Hines, Boston Properties Form JV for Transbay Tower Project

The San Francisco Planning Commission gave final approval this month for the Transbay Tower, a, 1070-foot skyscraper slated to become not only the highest point on the San Francisco skyline, but the tallest building on the entire West Coast, according to a Huffington Post article. Hines and Boston Properties have entered a 50/50 joint venture on the land for Transbay Tower; a spokeswoman for Hines confirms that it's the first JV between the two owner/developers, who will pay approximately $190 million to acquire the land from the Transbay Joint Powers Authority.

The proposed Transbay Tower at First and Mission streets will be part of a 145-acre Transit Center District that will include commercial high-rises, residential towers, hotels and retail space, all wrapped around a planned Transit Center that will be the hub for local and regional bus lines, as well as the underground terminus for the proposed Caltrain extension and the statewide high-speed rail line. Designed by Pelli Clarke Pelli Architects, the 1.4 million-square-foot, 61-story tower should begin construction as early as next summer with building delivery in late 2015.

"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," Hines chairman Gerald D. Hines said in a statement.

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