San Francisco Recovery Fund unveils Fifty at First, a 1.5-million-square-foot office development that will become the second-tallest building in San Francisco

The San Francisco Recovery Fund (SFRF) today announced that BXP and JLL have joined the multidisciplinary team leading Fifty at First, the 915-foot, 1.5-million-square-foot office tower planned for First and Mission streets in downtown San Francisco. Upon completion, Fifty at First will be the second tallest building in the city. BXP is serving as a consultant across development, leasing, and marketing, while JLL has been named exclusive office leasing agent for the project — pairing two firms with deep track records shaping San Francisco's most significant office towers. Alongside today's announcement, SFRF unveiled new renderings of the tower, giving the public its first look at the design.

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A rendering of the proposed Fifty at First tower in downtown San Francisco. Courtesy of Gensler

"When SFRF selected Gensler as our architect, it was for more than its global high-rise expertise. The firm was founded 61 years ago in San Francisco to specifically explore how workplaces could function more creatively and improve the working environment for employees," said Dan Kingsley, Co-Founder of SFRF. "That same philosophy is driving Fifty at First: designing a state-of-the-art office environment from the inside out, to better serve the full range of tenants shaping San Francisco today. With the design concept set, this is the moment to add the right partners to the team — BXP's development, construction, leasing and operational expertise, paired with JLL's intimate knowledge of what tenants need."

"Fifty at First represents a unique opportunity for San Francisco, a building designed to reflect the things that matter most to us," said Manan Shah, Managing Director and Principal. "It allows for the best creative environment, with a focus on bringing people together to do their best work, in a healthy and sustainable way. The tower will bring together private business, cultural experiences, and public space in a uniquely San Francisco way as we evolve our Downtown from a 9-5 environment to a 24/7 ecosystem."

SFRF retained BXP as a consultant across development, leasing, and marketing, drawing on the firm's experience delivering and operating some of San Francisco's most prominent office towers — including the same team that delivered Salesforce Tower — to transform the Fifty at First design concept into a building that will be ready for its tenants in 2031. "Fifty at First represents a rare opportunity to help shape the next chapter of downtown San Francisco," said Rod Diehl, Executive Vice President, West Coast Regions at BXP. "With its exceptional location, visionary design, and forward-looking approach to the workplace, this project has the potential to become a defining addition to the city's skyline and a destination for the world's most innovative companies. We are proud to be part of the team working to bring this landmark development to life and to contribute to the continued momentum in San Francisco."

"We bought this site to help drive San Francisco's recovery and build something worthy of this city," said Jay Yang, Co-Founder and CEO of the San Francisco Recovery Fund. "It is a privilege to be working with a blue-chip team that shares that commitment. When Fifty at First opens in 2031, San Francisco will be home to the highest-quality office tower on the West Coast."

JLL will serve as exclusive office leasing agent for Fifty at First, bringing tenant and market insight to the process and helping the team anticipate what the next generation of employers and employees will expect from a downtown workplace. "The building will command attention as one of the most significant additions to San Francisco's skyline in years," said Chris Roeder, Vice Chairman at JLL San Francisco. "But what really sets it apart is the inside-out thinking. With highly usable floor plates, 15-plus-foot deck-to-deck ceiling heights and amenities designed from day one, it delivers the kind of workplace experience today's tenants are looking for."

BXP and JLL join the Gensler led project team that also includes Field Operations (land, landscape and public realm), Magnusson Klemencic Associates (structural engineering), MEYERS+ ENGINEERS (MEP), and Goodby Silverstein & Partners (brand), as well as SFMOMA (art), which offered recommendations on the building's public art program.

"SFMOMA has been delighted to collaborate with the San Francisco Recovery Fund, offering guidance on what promises to be a robust art program for Fifty at First," said Christopher Bedford, Helen and Charles Schwab Director of SFMOMA. "Our hope is that the artistic commissions for this new site celebrate the vibrancy and deep relevance of both local and international artists — underscoring San Francisco's position as a beacon for creativity in the region and around the globe."

SFRF acquired the site, formerly known as Oceanwide Center, in January 2026. Additional details on the building's design, public spaces, and art program will be shared as the design process advances.

Project Team

• Developer: SF Recovery Fund
• Development Consultant: BXP
• Design & Brand: Gensler
• Leasing & Marketing: JLL
• Landscape: Field Operations (land, landscape and public realm)
• Structural Engineer: Magnusson Klemencic Associates (MKA)
• MEP: MEYERS+ ENGINEERS
• Brand: Goodby Silverstein & Partners (GS&P)

About San Francisco Recovery Fund

The San Francisco Recovery Fund ("SFRF") is a local real estate investment vehicle dedicated exclusively to San Francisco, combining long-term ownership with targeted civic investment to revitalize distressed real estate and support the city's recovery. Backed by individuals and families personally committed to San Francisco's success, SFRF takes a patient, generational approach — working closely with city leadership and civic partners to align private capital with public goals and help restore the city's economic vitality and resilience. Learn more at www.sfrecoveryfund.com.

About BXP

BXP, Inc. (NYSE: BXP) is the largest publicly traded developer, owner, and manager of premier workplaces in the United States, concentrated in six dynamic gateway markets - Boston, Los Angeles, New York, San Francisco, Seattle, and Washington, DC. BXP has delivered places that power progress for our clients and communities for more than 55 years. BXP is a fully integrated real estate company, organized as a real estate investment trust (REIT). As of June 30, 2026, including properties owned by unconsolidated joint ventures, BXP's portfolio totaled 51.1 million square feet and 164 properties, including six properties under construction/redevelopment. For more information, visit www.bxp.com or follow us on LinkedIn or Instagram.

About JLL

JLL (NYSE: JLL) is a leading global commercial real estate services and investment management company with annual revenue of $26.1 billion, operations in over 80 countries and a global workforce of more than 112,000 as of June 30, 2026. For over 200 years, clients have trusted JLL, a Fortune 500® company, to help them confidently buy, build, occupy, manage and invest across a variety of industries and property types, including office, industrial, hotel, multi-family, retail and data center properties. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people, and communities SEE A BRIGHTER WAY. Powered by rich global datasets and leading technology capabilities, we provide coordinated, end-to-end delivery of real estate services for a broad range of global clients who represent a wide variety of industries. Through LaSalle Investment Management, we invest for clients on a global basis in both private assets and publicly traded real estate securities. For further information, visit jll.com.

About Gensler

At Gensler, the value of our work stems from its positive impact on the human experience. We are a dynamic and collaborative design firm uniting creativity, research, and innovation to solve complex problems for our clients. Our work challenges conventional ideas about architecture and the built environment. We aren’t just designing buildings — we are reimagining cities and places that make a difference in people’s lives. Founded in 1965, Gensler has built a team of 6,000 professionals who partner with clients in over 100 countries each year. Everything we do is guided by our mission: to create a better world through the power of design. To learn more, visit https://www.gensler.com.

Download Photos: Courtesy of Gensler

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When Fifty at First opens in 2031, San Francisco will be home to the highest-quality office tower on the West Coast.