Allianz, through a joint venture with Hudson Pacific Properties, has expanded its US real estate portfolio with the acquisition of a $291m (鈧�249m) office building from a Blackstone subsidiary.
Allianz Real Estate - on behalf of several Allianz companies - said the joint venture has acquired the Ferry Building in San Francisco from Equity Office.
Hudson Pacific Properties will own a 55% interest in the joint venture and will serve as the managing member and day-to-day operator of the property, while Allianz Real Estate will own a 45% interest.
The Ferry Building includes 192,532sqft of office and 75,486sqft of retail. The building is 98% leased.
Christoph Donner, the CEO of Allianz Real Estate of America, said: 鈥淭his opportunity forges a strong alliance among like-minded investors that see significant potential in generational real estate. It is our intent to protect and enhance the Ferry Building鈥檚 stature, vitality and contributions to the community.鈥�
Victor Coleman, the chairman and CEO of Hudson Pacific Properties, said: 鈥淭he acquisition of the Ferry Building fits perfectly with our strategy of identifying creative ways to improve the performance of exceptional real estate within global centres of tech innovation.鈥�
