SAN FRANCISCO (Feb. 9, 2015) – Oceanwide Holdings Co., Ltd., a publicly traded real estate company headquartered in China, announced today the acquisition of the two-tower First & Mission development site in San Francisco’s TransBay. TMG Partners, one of the San Francisco Bay Area’s largest mixed-use property developers, will assist Oceanwide on the entitlement process.
Oceanwide stated that “We are extremely pleased to have the opportunity to own and develop this premier project in San Francisco. We are really looking forward to working on such a great development, in such an excellent location and in such a fantastic city!”
“We are excited to continue our involvement in the First & Mission site with Oceanwide, who will now assume full ownership of the property,” said TMG Partners chairman and CEO Michael Covarrubias. “We continue to move forward on the significant project with Oceanwide and our great team led by architects Foster + Partners and Heller Manus.”
The First & Mission project comprises 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. Oceanwide’s total investment in building these world-class, iconic towers in the West Coast could be as much as $1.6 billion.
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.
About Oceanwide Holdings Co., Ltd.
Oceanwide Holdings Co. Ltd. is a Chinese publicly-listed real estate company, with a market cap of nearly $10 billion, focused on the investment planning, development & construction, and management of large-scale mixed-use property from condominium, hotel and office to city complex. It consists of 18 subsidiaries with its development projects located in such primary cities as Beijing, Shenzhen, Wuhan, Shanghai, Hangzhou, Qingdao, Los Angeles and San Francisco. In 2014, Oceanwide Holdings has projects under development with a total floor area of over 55 million square feet. As part of its overseas strategy, Oceanwide Holdings acquired mixed-use projects in both Los Angeles and San Francisco recently.
About TMG Partners
TMG Partners, founded in 1984 and headquartered in San Francisco, is a full-service real estate development and management company. TMG has developed more than 25 million square feet of property throughout the San Francisco Bay Area, including Emeryville, Marin City, Novato, Palo Alto, San Bruno, San Jose and San Francisco. One of the most active developers in this area, the company has developed a variety of office, retail, residential and industrial properties, ranging from office campus and multi-story properties in urban, infill locations to mixed-use retail and single-story suburban buildings. For detailed information, visit: www.tmgpartners.com