Latest news with #Hines'
San Francisco Chronicle
4 days ago
- Business
- San Francisco Chronicle
Does new S.F. skyscraper proposal signal a timeline for the city's comeback?
San Francisco was challenged. The city's weakened economy, still recovering from financial catastrophe and political uncertainty, was at a crossroads when developer Hines pitched what would be the city's tallest building. The year was 2012. Thirteen years later, the same company is looking to do it again, with a new skyscraper proposal on Friday at the former PG&E headquarters that would be even taller than Salesforce Tower. But times are so different than they were in 2012. San Francisco is now beset by an even deeper office market slump than the wake of the 2008 Great Recession. Pandemic-fueled remote work habits pushed the vacancy rate above 30%. And the city budget faces a record-high deficit that could reach $1 billion, with declines in property taxes and the threat of federal aid being choked off by President Donald Trump Hines is betting that the second half of the 2020s will echo the late 2010s tech boom, with office demand overcoming the post-COVID hangover. But there are many hurdles and a long path ahead: Hines' new proposal, if it moves forward, will require years of approval, financing and construction. Hines already paid PG&E $800 million for the property and construction costs of other supertall buildings have topped $1 billion. Salesforce Tower took about a decade to conceive and complete. And forecasts for when the city's core will reach a pre-pandemic sense of normalcy have been varied and without consensus. Stanford professor and remote work expert Nicholas Bloom last fall said San Francisco's recovery was five years away. Months earlier a report from real estate firm Avison Young suggested San Francisco won't fully recover until 2042. Real estate experts have said this year that the comeback has started, thanks to the surge in artificial intelligence companies leasing swaths of office space and the vacancy rate falling in the second quarter. But downtown will need more to recapture the heady days of 2018, when tech giants gobbled up almost every vacant listing, they said. 'First and foremost, San Francisco is notorious for being a boom and bust market and 2030 could look very different than today — especially if we can create a more mixed-use environment downtown,' said Robert Sammons, senior research director at real estate brokerage Cushman & Wakefield. Making downtown more attractive could mean more housing — Hines' plan calls for 120 new homes in what's now an office building at 25 Beale St. — as well as more events, restaurants and reasons to come outside the workday. City efforts like making Front Street an outdoor-drinking 'entertainment zone' and hosting parties on the Embarcadero are helping draw thousands to downtown and boosting bars and restaurants. Still, completing a skyscraper of any size has eluded almost every developer since the pandemic. The 395-foot 415 Natoma St., the city's tallest building completed since the pandemic, is 97% vacant. (The Brookfield-owned building is part of the 5M project and Brookfield's partner is Chronicle owner Hearst.) Some new office and residential buildings at Mission Rock have filled up, in one of the city's post-pandemic success stories. Hines' own Parcel F project has been stalled for years since its approval, after Salesforce cancelled a lease in 2021. And nearby Oceanwide Center, which began construction in 2017 with approval to be San Francisco's second-tallest tower, is frozen after its Chinese developer collapsed. One of Hines' best assets is location, real estate experts said. The PG&E site is on one of the only development sites on Market Street, adjacent to BART and a few blocks from the waterfront. 'You could call this arguably the best office development site in the city. It's just a fantastic location,' said Derek Daniels, Bay Area research director at real estate brokerage Colliers. And while the citywide office vacancy rate is around 30%, Daniels notes that the category of the highest-quality highrise space with great views has a rate that's under 10%. Rents in premium towers, like the Transamerica Pyramid, can exceed $200 per square foot annually, some of the highest rents in the country. It remains to be seen what form the proposed Hines tower will take, without a design firm attached to the project. But it will likely be built for top quality, or Class A, office space, similar to nearby Salesforce Tower and 181 Fremont. 'We are definitely seeing an interest for those (great) view, high-quality assets,' said Alexander Quinn, Northern California senior director of research at brokerage JLL. 'There is more scarcity.' In contrast, South of Market condo prices remain below 2020 levels, according to residential brokerage Compass. An earlier, shorter tower plan by Hines at the same PG&E site had called for more housing, but the current plan is primarily office, with a massive 1.6 million square feet that would be 200,000 square feet more than Salesforce Tower. Though the office market still has plenty of struggles, Daniels believes that vacancy has already peaked and the city is on the path to recovery. Colliers tracked 3.2 million square feet of new and renewed leases in the second quarter, the highest level in the city since mid-2019, he said. Notably, the crypto company Coinbase leased 150,000 square feet at Mission Rock, a reversal of its exit from San Francisco during the pandemic. Mayor Daniel Lurie was eager to highlight Hines' tower project. In an Instagram video, he stood in front of the former PG&E site. 'This is going to be a neighborhood that has got live, work and play opportunities,' he said. 'It is a signal to the world that San Francisco is on the rise.'
