Apparently, the Chicago team
is the front runner:
Quote:
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A team led by Golub Real Estate and The John Buck Co. is the top candidate to build an office tower on the Block 5 site in San Francisco’s giant Transbay redevelopment, offering $172.5 million to buy the property and put up a 43-story building.
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$172.5 million is a staggering offer. They're offering about 90% of the $192 million paid for the Salesforce Tower site, even though Block 5 will only have about 50% of the square footage. They're offering almost double the price per square foot compared to Salesforce Tower. By comparison,
Block 8, which is also zoned for 550 feet but as residential, went for "only"
$72 million back in March.