SAN FRANCISCO—A new addition to the San Francisco skyline was approved by the San Francisco Planning Commission last week. Park Tower, planned to be used predominantly for office and retail space, is to be the last of three similar projects currently under way in the area to be opened for leasing. The other two, Salesforce and 181 Fremont Towers, will open in the next couple years.
Park Tower is set be located on the corner of Howard and Beale Streets, near the future site of the Transbay Transit Center. It is being developed by the John Buck Co. and Golub Real Estate Development, both based in Chicago.
According to graphics and details released by Goettsch Partners, the architectural firm that designed the project, Park Tower will comprise of 45 stories, with approximately 803,000 sq. ft. of total building space, and will feature a series of outdoor terraces. A penthouse will take up its 44th and 45th floors. At its base, the building will accommodate for over 8,600 sq. ft. of retail space.
The low-rise office space of the first 12 floors at Park Tower will boast a typical square footage per floor greater than the base floors at Salesforce or 181 Fremont with more than 27,600 sq.ft., bringing a greater distinction between its competitors.
According to Chris Roeder, International Director at brokerage JLL and Park Tower’s main leasing scout, construction of the tower can ideally commence this November. Roeder and his group have already pitched to several business about potentially leasing office space in Park Tower.
The effect of the tower, along with Salesforce and 181 Fremont, has already started to show in the surrounding area. The Transbay Transit Center, which is expected to open in 2017, has seen its budget skyrocket from $983 million to $2.1 billion, a figure that does not include the additional $2.6 billion needed for the Caltrain and the high-speed tracks.