SAN FRANCISCO--(BUSINESS WIRE)--Oct 1, 2026--
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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"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
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
A rendering of the proposed Fifty at First tower in downtown San Francisco. Courtesy of Gensler
Americans are deeply frustrated with President Donald Trump’s handling of the economy and rising prices. A new poll from The Associated Press-NORC Center for Public Affairs Research finds that only 17% of U.S. adults approve of his handling of the cost of living. Just 26% approve of his handling of the economy overall, marking a new low.
The new numbers come as Trump and Vice President JD Vance hit the campaign trail on Thursday, heading to heavily Republican areas to shore up lagging enthusiasm in their party ahead of next month’s midterm elections. Trump will go to Texas and Oklahoma while Vance stumps in Florida, areas where GOP candidates were once expected to glide to victory but are now facing tougher races.
The Latest:
The bill proposed by Sen. Patty Murray of Washington would reduce funding for the White House’s Office of Management and Budget by $20 million every time the administration violates a longstanding law that prevents the use of federal funds on “propaganda.”
“If the president is going to defy federal law to run propaganda celebrating himself—and his budget director is going to allow it—there must be consequences,” said Murray, the top Democrat on the Appropriations Committee.
The legislation backed by other Democrats on the committee comes after the administration tapped $20 million in Homeland Security funds to pay for the campaign-style ads glorifying Trump ahead of the midterm elections.
The Pentagon says it is doubling the monthly bonus awarded to troops for serving in combat areas.
In a statement released Thursday, Pentagon spokesman Sean Parnell said that the Pentagon is increasing “hostile fire pay” from $225 per month to $450. The bonus is awarded to compensate troops who are facing enemy fire.
The Pentagon is also slightly increasing its “imminent danger pay” — a broader benefit that does not require a servicemember be under close to or facing enemy fire — from $225 per month to $275.
The statement noted that they are making the change to better reflect “the differences between serving in an area where danger is possible and facing hostile fire.”
States and cities are suing the Trump administration for repealing rules that limit planet-warming greenhouse gas emissions from coal and natural gas power plants.
Twenty-one states, led by New York, challenged the Environmental Protection Agency’s power plant rule repeal Thursday. They were joined by Pennsylvania’s governor, the District of Columbia, New York City, Chicago and the city and county of Denver.
New York Attorney General Letitia James said the federal government is showing “callous disregard” for Americans’ health and the environment.
The EPA says it doesn’t comment on pending litigation. But the agency said last month in announcing the repeal that it would save the industry more than $300 billion in costs and help “unleash” American energy.
The National Capitol Planning Commission on Thursday approved the proposal Thursday after brief discussion of the underground facility to screen visitors.
The project got preliminary approval earlier this year from the federal commission that approves construction on federal land in Washington. The center beneath Sherman Park, which is located southeast of the White House and directly south of the Treasury building, marks the latest step in the Trump administration’s plan to overhaul the grounds.
An architect said Thursday some of the design had been tweaked to match plans for the massive White House ballroom currently under construction where the East Wing used to stand.
More than two dozen undecided governors may soon say whether their states will participate in a new national scholarship for education expenses including private school tuition.
Many governors were waiting for the proposed rules released today by the Treasury Department for the Federal Scholarship Tax Credit to decide whether to sign up for the program launching January 1.
The federal program is expected to bring taxpayer money for private school tuition to several states that have yet to embrace vouchers or education savings accounts.
Treasury officials predict the program will direct nearly $26 billion into as many 2.2 million scholarships each year by 2030.
U.S. Immigration and Customs Enforcement officers have been ordered not to engage in high-speed car chases and to make vehicle stops only if they have completed specific training, under new internal guidance issued after several drivers were shot in encounters with ICE.
A memo sent to officers in ICE’s Enforcement and Removal Operations division and obtained by The Associated Press warned they are not authorized to chase vehicles that fail to pull over under any circumstances. Instead, officers should take down the vehicles’ information for further investigation, according to the memo signed by ICE’s executive associate director Marcos D. Charles and dated Wednesday.
