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Transamerica Pyramid Ownership Agrees to Sell Iconic Tower

A joint venture led by New York City-based developer Shvo and Deutsche Finance America has agreed to sell the Transamerica Pyramid and the surrounding complex to Cyprus-based Yoda Ltd. for an undisclosed sum, reported Bloomberg News. The pending sale comes a little more than five years after the JV acquired the iconic San Francisco office tower for $650 million, reopening it in 2024 following renovations.

Bloomberg reported that German pension fund Bayerische Versorgungskammer (BVK), which provided much of the capital for the Transamerica Pyramid acquisition, now seeks to part ways with Shvo and Deutsche Finance. BVK committed around €1.6 billion (US$1.9 billion) in equity to U.S. real estate investments made with Shvo and Deutsche Finance.

Of that, €820 million was for three “particularly high-risk” residential developments and one renovation project, the Transamerica Pyramid. BVK has since warned that some of their joint deals could result in losses, according to Bloomberg.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
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