Allianz, through a joint venture with Hudson Pacific Properties, has expanded its US real estate portfolio with the acquisition of a $291m (€249m) office building from a Blackstone subsidiary.

Allianz Real Estate - on behalf of several Allianz companies - said the joint venture has acquired the Ferry Building in San Francisco from Equity Office.

Hudson Pacific Properties will own a 55% interest in the joint venture and will serve as the managing member and day-to-day operator of the property, while Allianz Real Estate will own a 45% interest.

The Ferry Building includes 192,532sqft of office and 75,486sqft of retail. The building is 98% leased.

Christoph Donner, the CEO of Allianz Real Estate of America, said: “This opportunity forges a strong alliance among like-minded investors that see significant potential in generational real estate. It is our intent to protect and enhance the Ferry Building’s stature, vitality and contributions to the community.”

Victor Coleman, the chairman and CEO of Hudson Pacific Properties, said: “The acquisition of the Ferry Building fits perfectly with our strategy of identifying creative ways to improve the performance of exceptional real estate within global centres of tech innovation.”