With a target completion date in Spring 2018, Park Tower will be the premier workplace environment in a resurgent Transbay neighborhood
SAN FRANCISCO – In a city where office development is determined by ‘beauty contests’, San Francisco’s latest office tower may well be considered one of the most beautiful of recent years. It’s certainly the most advanced in design, form and function.
Joint venture partners The John Buck Company, Golub & Company and MetLife Real Estate Investments, today broke ground on Park Tower at Transbay, the latest and most exciting addition to San Francisco’s skyline. The development team acquired the site from the Office of Community Investment and Infrastructure (OCII) for $172.5 million, in partnership with the Transbay Joint Powers Authority (TJPA). The 43-story pre-certified LEED Gold office tower is anticipated to be completed in 2018 and will command spectacular views of both the city and bay from a superior location in the heart of the new Transbay neighborhood, arguably one of the city’s most desirable submarkets.
More than 4,400 residential units, 200,000 square feet of retail amenities and nine acres of new parks are planned and under construction in the immediate vicinity of Park Tower. The building will sit across from the 5.4-acre City Park, located atop the future Transbay Transit Center, now under construction at First and Mission Streets.
Designed by renowned architect Goettsch Partners and Solomon Cordwell Buenz, Park Tower’s innovative design emphasizes bringing the “outside inside” to create a unique corporate environment within a high density, urban setting. The building will offer 750,000 square feet of Class A space including 10,000 square feet of high-end retail space. The building will have more than 50,000 square feet of outdoor and open space including a ground floor park; 17,000 square feet of outdoor space on Floors 12 and 28; and 14 skydecks, each with about 1,000 square feet of private outdoor space. The building will also feature a dramatic open-air atrium lobby rising through the first three stories.
The building’s design allows for panoramic views from 70 percent of the floor space. Each floor features floor-to-ceiling window lines and minimal columns to maximize view corridors and enhance natural light within the workspaces. Floorplates range from 27,500 square feet at the base to 12,000 square feet in the upper floors to provide a broad array of options for tenants of varying size requirements. Subterranean parking with an advanced stacking structure allows for 128 vehicles.
The development will also provide over 20,000 square feet of public open space within the development and surrounding neighborhood.
Park Tower’s proximity to the new Transbay Transit Center and other neighborhood amenities will be a plus to the tenants leasing space as they recruit talent throughout the City and beyond.
Christopher T. Roeder, Wes Powell and Steve Anderson of JLL are the building’s exclusive leasing agents.
Fact Sheet: Park Tower at Transbay
Project Stats: 43 stories; 751,510 RSF
Height: 605 feet
Floor plates: 27,500 s.f. to 12,000 s.f.
Parking: Subterranean; 124 spaces
Outdoor/Open Space: 50,000 s.f. including 14 private skydecks
Amenities: 10,000 s.f. of high end ground floor retail
Sustainability: Pre-certified LEED Gold (Core & Shell)
Public Open Space: 20,000 s.f. within the block and surrounding neighborhood
Website: http://www.parktowerattransbay.com
Timeline:
Summer 2015 – JV and Development Agreement signed – Prop M Allocation completed – Land Purchase closed
October 2015 – Construction begins
Fall 2017 – Begin Tenant Improvements
Spring 2018 – Building opens
Development Team: 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 bn in real estate transactions and developed or redeveloped 41 mn square feet of office and mixed-use projects as well as 2,300 residential units and 4,000 hotel keys. For more: http://www.tjbc.com
Golub & Company
Chicago-based Golub & Company 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.
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 mn customers, MetLife has operations in nearly 50 countriesand holds leading market positions in the United States, Japan, Latin America, Asia, Europe and the Middle East. For more, visit www.metlife.com.
Architects: Goettsch Partners; Solomon Cordwell Buenz
Construction: Clark Construction
Leasing: Christopher T. Roeder, Wes Powell, Steve Anderson/JLL
OCII: Office of Community Investment and Infrastructure (OCII)
OCII is the driving force in creating three new neighborhoods in Transbay, Mission Bay and Hunters Point Shipyard/Candlestick Point. Through public private partnerships, OCII is bringing to life over 1,100 acres of land. Reflecting the diverse character of the City and its residents, the new neighborhoods feature economic vitality, affordable and market rate housing opportunities, and neighborhood-serving amenities such as public parks and open space. For more, visit sfocii.org.
Video courtesy of Studio216
