When it comes to San Francisco real estate, the Ferry Building along the Embarcadero is one hot property.
The Blackstone Group—which owns the iconic complex that houses the Ferry Building Marketplace, Saturday's CUESA Farmer's Market, and a bunch of restaurants we really, really love—plans to sell the Ferry Building along with two other properties to the tune of $300 million. It's not quite clear when the sale will take place—or to whom the Ferry Building will be sold—but according to Bloomberg, the transfer of ownership is expected to happen in the next few weeks.
Blackstone operates the iconic building under a 66-year-long lease from the Port of San Francisco. They purchased the 175,000-square-feet of office space and 65,000-square-feet of retail space in 2007, although the Ferry Building first went into official business in 1898.
"Blackstone’s Equity Office holds a 66-year master lease on the Ferry Building, with approximately 50 years remaining on the lease. Blackstone is selling/transferring the lease to another lease holder, which requires the Port’s approval," the Port's spokeswoman Renée Martin told the San Francisco Business Times.
The Port's annual rent for the property is $1.6 million.
Bloomberg indicates that the sale might have something to do with the number of tech companies moving into the area, and specifically into the Ferry Building, who seek "more flexible leases and better amenities."
It's unclear what this upcoming sale means for the future of the Ferry Building, but we're hoping it won't impact the wonderful food culture we've come to love in and around this historic San Francisco landmark.
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