CLIENT: Hudson Pacific Properties/Allianz
LOCATION: San Francisco, California
Located at the foot of Market Street along the Embarcadero in San Francisco, the iconic Ferry Building is a historic ferry terminal constructed in the Beaux Arts style—built over a double-barrel concrete deck/pier resting on over 5,000 wooden piles set into the bay. Originally constructed in 1898 with a complete renovation completed in 2003, the building contains a total of 334,000 square feet of interior space. Primary features include a 230-foot-tall clock tower, neon-lighted Port of San Francisco signage, as well as a 660-foot “Great” or “Grand Nave,” which contains the world-class marketplace artisan food hall.
Marx|Okubo was engaged to streamline the due diligence process and perform a facility condition assessment for both the seller, Blackstone’s Equity Office division, and the buyer, Hudson Pacific Properties/Allianz. We contributed our extensive experience, expertise and knowledge to thoroughly and responsibly evaluate a unique, historic structure. Ultimately, in addition to streamlining the process, we assisted the buyer in understanding the construction of the building as well as the specific risks associated with the structure.