Hudson Pacific Properties Inc. and Allianz Real Estate, the global real estate investment manager within Allianz Group, formed a joint venture to buy a leasehold interest in the land and improvements of the landmark Ferry Building in downtown San Francisco from Blackstone Group LP affiliate Equity Office for $291 million in cash, excluding prorations, credits and closing costs.

Hudson owns a 55% stake in the venture and will be the managing member and operator of the property. Allianz owns the remaining 45%, according to a release.

Located along the city's Embarcadero waterfront, the fully leased Ferry Building, which opened in 1898, comprises 192,532 square feet of class A office space and 75,486 square feet of retail space. It has 49 years remaining on its ground lease. Tenants at the property include SS&C Technologies Inc., Meltwater Inc., Meritage Group LP, Niantic Inc., The Slanted Door and Blue Bottle Coffee.

The deal is expected to close during the week of Oct. 8.