The land at the heart of the future Transbay Tower was sold Friday, according to people involved in the transaction.
On Friday, the Transbay Joint Powers Authority and developers signed the paperwork to complete the $185 million sale, according to authority Executive Director Maria Ayerdi-Kaplan.
The sale of the property near First and Mission streets was expected to bring in close to $192 million including interest.
Ayerdi-Kaplan said it was a long transaction, with negotiations starting in 2007. The check for the deal was expected on Tuesday, she said.
The developers involved in the deal include Boston Properties and Hines. The companies plan to build a 1,070-foot metal-and-glass façade skyscraper that will be one of the tallest on the West Coast. The building, designed by the architectural firm Pelli Clarke Pelli, will be a 61-story structure with groundfloor retail and office space.
Money from the transaction will go to fund the new Transbay Transit Center, which will eventually be the future northern terminus for Caltrain and the state's planned high-speed rail line.