San Francisco’s iconic Transamerica Pyramid is getting a new owner for the second time in six years.
Bloomberg was first to report that the building is being sold to Yoda PLC, an investment firm from Cyprus.
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The deal hasn’t been finalized yet, and the purchase price is unknown, according to Bloomberg’s reporting.
Developer Michael Shvo’s company and Deutsche Finance America bought the building in late 2020 for $650 million dollars.
The landmark tower underwent a major renovation before reopening in 2024 following what developers described as a $1 billion dollar investment.
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ABC7 News spoke to Michael Shvo in 2024 when the Pyramid was reopened.
“We bought the building just before COVID,” Shvo said. “We actually ended up closing on the building in 2020 for $650 million dollars. We invested another $350 million dollars in remastering this building. As I always said, $650 million for this building was a bargain.”
At the time, Shvo said he wanted the public to enjoy the modern vibe but also continue to celebrate the history.
“We managed to remaster the building while restoring and respecting the past,” Shvo said.
Architecture firm Foster + Partners worked on the design. Senior Partner Ben Dobbin told ABC7 about some of the new features of the center, which include the pyramid and the redwood park.
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“The major move was really bringing life to the ground floor of this entire city block, from Sansome to Montgomery and Clay to Washington,” Dobbin said. “We’ve added 10,000 square feet of new retail space around the base of all the different corners. We’ve got a new kiosk and seating area accessible in this newly enlarged redwood park, and then there’s also accessible seating all the way around the plaza.”
The Transamerica Pyramid, an 853-foot skyscraper, was completed in 1972 and has a very distinct shape.
The building has been an icon for the city for more than 50 years.
John Krizek was the PR manager for the iconic building from 1968 to 1977 and spolke to ABC7 News when the Pyramid was reopened in 2024.
“This is a very special place. The history of this site is so special to the city, to the west. We just had to honor that history,” Krizek said.
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