SAN FRANCISCO—Oceanwide Holdings Co. Ltd., a publicly traded real estate company headquartered in China, has closed on its acquisition of the two-tower First & Mission development site in San Francisco's TransBay. TMG Partners, one of the San Francisco Bay Area's largest mixed-use property developers, will assist Oceanwide on the entitlement process.
Oceanwide states that “We are extremely pleased to have the opportunity to own and develop this premier project in San Francisco. We are really looking forward to working on such a great development, in such an excellent location and in such a fantastic city!”
The First & Mission project comprises two towers with 1.35 million square feet of office/commercial and 650,000 square feet of residential units. The building housing the hotel and additional residential space will rise to 605 feet adjacent to the 850-foot residential and office tower. Oceanwide's total investment in building these world-class, iconic towers in the West Coast could be as much as $1.6 billion.
"We are excited to continue our involvement in the First & Mission site with Oceanwide, who will now assume full ownership of the property," says TMG Partners chairman and CEO Michael Covarrubias. “We continue to move forward on the significant project with Oceanwide and our great team led by architects Foster + Partners and Heller Manus.”
The towers will be a sustainable model of high density, mixed-use development with the large floor plate office tower that will front on First Street and a condominium portion that will be taller than any residential project on the West Coast.
As GlobeSt.com previously reported, the Chinese developer agreed to pay $296 million to purchase the site from TMG Partners and investment partner Northwood Investors LLC.
Also, be sure to check out this related story on why the Chinese can't get enough of Bay Area real estate.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
