San Francisco's Transamerica Pyramid sold for $650M

The new owners, including Germany's Bayerische VErsorgungskamme, plan to renovate the building

The Transamerica Pyramid, one of San Francisco’s most iconic buildings, has sold for $650 million, eight months after a sales agreement was reached.

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New York investor Michael Shvo, Deutsche Finance America and other investors bought the building from Aegon, owner of namesake insurance company Transamerica Corp., the San Francisco Chronicle reported Wednesday.

The Transamerica Pyramid, center, and Salesforce Tower above Columbus Avenue in San Francisco. The Transamerica Pyramid, one of San Francisco's iconic buildings, has sold for $650 million, eight months after a sales agreement was reached. (AP Photo/E

The building, the second tallest in the city, had never been previously sold.

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The price was initially over $700 million but the deal was delayed amid the coronavirus pandemic, which heavily disrupted the real estate market and sent most office workers home.

The new owners, which include Germany’s biggest pension fund, Bayerische Versorgungskamme, plan to renovate the building that has been a recognizable part of the San Francisco skyline since it was built in 1972.

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The deal also includes two nearby buildings, at 505 Sansome St. and 545 Sansome St., which is a potential development site. The three buildings total around 760,000 square feet (70,606 square meters).