Lendlease Hired Broker to Sell Hayes Point Site
The developer has listed its stalled San Francisco construction project for sale amid a strategic business withdrawal.
Updated on Sept. 24, 2026 in Commercial
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Lendlease has officially hired a brokerage firm to market the Hayes Point construction site at 30 South Van Ness. The developer is seeking a buyer for the stalled project as it pivots away from its U.S. and U.K. operations.
Why it matters
Market turmoil, high interest rates, and record-high office vacancies have hindered the viability of the planned billion-dollar tower. The move reflects a broader trend of developers reassessing major urban investments in the current economic climate.
The original proposal for the 47-story site included 333 homes and 260,000 square feet of office space. Developers received authorization from the city in September 2024 to waive the mandatory 25% affordable housing requirement.
The players
Lendlease
An international real estate and investment group based in Sydney that is currently winding down its construction businesses in the United States.
The details
Lendlease broke ground on the development in September 2022, but work on the site adjacent to the Van Ness Muni Station stopped in September 2023. A new owner may look to convert the property into an entirely residential development to navigate the current office market downturn.
Timeline
September 2022: Lendlease broke ground on the Hayes Point project.
September 2023: Construction at the 30 South Van Ness site stopped.
September 2024: The city dropped the project's 25% affordable housing requirement.
Roadmap
This listing highlights the increasing difficulty of balancing large-scale mixed-use office projects in a post-pandemic urban environment. It marks a significant shift as developers look to divest from complex developments that no longer align with current market demand for office space.
Residents and commuters near the Van Ness Muni Station may see continued inactivity at the site until a new developer secures the property. The removal of affordable housing requirements could also influence future housing availability and pricing models in the Mid-Market district.
The takeaway
The stalled project underscores the ongoing challenges developers face in completing high-density office and residential towers in major metropolitan centers. Prospective investors should monitor how regulatory waivers influence the future feasibility of legacy construction projects.
Further reading
For more on the changing landscape of local developments, visit San Francisco Commercial.
Source note: This article includes information reported by San Francisco Chronicle.
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