Boston Properties has completed the acquisition of its partner’s 5 percent ownership interest and promoted profits interest in the consolidated entity that owns Salesforce Tower in San Francisco, on April 1, 2019, for $210 million.
The company now owns 100 percent of the 1.4 million-square-foot Salesforce Tower, which spans 61 stories and is the city’s tallest building.
San Francisco investment activity continued to exceed expectations and kept pace with Manhattan in the first quarter with the two markets closing at $1.24 billion and $1.41 billion, respectively, reported Cushman & Wakefield. Office valuations continue to rise in San Francisco. Seven transactions closed citywide with an average price of $933 per square foot, well above Manhattan’s $811 per square foot. Strong leasing fundamentals and buyer demand are expected to continue through 2019, and a number of pending transactions are expected to close above $1,000 per square foot. The top transaction
