SHVO, Deutsche Bank Acquire Transamerica Pyramid Center in San Francisco for $650M
SAN FRANCISCO — A joint venture led by SHVO and Deutsche Finance America has acquired Transamerica Pyramid Center, a two-building, 750,000-square-foot office complex in San Francisco’s Financial District, for $650 million. The seller was Dutch insurance company Aegon Asset Management, which assumed ownership of the asset in 1999 when it acquired Transamerica Corp.
Transamerica Corp. has occupied space in the iconic 48-story, pyramid-shaped anchor building since it was built in 1972. Originally designed by William L. Pereira & Associates, the 853-foot-high tower is currently the third tallest pyramid in the world.
Floor plates at the tower range from 22,226 square feet on the sixth floor to 2,531 square feet on the 48th floor. Tenants at the complex include private equity, wealth management, consulting and law firms.
The complex spans a city block and includes the main office tower, situated at 600 Montgomery St.; a 20-story, 191,142-square-foot office building at 505 Sansome St.; and a development site at 545 Sansome St. where a nine-story, 106,807-square-foot office building is planned. In the middle of the complex is Transamerica Redwood Park, a grove of mature redwood trees shading public open space.
“We’re proud to take on ownership and management of the Transamerica Pyramid, the most famous and recognizable skyscraper on the West Coast and one of the most memorable office towers in the world,” says Michael Shvo, Chairman and CEO of SHVO.
Gerry Rohm, Michael Leggett, Robert Hielscher, Michael Seifer, David Dokko and Erik Hanson of JLL represented the seller in the transaction.
Peter Smyslowski, Mike Tepedino, Robert Tonnessen and David Sitt, also of JLL, arranged $390 million in acquisition financing on behalf of the buyer through an undisclosed lender.
— Alex Tostado