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BXP hired as development adviser for stalled Oceanwide office project
BXP will help the San Francisco Recovery Fund redesign the 1.2-acre Oceanwide site into a pure office development after the project was foreclosed and later sold at auction.
A long-stalled Oceanwide development site at First and Mission streets in downtown San Francisco is set for a restart after the San Francisco Recovery Fund hired Boston developer BXP Inc. as a development adviser, according to Bisnow.
BXP, which co-developed the nearby Salesforce Tower in 2018, will consult with SFRF on technical areas including building systems and design, as well as leasing and office market dynamics.
The Oceanwide project, known locally as The Pit, was acquired by Oceanwide Holdings in 2015 for $296 million and later saw construction stop on two towers in 2019 and 2020. The developer poured nearly $1 billion into the effort before winding it down.
After foreclosure in 2021, Haitong International Equity Investment Management acquired the unfinished site at a foreclosure auction with a $100 million credit bid, an 86% discount to the $713.5 million owed. SFRF later purchased the site from Haitong for $60 million and is redesigning the larger mixed-use tower into a pure office play, Bisnow reported, as San Francisco’s office absorption improved for a fourth straight quarter.