{"id":1004113105,"date":"2015-02-10T07:10:12","date_gmt":"2015-02-10T15:10:12","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004113105"},"modified":"2022-12-07T04:05:19","modified_gmt":"2022-12-07T12:05:19","slug":"chinese-developer-sets-footprint-in-san-francisco","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/chinese-developer-sets-footprint-in-san-francisco\/","title":{"rendered":"Chinese Developer Sets Footprint in San Francisco"},"content":{"rendered":"

By Keith Loria, Contributing Editor<\/i><\/p>\n

Oceanwide Holdings Co. Ltd., a publicly traded real estate company headquartered in China, has acquired the two-tower First & Mission development site in San Francisco\u2019s TransBay from TMG Partners and Northwood Investors L.L.C. for $296 million.<\/p>\n

TMG Partners will assist Oceanwide on the entitlement process.\u00a0TMG and Oceanwide were brought together by China SF, a nonprofit that helps local companies attract investment from Chinese companies.<\/p>\n

\u201cThe TransBay will be the most vibrant new area in San Francisco, enjoying dynamic architecture, a skyline of tall buildings and the mix of residential with office, hotel and retail,\u201d Michael Covarrubias, TMG Partners\u2019 chairman & CEO, told Commercial Property Executive<\/i>. \u201cIt will be a hub of business, residential, culture, tourism and transportation.\u201d<\/p>\n

Foster + Partners and Heller Manus Architects are the architects for the approximately 2-million-square-foot mixed-use development. The First & Mission mixed-use project will consist of 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.<\/p>\n

According to Covarrubias, 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.<\/p>\n

Oceanwide released a Chinese language press release that stated its total investment could reach as high as $1.6 billion for the project.<\/p>\n

\u201cWe are extremely pleased to have the opportunity to own and develop this premier project in San Francisco,\u201d the release stated. \u201cWe are really looking forward to working on such a great development, in such an excellent location and in such a fantastic city.\u201d<\/p>\n

This is not the Chinese developer\u2019s first entry into the States. Oceanwide previously acquired Fig Central<\/a>, an undeveloped mixed-use site across from the Staples Center in downtown Los Angeles, for $200 million in 2013. It\u2019s reported that the company is investing an additional $1 billion in this property.<\/p>\n

In 2014, Oceanwide had projects under development with a total floor area of more than 55 million square feet.<\/p>\n","protected":false},"excerpt":{"rendered":"

Oceanwide Holdings has gotten on the TransBay bandwagon with a mixed-use purchase.<\/p>\n","protected":false},"author":451,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,21752,21742,15],"tags":[],"class_list":["post-1004113105","post","type-post","status-publish","format-standard","hentry","category-investment","category-mixed-use","category-latest","category-west"],"acf":[],"yoast_head":"\nChinese Developer Sets Footprint in San Francisco - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/chinese-developer-sets-footprint-in-san-francisco\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Chinese Developer Sets Footprint in San Francisco\" \/>\n<meta property=\"og:description\" content=\"Oceanwide Holdings has gotten on the TransBay bandwagon with a mixed-use purchase.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/chinese-developer-sets-footprint-in-san-francisco\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2015-02-10T15:10:12+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-07T12:05:19+00:00\" \/>\n<meta name=\"author\" content=\"Keith Loria\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/chinese-developer-sets-footprint-in-san-francisco\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/chinese-developer-sets-footprint-in-san-francisco\/\",\"name\":\"Chinese Developer Sets Footprint in San Francisco - 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