Developer Michael Shvo and partners have purchased San Francisco’s iconic Transamerica Pyramid Center for approximately $700 million, according to Bloomberg.
The transaction is not yet confirmed, but the publication reports that the 501,456-square-foot tower changed hands for the first time in its history after being on the market for approximately six months. Seller Transamerica Corp., a division of Dutch insurer Aegon, is slated to retain naming and branding rights.
READ ALSO: Top 5 Office Building Sales
According to the San Francisco Business Times, the 853-foot-tall office tower was initially estimated to sell for roughly $600 million, with the deal then also set to include two adjacent buildings, 505 and 504 Sansome St. Located at 600 Montgomery St. in the metro’s Financial District, the 48-story building was once San Francisco’s tallest skyscraper until eclipsed by the 1,070-foot Salesforce Tower in 2018. According to Yardi Matrix data, JMP Group, Atel Capital Group and Northwestern Mutual are among the current tenants of the LEED Platinum certified building.
Michael Shvo’s real estate portfolio spans across several metros. Together with different partners, the developer also owns the 313,200-square-foot Coca-Cola building in Manhattan and the historic Raleigh Hotel in Miami, which he purchased for $103 million in an all-cash transaction, as well as the Big Red office tower in Chicago.