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SAN FRANCISCO-Over the past few months, GlobeSt.com has reported on the Transbay Tower deal, and posted that Boston Properties and Hines closed on 101 First St., a land parcel sold by Transbay Joint Powers Authority for approximately $192 million here just last week. 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. We recently caught up with Tony Natsis, partner at the law firm of Allen Matkins and chair of the firm's real estate practice group, who explains that the deal was “extremely complicated.”
According to Natsis, “It was a singularly unique transaction.” He explains that “Never has a project like the new Transbay Tower and adjacent Transbay Transit Center been conceived by a group of governmental entities, and then consummated when the project's success was ultimately tied to the development of a privately owned office building—a 1,000 foot, 80 floor structure that will attain unparalleled and historic stature in the Western US Region as well as worldwide.”
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The project entailed a lengthy RFP process, followed by the negotiation of a “very extensive Exclusive Negotiation Agreement,” he continues, and then ultimately “a very complex set of purchase and sale, and related documents.”
According to Natsis, the negotiations and planning was done while the project was still being designed. “The entitlements were being negotiated and approved by many various governmental agencies with all levels giving input,” he says. “Everyone needed to be satisfied that his or her interests were addressed.”
Great credit should be given to the BuchalterNemer firm, he adds, “for all of their work in getting this transaction to the purchase agreement phase for Hines before Boston Properties acquired the majority of the project and whom Allen Matkins represented.”
To see a video of the groundbreaking event, Click Here.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
