SAN FRANCISCO—Jay Paul Company and Cornish & Carey CommercialNewmark Knight Frank say that Jay Paul Company has acquired 181 Fremont Street, a Transbay development site, from SKS Investments. The San Francisco-based developer plans to immediately commence construction of the fully entitled, 54-story, 684,000-square-foot office and residential condominium tower. Upon completion, projected for the second quarter of 2015, 181 Fremont Street will be the second-tallest tower in San Francisco's South of Market/Transbay neighborhood.

“We are extremely excited about this opportunity to develop a landmark property that will transform San Francisco's skyline as well as provide the City with additional high quality office space and luxury residential condos,” said Jay Paul, principal and founder of Jay Paul Company. “As the South of Market/Transbay neighborhood further expands and populates, we envision 181 Fremont as a pivotal point of integration, where business and community meet and thrive.”

Karl Baldauf, a C&CCNKF senior vice president, was selected to market the office portion of the Fremont Street tower for lease. Level 10 Construction has been engaged to build the tower.