Ceremonial Groundbreaking of the West Coast’s
Tallest Tower Scheduled
BOSTON--(BUSINESS WIRE)--Mar. 26, 2013--
Hines and Boston Properties (NYSE: BXP) announced today that it will
ceremonially break ground to celebrate the acquisition of 101 First
Street, a land parcel sold by Transbay Joint Powers Authority (TJPA) for
approximately $192 million. The sale of the 50,000-square-foot parcel
closed today at nearly $4,000 per land foot. The firms are now set to
develop the Transbay Transit Tower, a new Pelli Clarke Pelli-designed
icon adjacent to the Transbay Transit Center, a multi-modal
transportation hub and the new heart of the revitalized South of Market
San Francisco neighborhood. It was also announced that a partnership of
Clark Construction and Hathaway Dinwiddie will serve as general
contractors for the soaring, 60-story office building at Mission and
First streets.
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. Construction of the 1.4
million-square-foot tower could begin as early as summer 2013 with
project completion in 2016, just before the opening of the new transit
facility.
A ceremonial groundbreaking celebration is scheduled to occur on March
27, 2013 with such dignitaries in attendance as: 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 Executive Director of the TJPA, 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 commented, “We are dedicated to making this an iconic tower
that will 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 notes, “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. 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.”
"This record transaction signifies the investor confidence that we all
have in San Francisco’s future,” said San Francisco Mayor Edwin M. Lee.
“Soon to be the West Coast’s tallest building, the Transbay Tower
benefits not only a world class transit facility but also represents the
strength of our City’s economic recovery, providing jobs to build a
better, more sustainable future.”
“Investments in transportation are fueling our economic recovery and the
Transbay Terminal epitomizes how federal support helps attract and
leverage private investment,” said U.S. Transportation Secretary LaHood.
“Construction of the Transit Tower will create thousands of jobs today,
while positioning the surrounding neighborhood to become a major
employment center for the Bay Area for generations to come.”
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 five
markets – Boston, New York, Princeton, San Francisco and Washington, D.C.
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. 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.
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 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
Boston Properties
Arista Joyner, 617-236-3343
Investor
Relations Manager
ajoyner@bostonproperties.com
or
Hines
George
Lancaster, 713-966-7676
Senior Vice President
george.lancaster@hines.com
or
Singer
Associates
Adam Alberti, 415-227-9700
TJPA Press
adam@singersf.com