SAN FRANCISCO-Boston Properties and Hines closed on 101 First Street, a land parcel sold by Transbay Joint Powers Authority (TJPA) for approximately $192 million here. The two companies plan to partner up and break ground on the site and will go on to develop the Transbay Tower, which will eventually become the West Coast's tallest edifice.

In a statement from the company, Hines senior managing director Paul Paradis said, “Now that we are closing on the land and moving full speed ahead with the design, I'm confident that discussions will progress into leasing quickly. Transbay will be a new icon for the city and state, but also a beacon for a progressive anchor tenant looking for the finest, sustainable office space.”

Globest.com recently reported on the Transbay developments, most notably than Hines recently sold 90 percent of its remaining interest in the project to Boston Properties.

Representatives from the two companies will celebrate with a groundbreaking ceremony on March 27. Those set to attend include San Francisco Mayor Edwin M. Lee, TJPA Executive director Maria Ayerdi-Kaplan, and Boston Properties chairman and CEO Mortimer B. Zuckerman, and Hines chairman Gerald D. Hines.

The building will eventually become the seventh tallest structure in the U.S. and construction could start in the summer of 2013.