The new guidance comes after ICE-initiated vehicle stops have repeatedly escalated when drivers have refused to cooperate or tried to flee. ICE agents have fired their guns during more than a dozen such encounters since last year, killing at least four people and wounding several others.
By Ryan J. Foley
The White House removed CNN from serving as the primary television outlet covering the president on Thursday, the latest action by the Trump administration to enforce a media ban on CNN, MS NOW and Politico.
In solidarity, no other network television outlet filled the vacancy in Thursday’s White House pool. Thursday marked the second time in the last week that CNN has been prevented from participating in its White House pool duties.
In September, President Donald Trump abruptly banished CNN, MS NOW and Politico from the White House grounds. A judge issued a temporary ruling against the administration, ordering that the outlets be allowed at the White House. The administration has asked that the action be blocked until the case is resolved.
On Thursday, Theodore J. Boutrous Jr., attorney for the three outlets, reiterated his earlier statement.
“The White House is persisting in arbitrarily, unpredictably and inconsistently implementing the President’s unconstitutional ‘ban on the free press,’” Boutrous said.
A high-ranking Pentagon official has told Democratic Michigan Sen. Elissa Slotkin that the military has no plans to send troops to the polls during November’s midterm elections, addressing concerns from Democrats that the Trump administration could use the military to interfere with the vote.
Wednesday’s letter to Slotkin came from Mark Ditlevson, assistant secretary of defense for homeland defense. He said no plans exist to interfere with ballots or voting machines.
“The Department of War’s role in election security is limited, lawful, and strictly supportive of civil authorities,” he wrote. “Election administration and security remain the fundamental responsibility of state and local officials.”
Slotkin had asked both Defense Secretary Pete Hegseth and Gen. Dan Caine, chairman of the Joint Chiefs of Staff, to confirm they won’t send troops to polling places. Caine had responded by Slotkin’s late August deadline, stating the military had no plans to do so.
Nearly all schoolchildren in at least 30 states can apply for a new federal scholarship next year to help pay for private school, homeschooling and other educational expenses, according to regulations proposed Thursday by the Trump administration.
The first national school choice scholarship program, the Federal Scholarship Tax Credit, will launch Jan. 1, establishing a taxpayer-funded incentive for families to choose private or homeschooling in participating states.
Taxpayers who donate to an organization passing out the scholarships will receive a federal tax credit, a perk expected to further fuel the conservative school choice movement.
About 96% of children in those states should be eligible, according to the department. Children attending public schools could use the scholarships for extra learning expenses.
Secretary of State Marco Rubio will travel to NATO allies Iceland, Greece and Portugal next week for talks on defense cooperation, trade and energy security.
The State Department said Thursday that Rubio would visit Reykjavík, Athens, and Lisbon from Oct. 5-8 as the Trump administration continues to press for NATO members to boost their defense spending.
Iceland is a key member of an Arctic bloc of nations and is seen by the U.S. as critical to ensuring the high North region remains free of unwanted Russian and Chinese interference. Iceland recently took umbrage when President Trump posted a map on social media depicting the island covered with the U.S. flag, prompting concerns that his designs on Greenland had been expanded.
In Greece, the department said Rubio will be focused on trade and energy, as Greece is seen as a pivotal transit point for U.S. liquified natural gas shipments that the administration hopes to sell throughout Europe.
In Portugal, Rubio will concentrate on economic, and technology cooperation, the department said.
The president was asked by reporters at the White House on Thursday whether he’d been briefed about any links between the pilot behind the attack and Tehran, and he said “We’re working on it right now.”
“I would say the answer, based on what I’m hearing, is yes, but we’re working on it right now,” Trump said. He did not offer details.
When asked if the U.S. would retaliate against Tehran if it was behind the attack, Trump said, “Oh they’ll be hit, very hard, don’t worry.”
“You just ask them,” he added. “They know what happened. They’ll be hit very hard.”
“I give us an A-plus on the government, on economics, on everything,” Trump told reporters Thursday at the White House. He claimed that inflation levels are now “really good” and predicted oil prices will fall soon.
A new AP-NORC poll finds that Americans are far less satisfied, with just 26% approving his handling of the overall economy, a new low. A majority of U.S. adults blamed Trump’s policies for high costs.
