October 24, 2012
Financial Partner Secured To Build San Francisco’s Transbay Tower
As we wrote last week with respect to the recently approved 61-story Transbay Tower to rise at 101 First Street:
In terms of the land on which the tower would rise, while the deadline for Hines to complete the $185 million purchase of the site from the Transbay Joint Powers Authority has passed, and Hines has yet to announce a new financial partner, negotiations continue.
The chance that Hines will fail to complete its purchase of the site (click image to enlarge) and that the Pelli Clarke Pelli design would be shelved? We'd put that at well under one percent.
Boston Properties has just been announced as Hines’ new financial partner on the project. The acquisition of the site from the TJPA is expected to close in the first quarter of 2013.
∙ Proposed 1,070-Foot Transbay Tower Approved To Rise [SocketSite]
∙ Transbay Land Cost Cut Another $50 Million For Shrunken Tower [SocketSite]
∙ Transbay Tower's Financial Backer Has Left The Building [SocketSite]
First Published: October 24, 2012 11:15 AM
Comments from "Plugged In" Readers
Excellent news! We're moving forward.
Posted by: futurist at October 24, 2012 12:32 PM
That is good news. Boston is a real stamp of approval for the project.
Posted by: Michael E at October 24, 2012 4:18 PM
I guess Boston Properties doesn't have a problem with height, except at 8 Washington.
Posted by: JKD at October 25, 2012 9:40 AM