Alexandria to acquire San Francisco Tennis Club for $140m

Alexandria Real Estate Equities is planning to acquire the 939,764 square-footbuilding at 88 Bluxome St. in San Francisco for $140 million. The building is currently home to the San Francisco Tennis Club, and the closing date of the acquisition may be deferred to first quarter 2017.

Alexandria, a Pasadena, Calif.–based REIT, plans to construct two buildings in separate phases, totaling more than 1.24 million square feet, on the site.In March 2016, Alexandria and its development partner on the project, San Francisco–based TMG Partners, submitted a revised Preliminary Project Assessment for 88 Bluxome St.to the San Francisco City Planning Department.

New construction has been booming in the San Francisco area, including a 190-unit, apartment building at 1400 Mission St. in the SoMa neighborhood. The building also has 10 to 15 stories of retail space at the ground level.

For possible future developments, a 35-story hotel and residence tower w