{"id":1004270645,"date":"2018-10-10T01:42:26","date_gmt":"2018-10-10T09:42:26","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004270645"},"modified":"2022-12-08T21:15:46","modified_gmt":"2022-12-09T05:15:46","slug":"hudson-pacific-jv-pays-291m-for-iconic-sf-building","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/hudson-pacific-jv-pays-291m-for-iconic-sf-building\/","title":{"rendered":"Hudson Pacific JV Pays $291M for Iconic SF Building"},"content":{"rendered":"<p>By Keith Loria<\/p>\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/10\/The-Ferry-Building.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004270663\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/hudson-pacific-jv-pays-291m-for-iconic-sf-building\/the-ferry-building\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/10\/The-Ferry-Building.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"The Ferry Building\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;The Ferry Building&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/10\/The-Ferry-Building.jpg?w=800\" class=\"alignright wp-image-1004270663 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/10\/The-Ferry-Building.jpg\" alt=\"\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/10\/The-Ferry-Building.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/10\/The-Ferry-Building.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/10\/The-Ferry-Building.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a>Hudson Pacific Properties and Allianz Real Estate have teamed on the purchase of a leasehold interest in the land and improvements of the historic Ferry Building, an iconic mixed-use building in San Francisco. Equity Office, an affiliate of the Blackstone Group, sold the asset for $291 million.<\/p>\n<p>Hudson Pacific took a 55 percent interest and will act as the managing member and day-to-day operator of the property, while Allianz owns a 45 percent interest. The remaining term on the ground lease is 49 years.<\/p>\n<p><em>\u201cWe viewed the ability to invest in the Ferry Building as a generational opportunity,\u201d <\/em>Gary Phillips, Allianz Real Estate of America\u2019s managing director \u2013 head of acquisitions, told<em> Commercial Property Executive. \u201cIn my opinion, it\u2019s truly a one-of-a-kind property, and it fits very well within our real estate strategy in the U.S.\u2014to acquire unique assets alongside best-in-class partners within dynamic local markets.\u201d<\/em><\/p>\n<p>Located at 1 The Embarcadero, the historic Ferry Building offers 192,532 square feet of Class A office space and another 75,486 square feet of retail space. The building opened in 1889 and boasts a 245-foot-tall clock tower&nbsp;with four clock dials on top. The property features public open spaces and views of the San Francisco Bay.<\/p>\n<p><em>\u201cThis is a rare opportunity to acquire landmark office and retail space in San Francisco, one of the key technology and innovation centers in the world,\u201d<\/em> Alex Vouvalides, Hudson Pacific Properties\u2019 chief investment officer, told <em>CPE<\/em>. \u201c<em>The Ferry Building is already home to cutting-edge tech and innovation companies, and will remain attractive for companies looking for premier creative office space. On the retail side, the Ferry Building is a leading shopping and dining destination, and we see opportunities to create even more of a draw for local residents and tourists alike.\u201d<\/em><\/p>\n<h2>On the waterfront<\/h2>\n<p>The Ferry Building is situated along the city\u2019s popular waterfront Embarcadero at the foot of Market Street, and is considered one of San Francisco\u2019s most famous landmarks. <em>&nbsp;<\/em><em>\u201cWe are strong believers in San Francisco and the broader Bay Area over the long term,\u201d <\/em>Phillips said.<em> \u201cYes, the market has been hot the past several years. But the best assets don\u2019t change hands during the down times, and we tend to be picky buyers. As committed long-term holders, we can withstand any headwinds that may arise in the future.<\/em>\u201d<\/p>\n<p>The popular waterfront neighborhood has attracted numerous Fortune 500, blue-chip technology and professional services firms, including SS&amp;C Technologies Inc., Meltwater Inc., Meritage Group LP and Niantic Inc. Other tenants include The Slanted Door and Blue Bottle Coffee.<\/p>\n<p>According to Phillips, although no substantial renovations are planned at the onset of ownership, that could change as Allianz and &nbsp;Hudson Pacific discover ways to create value and enhance the overall experience for both tenants and visitors.<\/p>\n<p><em>\u201cWe have a deep presence in the Bay Area, and we understand the responsibility of stewarding a historic property like the Ferry Building,\u201d <\/em>Vouvalides said.<em> \u201cWe plan to incorporate new amenities, activities and events that will further position the Ferry Building as a premier office and retail space, while making sure we preserve this landmark\u2019s legacy and its contributions to the community.\u201d<\/em><\/p>\n<p>In January, First Bank Florida signed a 26,000-square-foot lease at 80 Waterford Way, a <a href=\"https:\/\/www.commercialsearch.com\/news\/cw-adds-tenant-to-newly-built-miami-office-asset\/\">246,085-square-foot office building owned by Allianz<\/a>, located in Miami, Fla.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Los Angeles-based company teamed up with Allianz Real Estate to acquire the Ferry Building, which offers roughly 200,000 square feet of office and an additional 75,000 square feet of retail.<\/p>\n","protected":false},"author":451,"featured_media":1004270663,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21752,21742,1609,15],"tags":[36612,33781,33176,42398],"class_list":["post-1004270645","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-mixed-use","category-latest","category-san-francisco","category-west","tag-allianz-real-estate","tag-equity-office","tag-hudson-pacific-properties-inc","tag-ssc-technologies"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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