Boston Properties takes full control of Salesforce Tower as Hines sells out
Boston Properties has taken full control of the Salesforce Tower office building, acquiring the remaining 5% interest in the San Francisco building from Hines for $210.9m (€188m).
Boston Properties said in its first-quarter earnings report that the amount paid for the 61-storey building was reduced by around $24.1m to $186.8m to reflect the repayment of Boston Property’s preferred equity and preferred return in the venture.
The total amount paid also includes milestone payment, the listed property investor said.
The Salesforce Tower, which cost $1.1bn to construct, was co-developed by Boston Properties and Hines, with Boston Properties owning a 95% interest in the project and the real estate manager owning a 5% interest.
The building was opened for business a year ago as the tallest office building west of Chicago
Boston Properties said the property, which has software firm Salesforce as an anchor tenant, is currently 82.5% leased.