China Oceanwide Holdings sells S.F. mixed-use development for $1.2b
Shenzhen-listed property developer China Oceanwide Holdings Ltd. has entered into a framework agreement with private equity firm Hony Capital to sell a mixed-use development project in San Francisco for approximately $1.2 billion.
The project, Oceanwide Center, was launched in 2016 and was scheduled for completion in 2021. It comprises two towers — a 910-foot tower facing First Street that was to be the second tallest structure in San Francisco, and a 625-foot tower facing Mission Street to house the Waldorf Astoria — and two historic buildings at 78 and 88 First Street.
Earlier this year the project was to be acquired by SPF Capital but the deal was terminated.