MetLife, The John Buck Company and Golub Form Partnership to Develop Office Complex in Downtown San Francisco
October 06 2015 - 5:30PM
Business Wire
743,000-Square-Foot Park Tower Will Enhance
Skyline
MetLife, Inc. (NYSE: MET) announced today it has formed a joint
venture with developers The John Buck Company and Golub Real Estate
to build a 743,000-square-foot, Class A office tower near the
Transbay Transit Center in San Francisco. MetLife is an equity
investor in the partnership developing Park Tower at Transbay.
Construction of the 43-floor, LEED Gold pre-certified office
tower will begin next month, with completion scheduled for June
2018. Park Tower, located at Howard and Beale streets, will be a
component of the Transbay Transit Center, a multi-billion-dollar
redevelopment project with residential, commercial and
transportation facilities three blocks from San Francisco Bay. JLL
brokered the deal.
“MetLife is excited to be involved in the Park Tower project in
San Francisco as it fits our long-term strategy of developing core
assets in markets with strong fundamentals,” said Robert Merck,
senior managing director and head of global real estate for
MetLife. “We are looking forward to working with the John Buck and
Golub companies, both of whom bring many years of first-rate
experience to real estate development and management.”
Kevin Hites, chief investment officer of The John Buck Company,
added: “We’ve put a world-class team together for this project
because we believe Park Tower will be a world-class corporate
location for San Francisco companies long into the future. We look
forward to showing those companies why they should call Park Tower
home.”
Signature Addition to the Skyline
In addition to 743,000 square feet of office space, Park Tower
at Transbay will feature 14 sky decks offering tenants outdoor
space as well as a ground level park and a stunning three-story
lobby. The completion of the office complex is expected to coincide
with the scheduled completion of the Transbay Transit Center. JLL
is handling leasing for the building which also features bay and
city views from more than 70 percent of the rentable floor
space.
“The thriving micro-market of San Francisco’s Transbay
neighborhood is one of the nation’s most desirable urban markets
for commercial and multifamily real estate development,” said
Michael Newman, president and CEO of Golub Real Estate. “We look
forward to adding a signature tower to the skyline, defining this
emerging mixed-use neighborhood with a distinctive design—and of
course, proximity to the best public transportation in the
country.”
About MetLife
MetLife, Inc. (NYSE:MET), through its subsidiaries and
affiliates (“MetLife”), is one of the largest life insurance
companies in the world. Founded in 1868, MetLife is a global
provider of life insurance, annuities, employee benefits and asset
management. Serving approximately 100 million customers, MetLife
has operations in nearly 50 countries and holds leading market
positions in the United States, Japan, Latin America, Asia, Europe
and the Middle East. For more information, visit
www.metlife.com.
About The John Buck Company
JBC is a vertically integrated real estate development and
investment firm founded in 1981. The firm has completed more than
$10.5 billion in real estate transactions and developed or
redeveloped 41 million square feet of office and mixed-use projects
as well as 2,300 residential units and 4,000 hotel keys.
About Golub Real Estate
Chicago-based Golub Real Estate and its affiliates are active
internationally in real estate development, acquisitions, asset and
property management, leasing and corporate real estate services.
Since its founding more than 55 years ago, the company has owned,
leased or managed more than 50 million square feet of commercial
and multifamily real estate properties valued in excess of $10
billion. For more information
visit www.golubandcompany.com.
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MetLife, Inc.Fred Pieretti,
347-265-8515fpieretti@metlife.com
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