{"id":6750,"date":"2026-04-02T05:25:09","date_gmt":"2026-04-02T05:25:09","guid":{"rendered":"https:\/\/www.commercialsearch.com\/blog\/?p=6750"},"modified":"2026-04-03T13:56:08","modified_gmt":"2026-04-03T13:56:08","slug":"yoda-plc-closes-725-million-transamerica-pyramid-deal","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/blog\/yoda-plc-closes-725-million-transamerica-pyramid-deal\/","title":{"rendered":"Yoda PLC Closes $725 Million Transamerica Pyramid Deal"},"content":{"rendered":"

Yoda PLC, a Cyprus-listed investment firm, has officially completed its acquisition of San Francisco\u2019s Transamerica Pyramid Center. The total $725 million outlay marks the city\u2019s largest office transaction since 2021 and concludes a period of significant uncertainty for the landmark.<\/p>\n

The deal was structured as a $691.6 million purchase of the real estate, plus a $34 million settlement with outgoing asset manager, Michael Shvo, and his entities. The settlement facilitates a clean break by covering brokerage commissions for both sides, in addition to the termination of Shvo\u2019s property management contracts and the buyout of a right-of-first-offer agreement.<\/p>\n

The acquisition was led by Greek real estate investor Ioannis Papalekas, who controls Yoda PLC. The firm financed the purchase with a $300 million loan from San Diego-based Axos Bank, with the remaining $425 million provided as equity. Eastdil Secured advised the buyer.<\/p>\n

The sale represents a major exit for the previous ownership group, which included Bayerische Versorgungskammer (BVK) (Germany\u2019s largest public pension fund) and Munich-based Deutsche Finance Group. Having purchased the complex for $650 million in 2020 and investing roughly $250 million in a renovation led by architect Norman Foster, the sellers\u2019 combined basis sat near $900 million. The $691.6 million trade price reflects a capital loss of more than $200 million \u2014 a shortfall that has drawn scrutiny from German lawmakers regarding BVK\u2019s U.S. office exposure.<\/p>\n

\"\"
600 Montgomery Street, San Francisco<\/figcaption><\/figure>\n

The complex consists of three Financial District properties: the 48-story Pyramid tower at 600 Montgomery St., a 20-story office building at 505 Sansome St. and a nine-story historic structure at 545 Sansome St., spanning a total of roughly 750,000 square feet of San Francisco office space<\/a>. Public deal records, as detailed by The Real Deal, show the Pyramid alone was priced at $600 million, or approximately $1,170 per square foot. The adjacent buildings and an outdoor park at 535 Washington St. accounted for the remaining $91.6 million.<\/p>\n

At the time of the sale, the property was approximately 85% leased. Despite the reported friction between the previous owners and Shvo, the tower saw significant leasing success in the months prior to the close.<\/p>\n

For instance, a recent lease on the 44th floor was signed for more than $300 per square foot, setting a West Coast record<\/a>. Other notable upper-floor tenants include Japanese bank Mizuho and tech-investment firm Coatue. During the last year, the tower completed nine transactions totaling 200,000 square feet with rents ranging from $120 to $300 per square foot.<\/p>\n

Founded in 2019 and public since 2022, Yoda PLC holds nearly $4 billion in assets across hospitality, shipping and health care. This acquisition marks the firm\u2019s first entry into the U.S. market. CEO, Alon Bar, stated that the Pyramid would serve as a \u201cstrategic anchor\u201d for the firm\u2019s expansion.<\/p>\n

Completed in 1972 and rising 853 feet, the Transamerica Pyramid was the city\u2019s tallest building for 46 years until it was surpassed by the Salesforce Tower in 2018.<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

The tower had seen significant leasing success in the months prior to the closing and was approximately 85% leased at the time of sale. <\/p>\n","protected":false},"author":3163,"featured_media":3684,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[6,5],"tags":[],"class_list":["post-6750","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-commercial-real-estate-news","category-office-news"],"acf":[],"yoast_head":"\nYoda PLC Completes $725M Acquisition of Transamerica Pyramid Center<\/title>\n<meta name=\"description\" content=\"Cyprus-listed investment firm Yoda PLC enters the U.S. Market through one of San Francisco's most recognizable office tower.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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