Hudson Pacific-Allianz JV Pays $291M for Ferry Building

The Ferry Building on the San Francisco waterfront will be owned by a joint venture of Hudson Pacific Properties and Allianz Real Estate.

SAN FRANCISCO—The iconic Ferry Building on the San Francisco waterfront is being acquired by a newly formed joint venture of Hudson Pacific Properties and Allianz Real Estate from Blackstone affiliate Equity Office in a deal valued at approximately $291 million.

The all-cash deal for The Ferry Building, which includes 192,532 square feet of Class A office and 75,486 square feet of retail, is expected to close this week. The transaction also includes the land and improvements to the building. Los Angeles-based Hudson Pacific Properties will own a 55% interest in the joint venture and will serve as the managing member and day-to-day operator of the property, while Allianz will own 45% interest. The transaction has been approved by the Port of San Francisco. The remaining term on the ground lease is 49 years.