Two investors snap up historic San Francisco Ferry Building for $291 million
New owners picked up the San Francisco Ferry Building with plans to spruce up one of the city’s best-known landmarks.
Hudson Pacific Properties (NYSE: HPP) and Allianz Real Estate dropped $291 million, or $1,086 per square foot, to buy control of the 268,018-square-foot office and retail property. The seller in the deal is Equity Office, an affiliate of global investment behemoth Blackstone.
“This is a once-in-a-lifetime type buy in San Francisco,” said Victor Coleman, chairman, and CEO of Hudson Pacific Properties. “Buildings like the Transamerica Pyramid, Salesforce Tower, and Ferry Building are the most recognizable assets in San Francisco. They are irreplaceable.”
Originally opened in 1898 and restored in 2003, the Ferry Building serves as a focal point for San Francisco’s waterfront. The four-story building sits on the Embarcadero at the base of Market Street with a public marketplace on the first floor and three floors of office above. More than 14,000 commuters use the ferry services each workday. See more...