Goodwin is representing Hearst in its agreement to sell portions of the 5M Project, a four-acre, mixed-use development in downtown San Francisco, to partner Forest City Realty Trust.
Under the agreement, Hearst will sell Forest City land planned for a 617,900-square-foot office tower at Howard and Fifth streets, as well as land planned for a 288-unit apartment building on Mission Street that includes affordable housing. Escrow for the Mission Street apartment site will close in 2017. Escrow for the Howard Street office site is expected to close in 2018. Terms of the sale were not disclosed.
5M is an arts- and community-oriented mixed-use district framed by Mission, Fifth and Howard streets. The City and County of San Francisco approved the project in late 2015. The plan includes two new residential buildings, a new office building and new public open spaces. The privately-funded development also involves the retention or renovation of three historic buildings, including the San Francisco Chronicle Building, as well as the donation of the Dempster Printing Building to nonprofit arts uses.
Hearst is one of the nation's largest diversified media, information and services companies with more than 360 businesses.