San Francisco’s Oceanwide Plaza Trades for $1B

China-based Oceanwide Holdings Co. has sold its interests in San Francisco’s Oceanwide Plaza development located in the Transbay District for approximately $1 billion. The buyer was named as a unit of investment manager SPF Capital International Ltd.

Construction for the Oceanwide Center site has been idle for months, even with the strength of local market fundamentals supporting demand.

The project was launched in 2016 as a final addition to a Transbay skyline that has drawn key employers like Facebook, Salesforce and Google to office locations in towers that now define the 2020 San Francisco skyline.

When complete, development plans call for one of the two planned towers to top out at 910 feet and become the second tallest building in the City, next to nearby Salesforce Tower. Overall, the project is expected to deliver one million square feet of office, 265 residences and a Waldorf Astoria hotel.

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