjacent to the Transbay Transit Center.
First, Hines recently finalized the formation of a joint venture with
Boston Properties (NYSE: BXP) to acquire the project land from the
Transbay Joint Powers Authority. The approximately $190 million
acquisition is expected to close in the first quarter of 2013. Hines and
Boston Properties each have a 50 percent interest in the venture.
In addition, on October 18, the San Francisco Planning Commission
granted final planning approval for the tower to proceed. Designed by
Pelli Clarke Pelli Architects (PCPA), the building is slated to be the
tallest on the West Coast, with its crown soaring to a height of 1,070
feet.
Hines Chairman Gerald D. Hines commented, “We are very gratified to have
both a stellar partner and the city’s nod of approval. We think the
tower will be a beautiful addition to San Francisco’s beloved skyline as
well as an extremely desirable and sustainable workplace next to one of
the state’s busiest transit hubs.”
Mortimer B. Zuckerman, Chairman and CEO of Boston Properties, added, “We
are delighted with our partnership with the Hines organization. Both
organizations share the same values of building the highest-quality
buildings in the best locations. The combination of our two
organizations will provide superior management at all levels of this
extraordinary project, which we are committed to make a landmark for
generations to come.”
The Transbay Transit Center project is a visionary transportation and
housing project that is transforming downtown San Francisco and the San
Francisco Bay Area’s regional transportation system by creating a “Grand
Central Station of the West Coast” in the heart of a new
transit-friendly neighborhood. The $4 billion project will replace the
former Transbay Terminal at First and Mission streets in San Francisco
with a modern regional transit hub connecting eight Bay Area counties
and the State of California through 11 transit systems. Designed by
PCPA, the new Transit Center will feature a 5.4-acre rooftop park. The
Transit Center project is a national model for environmentally friendly
transit-oriented development. The Transbay Tower will be built adjacent
to the Transit Center and the land sale proceeds will provide additional
financing for the Transit Center project.
Hines is a privately owned real estate firm involved in real estate
investment, development and management. The firm’s historical and
current portfolio of projects underway, completed, acquired and managed
includes 1,208 properties representing more than 488 million square feet
of office, residential, mixed-use and industrial facilities. With
offices in 104 cities in 18 countries, and controlled assets valued at
approximately $23.8 billion, Hines is one of the most respected real
estate organizations in the world.
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 three retail
properties. The company is one of the largest owners and developers of
Class A office properties in the United States, concentrated in five
markets – Boston, New York, Princeton, 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, Boston
Properties’ ability to satisfy the closing conditions to the pending
transactions described above, 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 costs and availability of financing, 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 regulatory changes and other risks and
uncertainties detailed from time to time in Boston Properties’ filings
with the Securities and Exchange Commission. Boston Properties
does not undertake a duty to update or revise any forward-looking
statement, whether as a result of new information, future events or
otherwise.
Source: Boston Properties
Hines
George Lancaster, 713-966-7676
Senior Vice President
george.lancaster@hines.com
or
Boston
Properties
Arista Joyner, 617-236-3343
Investor Relations
Manager
ajoyner@bostonproperties.com