(SAN FRANCISCO) – Hines, the international real estate firm, announced today that Salesforce, the global CRM leader, has signed a lease for 100 percent of the office component of the mixed-use project to be developed at Transbay Parcel F. Dan Harvey with CBRE represented Salesforce, while Hines represented the Parcel F ownership group.
In 2016, 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 proposed tower, designed by world-renowned architecture firm Pelli Clarke Pelli, will include over 1 million square feet with 325,000 rentable square feet of office space, 165 condominium units and a 190-key hotel. At 800 feet, Parcel F will be the last super-tall building in downtown San Francisco for the foreseeable future and the final project that can directly connect to the Salesforce Transit Center Rooftop Park via a pedestrian sky bridge.
Hines Senior Managing Director Cam Falconer said, “We are very excited to expand upon our great relationship with Salesforce and Pelli Clarke Pelli in developing Parcel F. We are very pleased with Salesforce’s long-term commitment to San Francisco, and we are eager to provide them with the highest level of service.”
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 207 cities in 24 countries. Hines has approximately $116.4 billion of assets under management, including $64 billion for which Hines provides fiduciary investment management services, and $52.4 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 1,319 properties, totaling over 431 million square feet. The firm’s current property and asset management portfolio includes 527 properties, representing over 224 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.
Urban Pacific 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, as well as 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 more than 4,000 residential units developed over the past 45 years, Urban Pacific combines vision, entrepreneurial flexibility and business acumen with a commitment to the strictest standards of quality.