Boston Properties and Hines Development Project
Reaches New Heights
Boston Properties, Inc. (NYSE: BXP), a real estate investment
trust, and co-development partner, Hines, announced that on Friday,
October 14, 2016, Salesforce Tower will officially be the tallest
building in San Francisco. Soaring to new heights - Salesforce
Tower surpasses the famous Transamerica Pyramid at 853 feet when it
reaches 867 feet on Friday. The building will continue to grow
another 200 feet until it reaches 1,070 feet, at which time it will
be the tallest office building west of Chicago. Located in the
Transbay District at 415 Mission Street, between Fremont and First
Streets, the 61-story Salesforce Tower occupies a full city block
and marks the new center of San Francisco.
Construction for the Salesforce Tower began in 2013. Salesforce
Tower boasts 1.4 million square feet of beautifully designed space.
The building features approximately 7,000 square feet of rentable
retail space on both the ground and fifth floors. The dramatic
fifth floor space opens onto the Transbay Transit Center’s 5.4 acre
rooftop park. The project is being co-developed by Boston
Properties and Hines, with Boston Properties owning a 95% interest
in the project and Hines owning a 5% interest. The architectural
team is led by design architect, Pelli Clarke Pelli and
Kendall Heaton as the architect of record.
Salesforce Tower is engineered with enhanced seismic safety and
high performance design features in mind. Salesforce Tower boasts
42 5 foot by 10 foot steel reinforced concrete load bearing
elements extending from the foundation down all the way into
bedrock, 14 foot 9 inch slab to slab heights that allow for
approximately 13 foot unfinished ceilings, 10 foot drop ceilings
and 10 foot high continuous clear glass windows. This frames a
column-free interior providing maximum natural light to the work
space. The top 150 feet of the tower will feature the highest
public art light installation in the United States.
Boston Properties and Hines remain true to their environmental
commitments. Salesforce Tower is a pre-certified LEED Platinum
project.
The building features an HVAC system which will distribute
outdoor air to each floor. The unique, under floor air delivery
system circulates air directly to tenants’ spaces and features
individual control capability. This system provides enhanced indoor
air quality and operates an HVAC system that is designed to be up
to 40 percent more energy efficient than those used in standard
office buildings.
“We are extremely proud of the quality of construction and
innovative attributes of this project,” commented Bob Pester,
Executive Vice President and Regional Manager, San Francisco Region
for Boston Properties. “The building offers everything for our
tenants – safety, beauty, functionality and a great location. It is
very rewarding to have this outcome on such a high profile
project.”
“Seeing this complex project reach a major milestone in the San
Francisco skyline is a proud moment for our team,” added Hines
Senior Managing Director Paul Paradis. “Still, the best is yet to
come, as we move closer to delivering this cutting-edge technology
and engineering to our city.”
The next phases of the project scheduled for 2016
include topping off core walls in early November and topping
structural steel in March 2017. The base core and shell work will
be completed in the second quarter of 2017 with plans for tenants
to take occupancy in fourth quarter of 2017.
For leasing information contact Rod Diehl, Senior Vice
President of Leasing, Boston Properties or John Cecconi, Executive
Vice President CBRE Group.
About Boston Properties: Boston Properties 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, one
hotel, four residential properties (including two properties under
construction) and five 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, Los Angeles,
New York, San Francisco and Washington, DC.
For more information about Boston Properties, please visit the
Company’s web site at www.bostonproperties.com.
About Hines: Hines is a privately owned global real
estate investment, development and management firm, founded in
1957, with a presence in 192 cities in 20 countries and $93.2
billion of assets under management—including $47.9 billion for
which Hines provides fiduciary investment management services and
$45.3 billion for which Hines provides third-party property-level
services. Hines has 105 developments currently underway around the
world, and historically, has developed, redeveloped or acquired
1,180 properties, totaling over 379 million square feet. The firm’s
current property and asset management portfolio includes 483
properties, representing over 199 million square feet.
This press release contains forward-looking statements within
the meaning of the Federal securities laws. You can identify these
statements by our use of the words “assumes,” “believes,”
“estimates,” “expects,” “guidance,” “intends,” “plans,” “projects”
and similar expressions that do not relate to historical matters.
You should exercise caution in interpreting and relying on
forward-looking statements because they involve known and unknown
risks, uncertainties and other factors which are, in some cases,
beyond Boston Properties’ control and could materially affect
actual results, performance or achievements. These factors include,
without limitation, the Company’s ability to enter into new leases
or renew leases on favorable terms, dependence on tenants’
financial condition, the uncertainties of real estate development,
acquisition and disposition activity, the ability to effectively
integrate acquisitions, the uncertainties of investing in new
markets, the costs and availability of financing, the effectiveness
of our interest rate hedging contracts, the ability of our joint
venture partners to satisfy their obligations, the effects of
local, national and international economic and market conditions,
the effects of acquisitions, dispositions and possible impairment
charges on our operating results, the impact of newly adopted
accounting principles on the Company’s accounting policies and on
period-to-period comparisons of financial results, regulatory
changes and other risks and uncertainties detailed from time to
time in the Company’s filings with the Securities and Exchange
Commission. Boston Properties does not undertake a duty to update
or revise any forward-looking statement, whether as a result of new
information, future events or otherwise.
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version on businesswire.com: http://www.businesswire.com/news/home/20161013006622/en/
Boston Properties, Inc.Arista Joyner, 617-236-3343Investor
Relations ManagerorHelen Han, 415-772-0753Marketing Director
Boston Properties (NYSE:BXP)
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