San Francisco Recovery Fund Unveils 56-Story Office Tower on Oceanwide Site

• San Francisco Recovery Fund has unveiled Fifty at First, a proposed 915-foot, 56-story office tower at the former Oceanwide Center site at 50 First Street.
• The project is planned for approximately 1.5 million square feet of office space, with 15-foot-6-inch floor-to-floor heights and more than 20,000 square feet of outdoor space.
• BXP is advising on development, leasing and marketing, while JLL is handling office leasing. The project is targeting a 2031 opening, subject to approvals and construction.

What The Recovery Fund Is Planning

The long-stalled Oceanwide Center site at First and Mission streets is getting a new identity and a significantly refocused plan. The San Francisco Recovery Fund is proposing Fifty at First, a single office tower designed by Gensler that would become San Francisco's second-tallest building if completed. The 1.2-acre property already has entitlements for a larger two-tower development, according to the Recovery Fund. The new concept would instead concentrate approximately 1.5 million square feet of workplace space in a 56-story tower.

 

 

What Makes The Tower Different

The proposed tower is being positioned around premium office space, hospitality-style amenities and public-facing cultural programming. Plans call for a 50-foot-high lobby, a fifth-floor event space and terrace, a 40th-floor sky lounge, food and beverage offerings and more than 20,000 square feet of outdoor space. The building will feature a glass-and-steel facade with a diagonal lattice design, drawing some visual inspiration from the earlier Foster + Partners concept for Oceanwide Center. Gensler is the architect, with Field Operations handling landscape architecture and Magnusson Klemencic Associates providing structural engineering. The project is also being developed with a major sustainability pitch. Fifty at First's official website describes it as the planned first all-electric, net-zero operational high-rise on the West Coast, with a focus on seismic resilience and biophilic design.

 

 

What The SFMOMA Partnership Adds

The development team is working with the San Francisco Museum of Modern Art on an art program intended to bring cultural programming into the project. SFRF Managing Director Manan Shah said the goal is to create “the best creative environment” while combining private business, cultural experiences and public space. SFMOMA Director Christopher Bedford said the museum hopes the artistic commissions will highlight both local and international artists. That strategy is notable for landlords competing for tenants in a market where older commodity office space faces significant challenges. The project is instead targeting companies looking for newer, amenity-rich workplace environments.

 

 

What The $60 Million Acquisition Means

The site has a complicated history. Oceanwide Holdings began construction on the original project before financial problems halted work in 2020. The property subsequently went through foreclosure proceedings, with lender Haitong International winning the January 2026 auction. The San Francisco Recovery Fund, led by Dan Kingsley and Jay Yang, acquired the site for approximately $60 million in January 2026. Traded reported the transaction closed January 23 at that price, dramatically resetting the basis for the redevelopment. BXP subsequently joined the project team, bringing one of San Francisco's major commercial real estate owners into the redevelopment effort.

 

 

What Comes Next

The development team still needs to submit plans and obtain the necessary approvals before construction can restart. Urbanize San Francisco reports that, assuming approvals and tenant commitments, construction could begin in 2028, with completion targeted for 2031. For downtown San Francisco, the project represents a major bet on new, high-end office product at a time when the market continues to work through elevated vacancy and changing tenant requirements. For investors, the unusually low acquisition basis and reuse of the existing foundation are central pieces of the redevelopment strategy. If delivered as planned, Fifty at First would rise almost directly across from Salesforce Tower and become one of the most prominent new office projects in the city.