Price Revealed for Transamerica Pyramid Deal

March 4, 2026

Office Investment News San Francisco More West

The amount SHVO is getting for the San Francisco icon marks the largest transaction of its kind in years.

After Bloomberg broke the news less than two weeks ago that SHVO was selling the Transamerica Pyramid in San Francisco to Yoda PLC, we finally have a price tag, according to The Registry. The Bay Area icon is reportedly trading for about $700 million.

The transaction marked the second time the property changed hands since its completion and might reflect a comeback for the downtown office market that would shift recent office real estate trends. At the time of the sale, the high-rise was 85 percent leased.

The property first traded in 2020, when SHVO paid $650 million for the asset to Transamerica Corp, a division of Aegon USA Realty Advisors, Yardi Matrix data shows. The acquisition was backed by a $495 million loan.

Since then, the 1971-completed building underwent complete renovations totaling $400 million. The 48-story tower reopened in 2024, with upgrades focused on the common areas, including a new grand lobby, gym, spa, conference spaces and a top-floor bar.

Besides the pyramid-shaped main building, the renovation also involved two smaller structures that are part of the campus. The complex totals about 750,000 square feet across three buildings, located at 600 Montgomery St., and 505 and 545 Sansome St., in the city’s Financial District.

The largest component is LEED Platinum-certified. The transit-oriented high-rise has floorplates ranging between 2,400 and 21,000 square feet, with tenants including Northwestern Mutual, Morgan, Lewis & Bockius, Paradigm and Bay Hills Capital, among others.

San Francisco’s steady office sector

Among gateway markets, San Francisco registered the lowest office investment volume in January, according to a recent Yardi Matrix office report. The only transaction in the metro was the sale of the 40,500-square-foot Gucci Building Union Square for $44 million, about $1,088 per square foot.

In 2025, San Francisco saw almost $1.5 billion in assets trading, the same data provider shows. Office buildings in the market during this time were sold for $286 per square foot on average, well above the $192 per square foot national index.

In one of the most notable deals, Pacific Gas and Electric Co. completed the acquisition of its headquarters building, a 910,000-square-foot tower in Oakland, Calif. The deal closed in three tranches, totaling $906 million.