Hines, the development company behind Salesforce Towers in Chicago and San Francisco, is looking to add another massive high-rise to its portfolio, making another statement on the coastal skyline. An updated proposal submitted last week details the developer’s plan to replace the former PG&E headquarters at 77 Beale Street.
The new 76-story tower would add 1.65 million square feet of office space to the area, complementing a recent $250 million makeover to the Transamerica Pyramid led by Foster + Partners. At 1,225 feet, the skyscraper would be just 25 feet shorter than the Empire State Building, and the tallest building on the west coast—per reporting in the San Francisco Chronicle.
The application submitted by Hines is part of a larger redevelopment plan that would see the renovation of two historic office buildings on Market Street. In addition, most of the office space at 25 Beale Street would be converted to residential units with additional places to shop, lounge, and dine on site. The development also incorporates 1.25 acres of new, publicly accessible green space.
Hines acquired the building in 2021 after it was announced PG&E would be moving to Oakland, California. Approximately $503 million of the $800 million purchase was paid for with loans, which were paid off in December 2024.
Government leaders and community members have expressed their support, citing excitement about the opportunity to drive more traffic to the waterfront. “It is a signal to the world that San Francisco is on the rise,” Daniel Lurie, the mayor of San Francisco shared in an Instagram reel.
However, the support may not be fully indicative of the development’s success. Many San Franciscans have pointed out the large swaths of vacant office space currently in the area as a negative trend. Though this may not be another case of post-pandemic cultural shifts. The age of the vacant buildings in the area, some surpassing 40 years old, could explain the deficit. New, innovative Class A office space might be just what the city needs to bring workers back.
“We look forward to working closely with the city and community stakeholders during this period and steering the development forward into its next chapter as a top-quality, innovative project that will be a significant long-term investment towards the revitalization of San Francisco,” a Hines spokesperson shared with the San Francisco Chronicle.
These latest redevelopment plans reflect a change that occurred after Hines and the National Pension Service were granted outright ownership of the property. An earlier plan for the site included 808 residential units inside new construction at 50 Main Street, but that has since been replaced by the reconstruction at 77 Beale Street.
With the project still in its early stages of development, visualizations have yet to be released. Foster + Partners were attached to the original residential development, but it is unclear whether the firm is still contributing to the project. Pickard Chilton, also originally connected, has stayed on and is working with Hines on the redevelopment of early concepts.
While the project has key selling points, the developers have yet to announce an anchored tenant for the project, which could prove to be detrimental. With permit applications fully submitted, only time will tell if the city of San Francisco is ready to rise to the colossal occasion.
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