Trump gave himself high marks after being asked about recent complaints that his successes aren’t getting enough attention.
Trump has expressed frustration about messaging ahead of November’s midterm elections, saying on Wednesday that “we’re doing an extremely poor job of promotion and an extremely great job of running the country.”
Just before departing for Oklahoma and Texas on Thursday, the president met privately with Senate Majority Leader John Thune at the White House.
The meeting was confirmed by a person with knowledge of it, granted anonymity to discuss a private meeting.
Thune has sometimes been a foil for the president, especially as the longtime senator resists changes that Trump wants to make to how the Senate operates. But the two men talk regularly and both are campaigning aggressive for the GOP ahead of the Nov. 3 midterms.
By Seung Min Kim
Asked if the increasingly unpopular war would threaten his party’s chances in November, Trump at first responded, “It’s possible.” But then he added, “It should help, because Iran will not have a nuclear weapon.”
The president said “100 percent of the people” oppose Iran having nuclear attack capabilities “including worldwide.”
“So, when you say it that way, It would help,” Trump added. “If you don’t say that, it could hurt.”
A group of ships that together carry over 7,000 sailors and 2,000 Marines are heading to the Middle East, a U.S. official said.
That includes the recently deployed USS Theodore Roosevelt carrier strike group and the USS Makin Island amphibious readiness group. It could mean three carriers are in the region as early as the end of October, according to the official, who spoke on condition of anonymity to discuss sensitive military operations.
That would be an unusually high U.S. naval presence of more than 20,000 sailors and Marines and hundreds of aircraft. It comes as the war with Iran stretches past seven months. The Navy previously had three carriers in the Middle East in April -- the first time since 2003.
The USS George H.W. Bush and the USS George Washington are there now, along with the USS Boxer amphibious readiness group. The Pacific-based Washington had moved to the Middle East to relieve the long-deployed USS Abraham Lincoln.
By Konstantin Toropin
The president’s travel schedule in the coming days has been a bit of a curiosity: Why is he spending his time in deep red territory that should be easy political ground for Republicans?
Trump’s answer: He wants to thank the voters of Oklahoma for supporting him overwhelmingly in the 2016, 2020 and 2024 elections.
“I’ve won 87 out of 87 counties,” Trump said, inaccurately stating the number of counties in Oklahoma. He continued: “They’ve been just an unbelievable state.”
He insisted that “you have to give back, too” when a state supports someone in such large margins. Trump also noted that Oklahoma has a key governor’s race this year, and later got the number of counties in the state correct.
The Trump administration on Thursday targeted the remaining sector of Iran’s already heavily-sanctioned industrial infrastructure, singling out entities based in Indonesia, the UAE and Germany.
Among those sanctioned are two of Iran’s largest auto manufacturers, Iran Khodro Company and SAIPA Iranian Automobile Manufacturing Company, as well as several foreign auto industry supply providers and overseas companies in China and Germany that provide the country with source materials like mining and metals.
The actions by the U.S. Treasury come as Trump officials are touting the latest number coming out of Tehran this week, showing its currency falling to new record lows.
The administration credits the continued erosion of the Iranian economy to its months-long economic campaign and has no plans to cease the financial penalties anytime soon even as negotiations between the two countries have restarted.
The joint announcement by the Trump administration’s Treasury and Education departments follows a surge in defaults since payments came due again following a lengthy pause intended to provide relief during the COVID-19 pandemic.
Further complicating the situation has been the end of the most affordable income-driven repayment option, the SAVE plan, sharply raising loan payments for many borrowers.
Education Secretary Linda McMahon said in Wednesday’s announcement that the “Department of Education was never intended to serve as the fifth largest bank in America.”
Borrowers can use the online portal to get their payments back on track through consolidation or “loan rehabilitation” using a digital process that replaces what the agencies described as an “arduous paper-based approach that has been in place for decades.”
Borrowers have frequently complained that figuring out the status of their loans has been confusing and involves hours on the phone.
The portal also will make it easier to sign up for a temporary interest rate reduction available to some borrowers who sign up for auto payments.
