Reland https://codereview.chromium.org/292153006 with minor changes.

build/common.gypi

Index: build/common.gypi
diff --git a/build/common.gypi b/build/common.gypi
index 97268c669f521bc8dfbc8b46f924cf49db4bc407..b852c630fe8f25d88578f8bfcb27d8a084d58912 100644
--- a/build/common.gypi
+++ b/build/common.gypi
@@ -2161,9 +2161,7 @@
         'clang%': 1,
       }],
       ['asan==1 and OS=="mac"', {
-        # TODO(glider): we do not strip ASan binaries until the dynamic ASan
-        # runtime is fully adopted. See http://crbug.com/242503.
-        'mac_strip_release': 0,
+        'mac_strip_release': 1,
       }],
       ['tsan==1', {
         'use_custom_libcxx%': 1,
@@ -5058,16 +5056,6 @@
                 ],
               },
             ],
-            'conditions': [
-              ['asan==1', {
-                'variables': {
-                 'asan_saves_file': 'asan.saves',
-                },
-                'xcode_settings': {
-                  'CHROMIUM_STRIP_SAVE_FILE': '<(asan_saves_file)',
-                },
-              }],
-            ],
             'target_conditions': [
               ['mac_pie==1 and release_valgrind_build==0', {
                 # Turn on position-independence (ASLR) for executables. When
@@ -5098,23 +5086,23 @@
                       'DEBUG_INFORMATION_FORMAT': 'dwarf-with-dsym',
                       'DEPLOYMENT_POSTPROCESSING': 'YES',
                       'STRIP_INSTALLED_PRODUCT': 'YES',
-                      'target_conditions': [
-                        ['_type=="shared_library" or _type=="loadable_module"', {
-                          # The Xcode default is to strip debugging symbols
-                          # only (-S).  Local symbols should be stripped as
-                          # well, which will be handled by -x.  Xcode will
-                          # continue to insert -S when stripping even when
-                          # additional flags are added with STRIPFLAGS.
-                          'STRIPFLAGS': '-x',
-                        }],  # _type=="shared_library" or _type=="loadable_module"
-                        ['_type=="executable"', {
-                          'conditions': [
-                            ['asan==1', {
-                              'STRIPFLAGS': '-s $(CHROMIUM_STRIP_SAVE_FILE)',
-                            }]
-                          ],
-                        }],  # _type=="executable" and asan==1
-                      ],  # target_conditions
+                      'conditions': [
+                        # Only strip non-ASan builds.
+                        ['asan==0', {
+                          'target_conditions': [
+                            ['_type=="shared_library" or _type=="loadable_module"', {
+                              # The Xcode default is to strip debugging symbols
+                              # only (-S).  Local symbols should be stripped as
+                              # well, which will be handled by -x.  Xcode will
+                              # continue to insert -S when stripping even when
+                              # additional flags are added with STRIPFLAGS.
+                              'STRIPFLAGS': '-x',
+                            }],  # _type=="shared_library" or _type=="loadable_module"
+                          ],  # target_conditions
+                        }, {  # asan != 0
+                          'STRIPFLAGS': '-S',

[Mark Mentovai, 2014/12/17 13:57:39]

but is this special case for asan even needed anymore?

[Alexander Potapenko, 2014/12/17 13:59:37]

Do you mean we can rely on -S being the default? Sure, I'll remove that.

+                        }],
+                      ],
                     },  # xcode_settings
                   },  # configuration "Release"
                 },  # configurations