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Oceanwide Holdings Puts U.S. Megaprojects On Market: Report

Chinese conglomerate Oceanwide Holdings appears to be looking for a swift exit from some of the biggest markets in the United States.

Rendering of Oceanwide Center

The Beijing developer is now looking to sell a portfolio of U.S. projects that includes Oceanwide Center in San Francisco and Oceanwide Plaza in Los Angeles, the San Francisco Business Times reports, citing anonymous sources familiar with the offering.

The report comes about one month after Oceanwide suspended construction on part of its San Francisco project, which is slated to include the city's second-tallest building, and approximately eight months after it reportedly resumed construction on its once-stalled, $1B LA megadevelopment. 

Both projects paused work amid financing issues. Oceanwide Center, the company's $1.6B project at First and Mission streets in S.F., will include 1M SF of office space that Salesforce is reportedly in discussions to lease in its entirety.

The S.F. project is also slated to include 265 residential units and a 169-room Waldorf Astoria hotel, while the three-skyscraper Oceanwide Plaza project features a Park Hyatt hotel, 500 luxury condos and 150K SF of ground-floor retail. 

Australian multinational Lendlease is the general contractor for the LA project. Swinerton and Webcor head Oceanwide Center and San Francisco's SoMa area. 

Commercial brokerage JLL is said to be leading the portfolio listing, according to the Business Times, which also reports that big developers like TMG Partners, Boston Properties, Related California, Hines, Northwood Investors and Tishman Speyer have expressed interest or even made offers to purchase Oceanwide Center. 

Also included in the JLL-led listing, according to the Business Times, is Oceanwide's 80 South St. project in Lower Manhattan. 

That project has been quietly for sale since at least February, Commercial Observer reported at the time