A unit of global asset manager Allianz Group has entered into a joint venture with US-based real estate investment trust Hudson Pacific Properties to acquire the historic Ferry Building in San Francisco for EUR249 million ($395.8 million). The seller is Equity Office, an affiliate of The Blackstone Group, the multinational asset manager.

The leasehold property has a remaining lease of 49 years, and the cash transaction was approved by the Port of San Francisco. Hudson Pacific Properties will own a 55% interest in the JV, and will be the managing member and day-to-day operator of the property.

The Ferry Building comprises 192,532 sq ft of Class A office space and 75,486 sq ft of retail space. It is 98% leased, and tenants include SS&C Technologies, Melt-water, Meritage Group LP, and Niantic, as well as restaurant and retail tenants such as The Slanted Door and Blue Bottle Coffee.