San Francisco’s Iconic Transamerica Pyramid Trades for $700M

A group led by New York developer Michael Shvo has a deal to purchase the Transamerica Pyramid in San Francisco, according to Bloomberg sources with knowledge of the private transaction. The price is about $700 million, Bloomberg reported Tuesday, and the asset is reportedly trading for the first time since its completion in 1972.

Shvo’s investment group is also buying adjacent properties, and includes German pension fund Bayerische Versorgungskammer, or BVK, and Deutsche Finance, the article reports.

This landmark acquisition continues the growth of Shvo’s portfolio as he and his partners have been acquiring comparable buildings across the U.S. in transactions valued at more than $3 billion, including the Coca-Cola building in Manhattan. While his focus has been on high-end residential properties, some of the recent transactions have expanded his interest in office assets.

Transamerica hasn’t occupied its namesake building for several years, but the pyramid is still part of the insurer’s logo. Tenants include Greenhill & Co., JMP Securities and Northwestern Mutual.

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