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San Francisco's Transamerica Pyramid sold for USD 650 million

The price was initially over USD 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.

PTI | Sanfrancisco | Updated: 30-10-2020 02:38 IST | Created: 30-10-2020 01:18 IST
San Francisco's Transamerica Pyramid sold for USD 650 million
Representative Image Image Credit: Pixabay

The Transamerica Pyramid, one of San Francisco's most iconic buildings, has sold for USD 650 million, eight months after an sales agreement was reached. 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 building, the second tallest in the city, had never been previously sold. The price was initially over USD 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. 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).


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