SAN FRANCISCO—Boston Properties has replaced Hines as the lead developer of the Transbay Tower, which is expected to be San Francisco's tallest building.
For six years Hines has been the public face of the proposed 61-story tower, but it recently sold 90 percent of its remaining interest in the 1.4 million square foot Transbay Tower development to Boston Properties, says the San Francisco Business Times.
In a Securities and Exchange Commission filing, Boston Properties stated that Hines has elected to reduce its ownership interest in the joint venture from 50 percent to 5 percent, leaving Boston Properties as the 95 percent owner of the site, the Times reports.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
