The Transbay Joint Powers Authority (TJPA) is budgeting $170M to acquire up to 10 downtown properties so it can demolish them and make way for a rail extension that will connect Caltrain with the Salesforce Transit Center.
The agency is prepared to seize the specified properties using eminent domain if owners do not agree to sell to make way for the rail connection, according to a report in the San Francisco Business Times.
The list of downtown properties targeted by TJPA includes a 41K SF office building at 180 Townsend Street that traded in 2022 for what was close to a record price, $71M, which translates into $1,731 per square foot. The Sobrato Organization purchased 180 Townsend, which is fully leased by VC firm Andreessen Horowitz through 2031.
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