(Bloomberg) -- Hudson Pacific Properties Inc. and Allianz Real Estate formed a joint venture to acquire a leasehold stake in San Francisco's historic Ferry Building from Blackstone Group LP's Equity Office division for $291 million.
Hudson Pacific, which owns 55 percent stake in the partnership, will manage the property, while Allianz will have the remaining share, the companies said in a statement Monday. The all-cash transaction is expected to close this week. The remaining term on the ground lease is 49 years.
The property along the waterfront Embarcadero is one of the San Francisco's most famous landmarks. It includes 192,532 square feet of offices and 75,486 square feet of retail space, including many popular eateries.
To contact the reporter on this story: Christine Maurus in New York at cmaurus@bloomberg.net
To contact the editor responsible for this story: Debarati Roy at droy5@bloomberg.net
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