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Iconic SF skyscraper sold for the first time ever



San Francisco’s iconic Transamerica Pyramid was sold for the first time in nearly 50 years. Deutsche Bank AG and New York developer Michael Shvo teamed up to purchase the tower and complex for US$650 million.

According to Forbes, the sale of the 48-story skyscraper and its complex covering the entire city marked “the largest commercial transaction in the United States since the Covid-19 pandemic.”

Michael Shvo, Chairman and CEO of SHVO, said: “We are honored to own and operate Transamerica Pyramid, the most famous and well-known skyscraper on the West Coast and the most memorable office building in the world. One of them.” “This iconic tower is an important addition to our famous property, enduring landmark and architectural gem product portfolio. This is a classic building with a long history that reflects the forward-looking nature of the Bay Area and our company. Spirit. We are happy to take this property into the next period of renaissance.”

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Deutsche Bank AG and Shvo purchased the building from Dutch insurance company Aegon NV, which acquired Transamerica Corporation in 1999 and owns the property. The Transamerica Corp. logo will remain on the building.

The listing was first announced in August 2019. In February, there were reports that Shvo purchased the building for US$700, but the price was cut by US$50 million. The transaction was completed in about eight months.


When the Transamerica Pyramid was built in 1972, it was criticized as “despicable nonsense” by famous architectural critics. At the time, it was the tallest building in San Francisco and maintained this title until the recent completion of Salesforce Tower. But since the 1970s, many changes have taken place, and the building is favored by people as an irreplaceable landmark on the city skyline.

The Chronicle reported that Transamerica Corp. tried to sell 49% of the building in 2018 but was unsuccessful.

Alix Martichoux, former digital editor of SFGATE, contributed to this story.


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