Business Wire
24-04-2025
- Business
- Business Wire
Healthpeak and Hines Announce a Strategic Partnership on the Cambridge Point Mixed-Use Development in Cambridge, Massachusetts
DENVER--(BUSINESS WIRE)--Healthpeak Properties, Inc. (NYSE: DOC), a leading owner, operator, and developer of real estate for healthcare discovery and delivery, and Hines, a global real estate investment manager, announced today a long-term partnership to develop the residential components of Healthpeak's Cambridge Point master-planned district in the Alewife neighborhood of Cambridge, Massachusetts. Hines will lead the residential development in coordination with Healthpeak as master developer. Hines, with its partners, will capitalize the residential developments and intends to commence construction on the first residential building within the first 12 months following receipt of entitlements, which is anticipated in the second half of 2026. Situated adjacent to the MBTA Rapid Transit Rail Station in the Alewife neighborhood, Cambridge Point is a 40-acre master plan that has total development potential of up to five million square feet. The project is anticipated to include multifamily residential units, research and lab space, and community-oriented ground-floor neighborhood retail uses. The pedestrian-oriented district will be defined by a highly walkable retail corridor, an extensive green open space network connecting Fresh Pond and Alewife Brook Reservation, and publicly beneficial infrastructure, including a pedestrian bridge to connect the community directly to the MBTA red line with a short ride to Kendall Square and South Station. 'We are thrilled to welcome Hines as a key partner in realizing our long-term vision for Cambridge Point,' shared Kelvin Moses, Healthpeak's Chief Financial Officer. He continued, 'Hines' reputation of delivering exceptional mixed-use and residential communities in urban centers aligns seamlessly with our commitment to quality and community impact. At Healthpeak, our real estate advances health and innovation—and with approximately 60 million square feet under management nationwide, we're deepening our investment in Cambridge with a long-term vision of contributing to a vibrant, mixed-use district.' 'Hines has a deep-rooted history in the Boston area, including our work at Fuse Cambridge in Alewife, and we're proud to partner with Healthpeak to continue shaping the community's built environment,' said Sarah Hawkins, Senior Managing Director and head of Hines' U.S. East market. 'Our goal is to deliver housing that will integrate innovation, intentional design, and a robust sense of place, reflecting the values of Cambridge for generations.' Hines has been invested in the Greater Boston market for over 40 years, with nearly $3 billion in existing properties and active developments, including the approximately two million square feet mixed-use project, South Station Tower, along with multiple multifamily and industrial developments. Cambridge Point represents the final large-scale development opportunity in Cambridge. It builds on Healthpeak's existing footprint in the region, where the company is already the largest commercial property owner in West Cambridge. The district is uniquely positioned to serve as a new gateway to Greater Boston's life sciences ecosystem, combining research, residential, and retail uses into one cohesive, transit-oriented environment. The master plan is expected to be built over multiple phases, including more than seven acres of publicly beneficial open space, streetscape improvements, active retail corridors, and green building strategies in alignment with Healthpeak's corporate responsibility objectives. 'Cambridge Point aligns Healthpeak's core values through community development—it's about shaping a place where people can live healthy lives, establish connections, innovate, and thrive,' said Scott Bohn, Chief Development Officer and Head of Lab at Healthpeak. 'Through our collaboration with Hines, we can contribute positively to the neighborhood in ways that reflect the values of the Cambridge community and support its ongoing growth as a global hub for innovation and discovery.' ABOUT HEALTHPEAK PROPERTIES Healthpeak Properties, Inc. is a fully integrated real estate investment trust (REIT) and S&P 500 company. Healthpeak owns, operates, and develops high-quality real estate for healthcare discovery and delivery. For more information regarding Healthpeak, visit ABOUT HINES Hines is a leading global real estate investment manager. We own and operate $90.1 billion¹ of assets across property types and on behalf of a diverse group of institutional and private wealth clients. Every day, our 5,000 employees in 30 countries draw on our 68-year history to build the world forward by investing in, developing, and managing some of the world's best real estate. To learn more, visit and follow @Hines on social media. ¹Includes both the global Hines organization and RIA AUM as of December 31, 2024.
Yahoo
07-02-2025
- Yahoo
Mason County man charged with DUI crash that killed motorcyclist in Pierce County
A 35-year-old Grapeview driver accused of crashing into a motorcyclist on the Key Peninsula while under the influence Tuesday has been charged. Prosecutors charged Zachary Douglas Hines with driving under the influence and vehicular homicide, court records show. A plea of not guilty was entered on Hines' behalf during his arraignment Thursday afternoon. Pierce County Superior Court Commissioner Barbara McInvaille set his bail at $500,000, records show. Washington State Patrol troopers were dispatched at 7:53 p.m. to the crash on state Route 302 near 138th Avenue Northwest. A homeowner called 911 to report hearing the crash occur, according to the investigation report. The motorcyclist, Timothy Trammell, 40 of Port Orchard, was unresponsive and in a ditch. According to the report, he was declared dead at the scene. The white Ford F350 that allegedly crashed into the motorcycle was in a ditch, the report said. When a trooper asked fire personnel if they spoke to Hines, they told him he was not responding to any questions and allegedly refused to come out of the ditch. Hines eventually emerged from the ditch to speak to the trooper. The trooper said that Hines' speech was 'extremely slurred' and he appeared lethargic. When the trooper asked what happened, Hines said he attempted to pass the bike, but then collided with it head-on. When asked for more details, Hines allegedly appeared confused and kept making comments not relevant to the trooper's questions. Investigators learned that Hines was driving his Ford on westbound state Route 302 when he crossed over into the center lane. He allegedly crashed into Trammell's motorcycle, which was in the eastbound lane. The trooper allegedly smelled a strong odor of intoxicants coming from Hines. When asked how much alcohol he drank, Hines replied with two, documents show. Hines declined to perform voluntary field sobriety tests and a preliminary breath test, the report said. Hines was placed under arrest for suspicion of DUI. The trooper took Hines to St. Anthony Hospital in Gig Harbor, documents show. A blood draw was conducted. A nurse also administered a preliminary breath test, and Hines' result allegedly was 0.099 percent. The legal limit in Washington is .08. Hines had been convicted in April 2019 for DUI and hit-and-run of an attended vehicle in Mason County, according to court documents.
