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

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’s property management contracts and the buyout of a right-of-first-offer agreement.

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.

The sale represents a major exit for the previous ownership group, which included Bayerische Versorgungskammer (BVK) (Germany’s 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’ combined basis sat near $900 million. The $691.6 million trade price reflects a capital loss of more than $200 million — a shortfall that has drawn scrutiny from German lawmakers regarding BVK’s U.S. office exposure.

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. 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.

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.

For instance, a recent lease on the 44th floor was signed for more than $300 per square foot, setting a West Coast record. 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.

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’s first entry into the U.S. market. CEO, Alon Bar, stated that the Pyramid would serve as a “strategic anchor” for the firm’s expansion.

Completed in 1972 and rising 853 feet, the Transamerica Pyramid was the city’s tallest building for 46 years until it was surpassed by the Salesforce Tower in 2018.