{"id":26428,"date":"2020-02-07T15:06:52","date_gmt":"2020-02-07T13:06:52","guid":{"rendered":"https:\/\/www.commercialcafe.com\/blog\/?p=26428"},"modified":"2025-03-25T14:12:59","modified_gmt":"2025-03-25T11:12:59","slug":"nyc-developer-buy-transamerica-pyramid-san-francisco","status":"publish","type":"post","link":"https:\/\/www.commercialcafe.com\/blog\/nyc-developer-buy-transamerica-pyramid-san-francisco\/","title":{"rendered":"NYC Developer to Buy Iconic Transamerica Pyramid in San Francisco"},"content":{"rendered":"

San Francisco\u2019s Transamerica Pyramid Center is set to be sold for the first time since it\u2019s completion. Michael Shvo, a New York developer, is leading a group that reportedly<\/a> has a deal to purchase the iconic building for around $700 million, according to people close to the deal.<\/p>\n

The building has been a defining part of the San Francisco<\/a> skyline since it was completed in 1971\u2014although it wasn\u2019t popular at the time due to a grass-roots movement against tall buildings. However, the high-rise restrictions of Proposition M, which limits the development of high-rises in the city, was ultimately passed and continues to this day.<\/p>\n

Because of the building\u2019s pyramid shape, the highest floors with the best views also have the smallest floorplans. Furthermore, its location in the northern part of the financial district is a bit outside of the most desired locations for top companies in San Francisco. Yet, the building remains a defining symbol of the city itself. Major tenants include JMP Group and Northwestern Mutual.<\/p>\n

Last year, Transamerica said it would agree to sell the property outright, provided it could retain the branding and naming rights. This came after the insurer tried to sell a 49% stake in the building in 2018, which was eventually scrapped due to differing accounting standards in Europe that soured would-be investors.<\/p>\n

The investment group led by Shvo is also purchasing the two adjacent properties at 505 & 545 Sansome Street, which are included in the reported purchase price. Members of the investment group purportedly include Bayerische Versorgungskammer and Deutsche Finance, among others.<\/p>\n

Shvo and partners also picked up another landmark property in the last year with the purchase of the Coca-Cola Building in Midtown Manhattan. Typically focused on luxury residential assets, this further solidifies Shvo\u2019s diversification into the office asset class\u2014and in a big way.<\/p>\n","protected":false},"excerpt":{"rendered":"

San Francisco\u2019s Transamerica Pyramid Center is set to be sold for the first time since it\u2019s completion. Michael Shvo, a New York developer, is leading a group that reportedly has a deal to purchase the iconic building for around $700 million, according to people close to the deal. The building has been a defining part…<\/p>\n","protected":false},"author":63,"featured_media":26430,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[37,38,4014,39],"tags":[],"class_list":["post-26428","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-commercial-real-estate-news","category-deals","category-featured","category-office","wpautop"],"acf":[],"yoast_head":"\nNYC Developer to Buy Iconic Transamerica Pyramid in San Francisco - CommercialCafe<\/title>\n<meta name=\"description\" content=\"San Francisco\u2019s Transamerica Pyramid Centerto be sold for for around $700 million to an investment group led by NYC developer, Michael Shvo.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialcafe.com\/blog\/nyc-developer-buy-transamerica-pyramid-san-francisco\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NYC Developer to Buy Iconic Transamerica Pyramid in San Francisco\" \/>\n<meta property=\"og:description\" content=\"San Francisco\u2019s Transamerica Pyramid Centerto be sold for for around $700 million to an investment group led by NYC developer, Michael Shvo.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialcafe.com\/blog\/nyc-developer-buy-transamerica-pyramid-san-francisco\/\" \/>\n<meta property=\"og:site_name\" content=\"CommercialCafe\" \/>\n<meta property=\"article:published_time\" content=\"2020-02-07T13:06:52+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-03-25T11:12:59+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/Transamerica_Pyramid_651535696.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"768\" \/>\n\t<meta property=\"og:image:height\" content=\"300\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Patrick McGregor\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Patrick McGregor\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialcafe.com\/blog\/nyc-developer-buy-transamerica-pyramid-san-francisco\/\",\"url\":\"https:\/\/www.commercialcafe.com\/blog\/nyc-developer-buy-transamerica-pyramid-san-francisco\/\",\"name\":\"NYC Developer to Buy Iconic Transamerica Pyramid in San Francisco - 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