The Democratic Congressional Campaign Committee has released its first ad this campaign in a congressional district Republicans have held for more than 30 years.
The ad released Thursday is for first-time Democratic candidate Mitchell Berman. He’s a nurse who’s trying to knock off four-term Republican incumbent Rep. Bryan Steil, who worked as a lawyer for a plastics manufacturer before going to Washington.
The DCCC's willingness to spend in a district that has consistently favored Republicans is another sign of growing optimism among Democrats that they can pull off the midterms upset they’re hoping for.
The ad contrasts Berman’s hunting deer with Steil making money while serving in Congress.
“Bryan Steil and I both chase bucks,” Berman says in the ad. “Difference is, mine has antlers.”
The DCCC said it was spending $271,000 initially on the ad’s visibility, but that could increase.
The poll found about two-thirds of Republicans say higher than usual prices are because of factors outside of Trump’s control, but about one-third say it’s because of Trump’s policies.
“It definitely doesn’t feel like we have trended in the right direction,” agreed Kristen Slaven, 41, a mental health therapist who lives in Gluckstadt, Mississippi, and typically votes Republican.
“Obviously, wars don’t help. When they’re necessary, I understand. But our focus on renaming bodies of water and pieces of land, that’s just stupid to me when people can’t feed their family.”
Trump is hitting the campaign trail with an aggressive schedule of rallies, having asked voters to pretend that he is on the ballot as he tries to bolster turnout in midterm elections that will determine whether Republicans maintain control of Congress.
But Trump’s dismal numbers in the poll published Thursday show he remains deeply unpopular, with even some Republicans faulting him for failing to deliver on promised relief.
“Groceries are just like kind of out of control. It seems like everything is going up,” said Bethany Lnenicka, 41, who operates a small farm in Fairfax, Iowa. “It’s just insane. And of course your income doesn’t go up.”
A political independent who typically votes Republican and has voted for Trump three times, Lnenicka said “I just do not feel like it has gotten a lot better.”
D.C. Superior Court Judge Todd Edelman dismissed the case against David Hearn with “prejudice,” which would block U.S. Attorney Jeanine Pirro’s office from refiling the felony charge under political pressure from Trump.
Hearn’s lawyers say Trump administration officials have continued to falsely accuse the Maryland resident of vandalizing the reflecting pool despite Pirro’s decision to drop the case on July 31. Trump responded by saying Pirro “choked” and “folded like an umbrella.”
In an embarrassing setback for the White House, Pirro informed the court that new evidence produced by the Interior Department showed the damage resulted from a botched installation by a contractor rushing to complete the project in time for this summer’s America 250 celebration in Washington.
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The yield on the 10-year Treasury rose to 5.32% on Thursday, near its highest level since 2002. It was less than 4% before the war with Iran began. The higher borrowing costs are helping to overshadow optimism that the artificial-intelligence industry can keep climbing.
The S&P 500 is heading toward its seventh loss in the last eight days. The Dow Jones Industrial Average and Nasdaq composite are trading downward. The losses were even sharper in Europe, where bond yields saw a significant jump overnight.
High yields slow the overall economy by making it more expensive for everyone to borrow money, while undercutting prices for stocks and other investments. Worries about high inflation are festering as oil prices climbed again Thursday. The price for a barrel of Brent crude jumped 3.3% to $101.24, swinging on uncertainty about any end to the U.S. war with Iran.
A man passes by an empty Reflecting Pool at the Lincoln Memorial in Washington, Monday, Sept. 21, 2026. (AP Photo/Rod Lamkey, Jr.)
FILE - Flowers and photos are left at a memorial site for Renee Good on Saturday, Jan. 31, 2026, in Minneapolis. (AP Photo/Alex Brandon, File)
Vice President JD Vance arrives at Joint Base Andrews, Md. after a trip to Harlingen and Brownsville, Texas, Wednesday, Sept. 30, 2026. (Kenny Holston/The New York Times via AP, Pool)
President Donald Trump speaks in the Oval Office of the White House, Wednesday, Sept. 30, 2026, in Washington. (AP Photo/Alex Brandon)
