China Oceanwide looks to sell Seaport dev site amid broader financial concerns

Firm has put 80 South Street on the market and is seeking about $300M

80 South Street
80 South Street

China Oceanwide Holdings is putting 80 South Street on the market.

The Beijing-based company purchased the Financial District site about three years ago and is looking to sell it for roughly $300 million, according to Commercial Observer. Just five firms have been approached so far to bid on the property.

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The firm purchased 80 South Street along with 163 Front Street for $390 million in March 2016, and the property is currently zoned for a mixed-use building spanning 818,000 square feet. Oceanwide had planned to construct a mixed-use building on the site, but their principal operating entity no longer wants them to spend the capital, a source told the publication.

Cushman & Wakefield’s Adam Spies is marketing the site.

Oceanwide recently ran into some financial troubles in Los Angeles, where contractors are claiming that the developer owes them more than $62.5 million for unpaid labor at the $1 billion Oceanwide Plaza project downtown. Work stopped at the three-tower project late in January, and the firm said it would resume by mid-February. [CO] – Eddie Small