Ferry Building

PIMCO Prime Real Estate, in a joint venture with Hudson Pacific Properties, acquired the iconic Ferry Building in 2018 in a once-in-a-lifetime transaction, aiming to unlock further significant potential in this generational real estate.

The Ferry Building has, since its opening in 1898, been the literal gateway to San Francisco. First by train and later by ferry, arriving into San Francisco meant passing through this historic building strategically located at the foot of Market Street at the center of the city’s financial district. By the 1950s, the mass adoption of cars massively diminished the use of the building, leading to its conversion to office space. Following a major earthquake in 1989, the City supported the redevelopment of Ferry Building as part of a broader plan to reestablish the waterfront as a focal point. The restoration, which included the reopening of the building’s Grand Hall and transforming it into The Ferry Building Marketplace – a must-see destination within San Francisco’s foodie culture – completed in 2003.

Following the acquisition, the asset went through a significant restoration program to repair the façade and repaint the exterior.

Today, the Ferry Building boasts almost 18,000 sqm of class-A offices and more than 7,000 sqm of retail space. Occupancy sits above 95% in an office market struggling with 31.3% vacancy as of Q4 2025¹, while the asset is firmly reestablished as a civic meeting point for residents and tourists alike.
 

¹ Savills office report on San Francisco, Q4 2025