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Report: Chinese developer Oceanwide to sell US real estate project portfolio


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Report: Chinese developer Oceanwide to sell US real estate project portfolio

Chinese real estate developer Oceanwide Holdings Co. Ltd. is planning to sell a portfolio of U.S. projects, Pacific Business News reported, citing sources familiar with the matter.

The portfolio comprises the Oceanwide Center development project in San Francisco, the Oceanwide Plaza being constructed in Los Angeles and a tower development site in New York City.

The company's properties in Hawaii are excluded from the sale, Jeff Stone, CEO of The Resort Group and master developer of Ko Olina Resort, said in an email to the publication.

The $1.6 billion Oceanwide Center features a 910-foot-tall office and condominium tower along First Street and a 600-foot-tall tower along Mission Street. Software company Salesforce reportedly has initiated negotiations to occupy the site's entire 1.1 million-square-foot office element, the publication noted.

On the 80 South St. site in New York City, the company looks to build a more than 1,400-foot-tall tower spanning 818,000 square feet.

Work on the Oceanwide Plaza project in Los Angeles has resumed after construction was halted in January. It will feature three towers offering 504 condominiums, a Park Hyatt hotel and 153,000 square feet of retail space, the report noted.

JLL was hired to broker the sale of the U.S. portfolio, sources reportedly said. Comments from JLL and Oceanwide on the potential sale were not immediately available, according to the publication.