Chinese developer Oceanwide Holdings looks to be trying to exit the U.S. market, either partially or fully, putting its considerable development portfolio in New York, Los Angeles, and San Francisco all on the market at once. And that includes the under-construction Oceanwide Center at First and Mission — originally planned to be a two-tower complex, though now only one tower remains in the works.
As the SF Business Times reports, commercial real estate firm JLL is handling the listing of the SF tower, which will include 1.1 million square feet of office space that Salesforce reportedly already has its eyes on leasing. The taller, 910-foot tower designed by Foster + Partners and Heller Manus Architects is under construction and due to be complete in 2023, while construction was halted in October on the shorter, 600-foot (54-story) tower next door. The taller tower, which will be second only in height on the skyline to Salesforce Tower, will include 34 floors of office space and 20 floors of residential (109 condos) on the top. The shorter tower was slated to be home to a Waldorf Astoria hotel, as well as 156 condos on the upper floors.
Some experts speculated to the Business Times that the shorter tower may no longer make financial sense as planned, so it remains to be seen if there will be a hotel component, or what will happen with it.
Oceanwide broke ground on the project in 2016 with plans to have it complete by 2021. Delays have pushed that by two years, and even further for the second tower, which may have to be completed by another development team (and thus the whole thing may not be called "Oceanwide Center" much longer).
In addition to marketing the $1.6 billion San Francisco development — which already took some bids late last year that Oceanwide rejected — Oceanwide Holdings is looking to offload its Oceanwide Plaza development in Los Angeles. That project, which briefly halted construction in January but has since resumed, includes a Park Hyatt hotel and 504 condos, as well as retail space.
And the developer is looking for a taker for a development site it purchased at 80 South Street in New York — a site for a super-tall, 1,400 tower near Manhattan's South Street Seaport that's already been designed.