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Transbay Tower Update

"The still lower land price reflects both current economic realities as well as the fact that the height of the proposed building has been shaved from 1,200 feet to 1,070 feet." The Business Times is reporting that Hines will now pay $185M for the site of the Transbay Tower. At the height of the market in 2007 they offered $350M, which was chopped to $235M in 2008. The new deal, reached in February but not announced, combined with the downsizing of the tower should allow things to move ahead. In our lifetime. [J.K. Dineen/SF Business Times, and previously at Curbed SF]