Iconic San Francisco Ferry Building Has Proud New Owners
Must feel pretty good to be able to outright buy one of San Francisco’s most beloved landmarks, the SF Ferry Building, with its iconic Port of San Francisco signage, and wedding cake clock tower. The edifice just changed hands again, going to Hudson Pacific Properties and Allianz Real Estate for $1086 per square foot with 268,018 square feet of office and retail space – for a total of $291 million. The seller was Equity Office, an affiliated offshoot of Blackstone, which bought the building in 2003
The Ferry Building originally opened in 1898 with its four stories and clock tower at the forefront of the Embardacero. So, it was pretty young when the great earthquake of 1906 hit SF. The building was restored to great fanfare in 2003. The first floor is dedicated to a bustling marketplace (popular with visitors and San Franciscans alike) and 14,000 commuters come and go by ferry Monday through Friday.
The way the deal works is special and complex as it involved a landowner, and two owners of the building itself. The land on which the building sits is owned by the Port of San Francisco. So, the land is leased to Hudson Pacific and Allianz, while they own the building itself. Hudson owns 55 percent and Allianz has 45 percent. The top three floors are office space. The last overhaul in 2003 cost $100 million.