SAN FRANCISCO — The Transamerica Pyramid in San Francisco was sold on Wednesday, October 28 for $650 million, according to Forbes.
The buyers are Michael Shvo, a developer, and Deutsche Finance America. This transaction is considered one of the largest deals since the start of the coronavirus pandemic.
Opened in 1972, the Transamerica Pyramid is 48-story tower and is San Francisco’s second-tallest skyscraper. Since August 2019, the pyramid was listed on the market.
The previous Transamerica Pyramid owners was a Dutch insurance firm called Aegon, which purchased the Transamerica Corporation back in 1999.
Back in February, the purchase was initially $711 million. The unsteadiness of the real estate market due to the COVID-19 pandemic resulted in a $61 million decrease.
Shvo and Deutsche Finance America say they will keep the pyramid’s name, but there are plans in place for renovations. In a statement, they said that the Transamerica Pyramid “mirrors the forward-looking spirit of the Bay Area” and are “thrilled to bring this property into its next renaissance.”
Forbes reported that the purchase of the Transamerica Pyramid is not the first for Deutsche Finance America and Shvo. Other purchases over the last couple of years include $103 million for The Raleigh Hotel in Miami, Florida and $376 million for the Big Red in Chicago, Illinois.