October 9, 2018 Comments (0) Views: 1281 California News, Top California

Hudson Pacific, Allianz Acquiring San Francisco’s Iconic Ferry Building for $291M

Los Angeles-based Hudson Pacific Properties, Inc. and Germany’s Allianz Real Estate formed a joint venture to acquire a leasehold interest in the land and improvements of the historic Ferry Building from Equity Office, an affiliate of the Blackstone Group, for $291 million.

Hudson Pacific’s Victor Coleman says, “The acquisition of the Ferry Building fits perfectly with our strategy of identifying creative ways to improve the performance of exceptional real estate within global centers of tech innovation.”

The iconic landmark includes 192,532 square feet of Class A office and 75,486 square feet of retail, and is located along the Embarcadero at the foot of Market Street. Hudson Pacific owns a 55% interest in the JV, and will serve as the managing member and day-to-day operator, while Allianz owns a 45% interest.

The all-cash transaction was approved by the Port of San Francisco, and is expected to close this week. The remaining term on the ground lease is 49 years.

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