The Transamerica Pyramid, arguably the most iconic figure in San Francisco’s skyline, has been sold for $650 million to a New York investment firm in the most expensive U.S. commercial real estate deal since the start of the coronavirus pandemic, according to a report in Forbes.
The sale marks the first time the nearly 50-year-old tower has changed hands. The 48-story building was owned by Aegon, a Dutch insurance company, which bought Transamerica Corp. in 1999, according to Forbes.
The buyers, Deutsche Finance America and developer Michael Shvo, told Forbes the building “mirrors the forward-looking spirit of the Bay Area.”
The new owners plan to keep the Transamerica name as well as the building’s world famous profile, according to the report.
The tower, which opened in 1972, was first listed in August 2019, and the winning bid stood at $711 million in February. The pandemic perhaps contributed to delays in closing the sale as well as the reduced sale price, Forbes reported.