SREC members were invited by Hines to attend a presentation at the Salesforce Tower Marketing Center on Thursday, May 1st. SREC Member Jim Buie (MBA '80), CEO of West Region of Hines, and Cameron Falconer (MBA '97), Managing Director of Hines, discussed the new Salesforce (Transbay) Tower and the surrounding SoMa District. Several SREC members have significant projects in the immediate area and this evening provided an opportunity for SREC members to gather for a group dialog and a quality exchange of ideas.
SREC Members were granted a sneak peak at the Salesforce Tower Marketing Center overlooking the development site. Our host for the evening was SREC member Jim Buie, who is responsible for all development, operations and transactions in the West Region and Asia Pacific, representing a cumulative total of 70 million square feet.
Hines team members discussed the features of the Cesar Pelli designed tower that is adjacent the 5.4 acre City Park that is above the Transbay Transit Center. The building provides flexible layouts, 13 foot ceilings with 10 feet of continuous glass windows, and innovative and patented HVAC technology to directly incorporate outside air into each floor. The new Salesforce Tower, once constructed, will total 1.4 million square feet and will be the tallest building on the West Coast at 1,070 feet high. The tower is being jointly developed by Hines and Boston Properties.
In the past 30 days a lease for approximately 50% of the Transbay Tower was finalized leading to the name change of Salesforce Tower. The lease with Salesforce is for over 15 years and includes floors 1-30 and floor 61. The lease represents the largest office lease in San Francisco’s history.
In addition to the tower Hines Managing Director Cameron Falconer shared details on residential projects under development within San Francisco a first for Hines. Hines is well positioned in the SoMa District with several active developments.
Following the presentation SREC members dined at Prospect with Jim Buie and Cameron Falconer in a private room and continued the conversation about San Francisco development opportunities and challenges.