Transbay Tower land sale to developer completed

Courtesy renderingA planned 61-floor tower near the Transbay Transit Center would have 1.4 million square feet of floor space

Courtesy renderingA planned 61-floor tower near the Transbay Transit Center would have 1.4 million square feet of floor space

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.

mbillings@sfexaminer.com

Bay Area NewsdevelopmentLocalPlanningTransbay Joint Powers AuthorityTransbay Transit Center

Just Posted

On Sunday, California bore the brunt of what meteorologists referred to as a bomb cyclone and an atmospheric river, a convergence of storms that brought more than half a foot of rain to parts of the Bay Area, along with high winds, concerns about flash floods and the potential for heavy snow in the Sierra Nevada. Much of the Bay Area was under a flash flood watch on Sunday, with the National Weather Service warning of the potential for mudslides across the region. (NOAA via The New York Times)
Bomb cyclone, atmospheric river combine to pummel California with rain and wind

What you need to know about this historic weather event

National Weather Service flood watch in the San Francisco Bay Area for Sunday, Oct. 24, 2021. (National Weather Service via Bay City News)
Storm updates: Sunday was wettest October day in San Francisco history

Torrential rainfall causes flooding, triggers evacuations in burn areas

While Kaiser Permanente patients seeking mental health care will get a 30-minute phone assessment within days, in many cases, they cannot get actual treatment for months. (Shutterstock)
City employees face months-long wait time for mental health care

‘We are in the midst of a mental health crisis’

Plan Bay Area 2050 is an expansive plan guiding the region’s growth and development over the next three decades. The regional plan addresses progressive policy priorities like a universal basic income and a region-wide rent cap, alongside massive new spending on affordable housing and transportation infrastructure. (Shutterstock)
$1.4 trillion ‘blueprint’ would address Bay Area’s housing, transit woes

Analyzing the big ticket proposals in ‘Plan Bay Area 2050’

Klay Thompson, left, and his boat dealer Kenyon Martin take on his test drive on the NBA star’s 37-foot vessel; injury woes sent Thompson, the Golden State guard, looking for solace. He found it on the water. (Courtesy Anthony Nuccio via New York Times)
Warriors star finds love with his fishing boat

Being on the water is a ‘safe space’ for Klay Thompson

Most Read