The Transamerica Pyramid, one of the most iconic buildings in the San Francisco skyline, is being sold for the second time in six years.
The San Francisco Chronicle reports the 48-story property, which occupies a full city block, was sold to Yoda plc, an investment firm headquartered in Cyprus with global investments in real estate, healthcare, hospitality, technology, and shipping.
The deal has yet to be finalized and sale price was not disclosed.
The property last changed hands in 2020 when New York City developer Michael Shvo and two, German entities, Deutsche Finance and Bayerische Versorgungskammer (BVK), acquired it for $650 million and invested $400 million into its renovation.
The Chronicle reported last month that BVK attempted to replace Shvo as the property’s operator last year, despite his team’s success in attracting tenants, including the lease for a 4,000-square-foot office to investment firm Tiger Global for over $300 per square foot, the highest rent ever recorded in San Francisco. Shvo responded to the report by declaring it was false.
If the sale is completed, this would only be the second time the Pyramid has been sold since it opened in 1972 as the headquarters for Transamerica Corp. The building’s namesake moved out of the property in 2011, two years after it was acquired by the Dutch insurance company Aegon.
Photo: Frank Schulenburg / Wikimedia Commons
