June 14, 2017
New York-based Blackstone is looking to sell San Francisco’s iconic Ferry Building a decade after it acquired the waterfront asset as part of the $39-billion deal with Equity Office Properties Trust. The transaction involves the remainder of a 66-year ground lease with the Port of San Francisco, which must approve the transfer, and could exceed $300 million.
Ferry Building Investors, a joint-venture between Equity Office, local developer Wilson Meany Sullivan, Primus Infrastructure and Banc of America Historic Capital Assets, completed a $100-million revitalization of the 1898-era Ferry Building in 2003. Considered one of San Francisco’s most recognized and cherished landmarks, the transformed Ferry Building sits at the foot of Market Street along the Embarcadero.
The property includes 175,000 square feet of office and 65,000 square feet of retail. The ground lease holder pays $1.6 million in annual rent to the Port.
Eastdil Secured is handling the ground lease sale.
For comments, questions or concerns, please contact Dennis Kaiser