{"id":1004388116,"date":"2020-02-05T02:47:58","date_gmt":"2020-02-05T10:47:58","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004388116"},"modified":"2020-02-11T12:07:35","modified_gmt":"2020-02-11T20:07:35","slug":"san-francisco-emblem-transamerica-pyramid-to-reportedly-sell-for-700m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/san-francisco-emblem-transamerica-pyramid-to-reportedly-sell-for-700m\/","title":{"rendered":"San Francisco Emblem Transamerica Pyramid to Reportedly Sell for $700M"},"content":{"rendered":"
\"Transamerica<\/a>

Transamerica Pyramid. Image courtesy of Sasha Stories via Unsplash<\/em><\/p><\/div>\n

Developer Michael Shvo and partners have purchased San Francisco\u2019s iconic Transamerica Pyramid Center for approximately $700 million, according to Bloomberg<\/em>.<\/p>\n

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. <\/p>\n

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READ ALSO<\/strong>: Top 5 Office Building Sales<\/a><\/p>\n

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According to the San Francisco Business Times<\/em>, 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\u2019s Financial District, the 48-story building was once San Francisco\u2019s 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.<\/p>\n

Michael Shvo\u2019s 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<\/a> in an all-cash transaction, as well as the Big Red office tower in Chicago.<\/p>\n","protected":false},"excerpt":{"rendered":"

An investment group led by Michael Shvo has purchased the iconic tower for more than $700 million, according to Bloomberg.<\/p>\n","protected":false},"author":238,"featured_media":1004388125,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21783,21742,21747,1609,15],"tags":[35029,32779,48632,48635],"class_list":["post-1004388116","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-investment","category-latest","category-office","category-san-francisco","category-west","tag-aegon-usa-realty-advisors-llc","tag-leed","tag-shvo","tag-transamerica-tower"],"acf":[],"yoast_head":"\nSan Francisco Emblem Transamerica Pyramid to Reportedly Sell for $700M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/san-francisco-emblem-transamerica-pyramid-to-reportedly-sell-for-700m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"San Francisco Emblem Transamerica Pyramid to Reportedly Sell for $700M\" \/>\n<meta property=\"og:description\" content=\"An investment group led by Michael Shvo has purchased the iconic tower for more than $700 million, according to Bloomberg.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/san-francisco-emblem-transamerica-pyramid-to-reportedly-sell-for-700m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2020-02-05T10:47:58+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-02-11T20:07:35+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/02\/Transamerica-Pyramid.-Image-courtesy-of-Chris-Leipelt-via-Unsplash.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"899\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Laura Valean\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/san-francisco-emblem-transamerica-pyramid-to-reportedly-sell-for-700m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/san-francisco-emblem-transamerica-pyramid-to-reportedly-sell-for-700m\/\",\"name\":\"San Francisco Emblem Transamerica Pyramid to Reportedly Sell for $700M - 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