Transamerica Pyramid Sale Closes For $650 Million, The Largest Commercial Deal Since Covid

  • Date: 29-Oct-2020
  • Source: Forbes
  • Sector:Economy
  • Country:GCC
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Transamerica Pyramid Sale Closes For $650 Million, The Largest Commercial Deal Since Covid

The Transamerica Pyramid looms over the San Francisco skyline. (Photo by Carol M. Highsmith/Buyenlarge/Getty Images)

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San Francisco's iconic Transamerica Pyramid changed hands for the first time on Wednesday, after Deutsche Finance America and developer Michael Shvo teamed up to purchase the tower and complex for $650 million, the largest commercial transaction in the U.S. since the onset of the Covid-19 pandemic.

“It's a classic building for all time that mirrors the forward-looking spirit of the Bay Area,” Shvo said in a statement. “We're thrilled to bring this property into its next renaissance.”

Shvo and Deutsche are buying the 48-story tower—which sits on a full city block— from Aegon, the Dutch insurance firm. Aegon bought Transamerica Corporation in 1999; the building first opened in 1972.

Other investors on the deal include