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According to the San Francisco Chronicle, the landmark Ferry Building, which is a prime location for restaurants, and offices is getting new owners following an exchange of $291 million. Hudson Pacific Properties, a major West Coast tech landlord, and German insurance giant Allianz are the buyers. A farmers market which happens three times a week may be expanded and the public may be allowed to climb the steps into the building’s 245-foot tower. Other changes may be happening down the road.

In the 1950s, the Embarcadero Freeway cut the waterfront and Ferry Building off from the rest of the city. The freeway was demolished after the 1989 Loma Prieta earthquake. Starting in 2001, Equity Office and Wilson Meany renovated the vacant Ferry Building for $90 million and reopened it in 2003 as a food hall and office space.

The renovations restored the building to its former glory as a nexus for travelers and tourists, and the last decade has seen are bound in ferry ridership. San Francisco is now investing in additional ferry service on the Embarcadero, which will triple the amount of water traffic in the area. Foot traffic at the Ferry Building is expected to rise from 14,000 daily commuters to 24,000, said Coleman.

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