Goodwin Procter recently advised client Boston Properties in its joint venture with Hines for the acquisition of a land parcel in San Francisco, CA from the Transbay Joint Powers Authority for approximately $192 million. The Boston Properties/Hines joint venture intends to develop a 1.4 million square foot, 61-story (1,070 feet) tower on the site, which will be the tallest building on the West Coast, and the seventh tallest building in the United States. The tower will be adjacent to the Transbay Transit Center, referred to as the “Grand Central Station of the West Coast,” which is expected to open in 2016.
Boston Properties (NYSE: BXP), headquartered in Boston, MA, 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, as well as 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 international real estate firm involved in real estate investment, development and management. Co-headquartered in Houston, TX and London, UK, the firm has offices in 104 cities in 18 countries and controlled assets valued at approximately $23.8 billion.
The Transbay Joint Powers Authority is a collaboration of government and transportation organizations dedicated to designing, building, operating and maintaining the new Transbay Transit Center and associated facilities in downtown San Francisco.
Additional information on the deal can be read in the Boston Properties press release.