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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
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.
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