(SAN FRANCISCO) – F4 Transbay Partners LLC (F4), a joint venture of Hines, the international real estate firm; Urban Pacific Development, LLC; and Broad Street Principal Investments, L.L.C., an affiliate of Goldman Sachs, announced the close of the acquisition of Transbay Parcel F from the Transbay Joint Powers Authority (TJPA). The acquisition follows the successful conclusion of the TJPA’s competitive bid and selection process, as well as the recent receipt of the full Board of Supervisors approval of an Option to Purchase from the Office of Community Infrastructure and Investment (OCII) Transbay Block 4. While the initial bid process was focused on Parcel F alone, the acquisition of both properties by F4 allows the TJPA to secure additional funding for the ongoing construction of the Transit Center, and also helps OCII to achieve district-wide goals for affordable housing.
Urban Pacific was among the five developers to be pre-qualified by the TJPA as a bidder in July of last year. Approval of the Parcel F acquisition was announced by the TJPA in March of this year. Hines and Urban Pacific will lead the development of both projects.
Parcel F is the last remaining site available for development of a super-tall building in downtown San Francisco, and one of three sites which has a direct connection to the Transbay Transit Center Rooftop Park via a planned pedestrian sky bridge. F4 Transbay Partners has announced the project will be designed by Pelli Clarke Pelli Architects in partnership with the local office of HKS Architects, Inc., who will act as architect of record.
Plans for Parcel F, located on the north side of Howard Street at the western end of the new Transit Center, include a 60-story, 750-foot tall mixed-use tower containing Class A office, a luxury hotel, and residential units at the top of the tower. Block 4 is located on the southern side of Howard Street between Beale and Main, adjacent to the future Transbay Park, and is envisioned as a 45-story, 450-foot tall residential tower with midrise residential buildings around the base. Combined, the two projects may provide 600 to 700 new residential units, and the number of designated affordable units will meet or exceed current code requirements. Specifically, the amount of affordable housing to be built at Block 4 could exceed 45 percent.
"Our vision for Parcel F and Block 4 will create core located transit-oriented Class A office space, hotel rooms, and a substantial supply of affordable housing in the most dense and dynamic neighborhood in San Francisco. The success of our proposal would not have been possible without the combined efforts of F4, the TJPA, the OCII and the City,” said Hines Senior Managing Director Cameron Falconer.
About Hines:
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 182 cities in 20 countries. Hines has $89.1 billion of assets under management, including $42.5 billion for which Hines provides fiduciary investment management services, and $46.6 billion for which Hines provides third-party property-level services. The firm has 109 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,126 properties, totaling over 351 million square feet. The firm’s current property and asset management portfolio includes 457 properties, representing over 193 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information.
About Urban Pacific Development:
Urban Pacific Development is a privately held real estate firm focused on large-scale, transformative urban investment and development. With a long track record of successful commercial and residential investment activity, Urban Pacific is active in San Francisco, San Diego, Chicago, and other top tier west coast cities. The firm’s resume includes rehabilitation and repositioning of historic commercial buildings, and ground-up development of mixed-use properties and high-rise towers, such as One Rincon Hill in San Francisco. With over 4,000 residential units developed over the last 45 years, Urban Pacific combines vision, entrepreneurial flexibility and business acumen with a commitment to the strictest standards of quality. Visit www.urbanpacificsf.com for more information.