SAN FRANCISCO—The First and Mission streets development site, where the city's second-tallest office tower is to be built, is being sold to Beijing-based Oceanwide Holdings.

According to the San Francisco Business Times, the Chinese developer has agreed to pay $296 million to purchase the site from TMG Partners and investment partner Northwood Investors LLC.

As planned, First and Mission will include two highrises reaching 910 and 605 feet tall. London-based Foster + Partners was hired last year to collaborate with local Heller Manus on two towers that will total about 2 million square feet. The development is adjacent to the Transbay station project that will link multiple lines of transit.

The Times cited a press release from Oceanwide. Reuters reported today that the Beijing firm has halted trading pending an official announcement of the deal. The news outletalso quoted Darlene Chiu Bryant, executive director of China SF, a nonprofit that works with the city's Office of Economic and Workforce Development to promote economic links between the city and China. Bryant told the outlet that TMG, Northwood and Oceanwide have signed the sale agreement, but were still negotiating details concerning construction management.

The TMG-Northwood joint venture paid $122 million for the site more than a year ago.

Click San Francisco Business Times to read the full story.

Instant Insights /

TMG and Northwood Agree to Cash Out First and Mission Project

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