SAN FRANCISCO—In the next few weeks, Blackstone Group LP will put the landmark Ferry Building, two other properties and some smaller holdings on the market. Eastdil Secured has been hired by Blackstone to identify buyers.
The Ferry Building is configured in a ground lease from the Port, which has a controlling interest in the building, GlobeSt.com learns. The waterfront jewel with its iconic clock tower is expected to source a new buyer as technology companies and other tenants seek more flexible leases and top-notch amenities.
The disposition comes a decade after Blackstone's $39 billion purchase of Equity Office Properties Trust. With the sale of the Ferry Building and other holdings, Blackstone stands to triple its $3.8 billion equity investment, according to those familiar with the investment but requested to remain anonymous.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
