Quote:
Originally Posted by simms3_redux
Does anyone know the acreage or SF of the land that just traded? BP/Hines paid ~$4000/sf for their land for the TT. I think TMG paid less than half of that for this land. Some of the recent land deals in the area:
Hines/BP - Transbay Tower site - $192M - 50,000 SF (~1.15 AC) - ~$3,840/sf or $167M/AC - city/TJPA was seller
TMG/Northwood - 50 1st St site - $122M - unknown size, I estimate at ~1.5-2 AC - David Choo was seller of land, MSREF and Lincoln were bought out of their note
Jay Paul - 181 Fremont site - $75M - unknown size, I estimate at just over half an acre - SKS Investments was seller
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According to
this, 181 Fremont is 15,312.5 sq ft or 0.35 acres. At $75M, that comes out to
$4898/sf or
$214M/acre!
And, looking up the 50 First St. lots
here, I found:
- Tower 1:
- 50 First Street (18,000 sq ft)
- 62 First Street (11,817 sq ft)
- 76-78 First Street (2,700 sq ft)
- Tower 2:
- 516 Mission (4,776 sq ft)
- 526 Mission (9,353 sq ft)
- Corner building:
- 88 First St (3,300 sq ft)
So, that's 49,946 sq ft or 1.15 acres. At $122M, that's
$2443/sf or
$106M/acre. It's almost exactly half of what Jay Paul paid for 181 Fremont.