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San Francisco’s iconic Transamerica Pyramid sells for $650 million

The Transamerica Pyramid in San Francisco.

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SAN FRANCISCO – The Transamerica Pyramid, one of San Francisco’s most iconic buildings, sold for $ 650 million eight months after a sales agreement was signed.

New York investor Michael Shvo, Deutsche Finance America and other investors bought the building from Aegon AEG, -0.48%,
Owner of the insurance company of the same name, Transamerica Corp., reported the San Francisco Chronicle on Wednesday.

The building, the second tallest in the city, had never been sold before.

The price was initially over $ 700 million, but the deal was delayed amid the coronavirus pandemic that disrupted the real estate market and sent most office workers home.

The new owners, including Germany’s largest pension fund, the Bavarian Pension Fund, are planning to renovate the building, which has been an unmistakable part of the San Francisco skyline since it was built in 1972.

The transaction also includes two nearby buildings, 505 Sansome St. and 545 Sansome St., which are a potential development location. The three buildings have a total area of ​​around 760,000 square meters.

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