Boston Properties Inc., a real estate investment trust, and its development partner Hines said they have signed a lease with salesforce.com for 714,000 square feet of space in an office tower under construction in San Francisco.
With the execution of the lease, Boston Properties and salesforce.com have agreed to rename the building Salesforce Tower. The building, formerly known as Transbay Tower, will have about 1.4 million square feet of space.
In a press release, Boston Properties called the transaction “the largest office lease in San Francisco’s history.”
The company added that it plans to complete the building in early 2017 for a projected total cost of about $1.1 billion. The tower is expected to be “the tallest office building west of Chicago,” Boston Properties said.
On its website, Salesforce.com says it specializes in enterprise cloud computing. Its social and mobile cloud technologies help companies connect with customers, partners, and employees in new ways.
In a statement, Boston Properties executive chairman Mortimer B. Zuckerman commented on the planned tower.
“At 61 stories and 1,070 feet tall, with an outstanding design, it will have a transformative impact on the San Francisco skyline,” he said. “Salesforce Tower is a reflection of our mutual confidence in the City of San Francisco and the South Financial submarket as a home to successful companies that seek to employ today’s highly educated and highly motivated worker. Salesforce.com’s commitment further demonstrates the desirability of high-quality, well designed first class office space to today’s premier technology companies.”