Sold! New York developer buys iconic San Francisco Transamerica Pyramid
SAN FRANCISCO - It's finally official: The Transamerica Pyramid building in San Francisco has a new owner.
The iconic building been a key feature of The City's skyline since 1972 and until two years ago, it was the tallest building in the city.
Now, it's second to the salesforce tower.
A New York developer paid $650 million for the property, which also includes two nearby buildings on Sansome Street.
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The new owner says the pyramid will keep its original name.
Bloomberg noted the purchase price for the Transamerica complex is a discount from the roughly $700 million that Developer Michae Shvo and Deutsche Finance negotiated before COVID-19. The partners bought the building with a group of European investors, including German pension fund Bayerische Versorgungskammer.
The team has been buying properties across the United States, Bloomberg reported, including the Coca-Cola building in Manhattan and the Raleigh, Richmond and South Seas Hotels in Miami Beach, Florida. In August, the group finished its acquisition of Chicago’s “Big Red” office tower.
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File Photo. Overhead aerial of Transamerica pyramid at night, San Francisco, California, USA