Westside-based developer Hudson Pacific Properties Inc. and Germany-based Allianz Real Estate have formed a joint venture to purchase San Francisco’s Ferry Building at 1 The Embarcadero, from Blackstone Group affiliate Equity Office for $291 million.

The property is comprised of nearly 193,000 square feet of office space and more than 75,000 square feet of retail space.

Hudson Pacific will own a 55 percent interest in the joint venture and will operate the property daily. Allianz holds the remaining 45 percent interest in the joint venture.

The Port of San Francisco approved the transaction, which is expected to close this week. The remaining term on the building’s ground lease in 49 years.

“We are thrilled about the opportunity to further position the Ferry Building as a premier Class A office and retail destination through new amenities, activities and events,” said Victor Coleman, chairman and chief executive of Hudson Pacific Properties, in a statement.

Real estate reporter Ciaran McEvoy can be reached at [email protected] or (323) 556-8337.