Beleaguered Oceanwide Sells Iconic S.F. Tower For $1B
Chinese conglomerate Oceanwide Holdings has agreed to sell what is supposed to become San Francisco's second-tallest tower to compatriot company SPF Capital International Limited for $1B.
Oceanwide, publicly traded on China's Shenzhen stock exchange, disclosed its sale of the partially constructed tower in a filing Wednesday evening.
The company's announcement comes months after it stopped construction on the project's smaller 605-foot tower at 512 Mission St., which itself was soon followed by its placement on the market.
Oceanwide began construction on its San Francisco towers in 2016, with the taller, 910-foot skyscraper breaking ground at 50 First St. Between the two buildings, designs call for 1M SF of office space, 265 residential units and a 169-room Waldorf Astoria hotel. General contractors Swinerton and Webcor have been leading construction at the Transbay site.
The San Francisco Chronicle first reported Oceanwide Holdings' disclosure.
Neither Oceanwide Holdings nor SPF Capital immediately responded to requests for comment.