{"id":1004488309,"date":"2020-10-29T03:48:04","date_gmt":"2020-10-29T11:48:04","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004488309"},"modified":"2020-10-29T05:38:36","modified_gmt":"2020-10-29T13:38:36","slug":"shvo-closes-on-650m-transamerica-pyramid-buy","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/shvo-closes-on-650m-transamerica-pyramid-buy\/","title":{"rendered":"SHVO Closes on $650M Transamerica Pyramid Buy"},"content":{"rendered":"
\"Transamerica<\/a>

Transamerica Pyramid Center. Image courtesy of SHVO<\/em><\/p><\/div>\n

SHVO teamed up with Deutsche Finance America and a group of European investors anchored by Bayerische Versorgungskammer to complete the acquisition of the Transamerica Pyramid Center from Aegon NV. In the country\u2019s largest single-asset commercial transaction since the beginning of the pandemic, the Dutch insurance company sold the landmark 48-story property in San Francisco, as well as two adjacent buildings, for $650 million, marking the first time the asset was sold since it came online in 1972.<\/p>\n

The center encompasses three buildings totaling some 750,000 square feet, situated at 600 Montgomery St., and 505 and 545 Sansome St. in the city\u2019s Financial District. The largest property, designed by William L. Pereira & Associates, is LEED Platinum certified and includes tenants such as Callan, Banneker Partners and TSG Consumer Partners.<\/p>\n

Tenants at the two other buildings include the Consulate General of Sweden, Allied Universal and Montgomery Gallery. The properties are situated next to the Transamerica Redwood Park, less than 2 miles from interstate 80 and 280.<\/p>\n

Aegon NV assumed ownership of the iconic building in 1999, following its acquisition of Transamerica Corp., which had owned and managed the tower since its delivery. The deal closed roughly half a year after news came out that developer Michael Shvo and partners were looking to purchase the property for $700 million<\/a>, after being on the market for six months.<\/p>\n

Growing in difficult times<\/h2>\n

The deal comes at a time when office transactions recorded an overall decline throughout the country. During the first three quarters of 2020, investors closed deals totaling $37.6 billion, almost half compared to the same period of last year, according to Yardi Matrix data.<\/p>\n

However, 2020 was a busy year for SHVO and Deutsche Finance America, which expanded their Chicago footprint in August with the acquisition of the 1.2 million-square-foot office skyscraper known as Big Red<\/a>. Earlier this year, the partnership teamed up with BLG Capital<\/a> to purchase a 200,000-square-foot mixed-use building in Manhattan\u2019s SoHo neighborhood.<\/p>\n","protected":false},"excerpt":{"rendered":"

The acquisition of the iconic San Francisco property marks the country\u2019s largest single-asset transaction since the onset of the pandemic.<\/p>\n","protected":false},"author":753,"featured_media":1004488321,"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":[34566,49990,48632,48635],"class_list":["post-1004488309","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-bayerische-versorgungskammer","tag-deutsche-finance","tag-shvo","tag-transamerica-tower"],"acf":[],"yoast_head":"\nSHVO Closes on $650M Transamerica Pyramid Buy - 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\/shvo-closes-on-650m-transamerica-pyramid-buy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SHVO Closes on $650M Transamerica Pyramid Buy\" \/>\n<meta property=\"og:description\" content=\"The acquisition of the iconic San Francisco property marks the country\u2019s largest single-asset transaction since the onset of the pandemic.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/shvo-closes-on-650m-transamerica-pyramid-buy\/\" \/>\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=\"2020-10-29T11:48:04+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-10-29T13:38:36+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/10\/Transamerica-Pyramid-Center.-Image-courtesy-of-SHVO.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Razvan Cimpean\" \/>\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\/shvo-closes-on-650m-transamerica-pyramid-buy\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/shvo-closes-on-650m-transamerica-pyramid-buy\/\",\"name\":\"SHVO Closes on $650M Transamerica Pyramid Buy - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/shvo-closes-on-650m-transamerica-pyramid-buy\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/shvo-closes-on-650m-transamerica-pyramid-buy\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/10\/Transamerica-Pyramid-Center.-Image-courtesy-of-SHVO.jpg\",\"datePublished\":\"2020-10-29T11:48:04+00:00\",\"dateModified\":\"2020-10-29T13:38:36+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/694c0c0a53e89aa8de1e53ff8201b3b6\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/shvo-closes-on-650m-transamerica-pyramid-buy\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/shvo-closes-on-650m-transamerica-pyramid-buy\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/shvo-closes-on-650m-transamerica-pyramid-buy\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/10\/Transamerica-Pyramid-Center.-Image-courtesy-of-SHVO.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/10\/Transamerica-Pyramid-Center.-Image-courtesy-of-SHVO.jpg\",\"width\":800,\"height\":620,\"caption\":\"Transamerica Pyramid Center. 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