Oceanwide Holdings Co, Ltd., a publicly traded real estate company headquartered in China, is announcing the acquisition of the two-tower First & Mission development site in San Francisco’s TransBay. This is Oceanwide’s second major transaction since first entering the U.S. real estate market in December 2013 with the purchase of a 4.6-acre downtown Los Angeles parcel of land across from Staples Center and the L.A. Live entertainment complex.
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 on the West Coast could be as much as $1.6 billion.
Nixon Peabody LLP served as Oceanwide’s acquisition counsel and will serve as development counsel moving forward. Nixon Peabody previously advised Oceanwide on the Los Angeles deal. The legal team is led by San Francisco Real Estate partner Paul Schrier, and David Cheng, chair and managing partner of NP’s China & Asia Pacific practice.
Source: www.nixonpeabody.com
