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New Buyer Emerges in Oceanwide Center $1.2B Deal

Beijing-based Hony Capital agreed to purchase San Francisco’s Oceanwide Center in a $1.2-billion deal with Oceanwide Holdings. The new buyer emerged after SPF Group’s bid to buy the mixed-use development fell through reportedly tied to delays stemming from the coronavirus pandemic.

Hony Capital is reportedly paying $700 million at deal closing, and up to a maximum of $500 million three years later, based on the development achieving an internal rate of return exceeding 20%. The 910-foot office and condo tower and a 605-foot hotel tower at First and Mission streets were slated to be delivered next year. Hony Capital will assume Oceanwide Center’s budgeted operation, management and development costs.

Oceanwide Holdings’ Shenzhen Stock Exchange disclosure indicated that the framework for the agreement with a new buyer allowed both parties to commence negotiating a sale agreement “as soon as possible in good faith,” under a due diligence deadline of June 30. Oceanwide Holdings is seeking to optimize its overseas asset portfolio and reduce its overseas operating risks.

For comments, questions or concerns, please contact Dennis Kaiser

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About Dennis Kaiser

Dennis Kaiser is Vice President of Public Relations and Communications for Connect Creative. Dennis is a communications leader with more than 40 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect Creative’s agency client services and is involved in a range of initiatives ranging from public relations and content strategy, communications and message development, copywriting, media relations, social media and content marketing services. Prior to joining Connect Media in 2015, his most recent corporate communications roles involved leading a regional public relations effort across Southern California for CBRE, playing a key marketing role on JLL’s national retail team, and directing the global public relations effort at ValleyCrest (BrightView), the nation’s largest commercial landscape services company. He has worked on marketing communications assignments for such CRE companies as Blackstone/Equity Office, Carlyle, Caruso, Disney Resorts, GE Capital, Irvine Company, Hines, Howard Hughes Corp., Jeffries, Lennar, MGM, Marcus & Millichap, Prologis, Raleigh Studios, Simon, Starwood, Trammell Crow Company, Transamerica, UBS and Wynn Resorts. Dennis has also worked on communications and launch strategies for a number of consumer electronic, media and tech brands including SlingMedia, Channel Master, Deluxe Media Entertainment, BeIn Sports, EchoStar and Sprint. Dennis’s agency background included firms such as Off Madison Ave., Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, Boy Scouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and the Thunderbirds Charities.

  • ◦Development
  • ◦Sale/Acquisition
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