{"id":191952,"date":"2026-02-24T21:45:09","date_gmt":"2026-02-24T21:45:09","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ca\/191952\/"},"modified":"2026-02-24T21:45:09","modified_gmt":"2026-02-24T21:45:09","slug":"shvo-to-unload-san-franciscos-landmark-transamerica-pyramid-commercial-observer","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ca\/191952\/","title":{"rendered":"Shvo to Unload San Francisco\u2019s Landmark Transamerica Pyramid \u2013 Commercial Observer"},"content":{"rendered":"

The owners of the Transamerica Pyramid Center \u2014 which includes one of the most recognized buildings in San Francisco and some of the highest office rents in the nation<\/a> \u2014 are closing a deal to sell the property after about five and a half years and an expensive renovation.<\/p>\n

Yoda Plc<\/a>, an investment firm based on the Mediterranean island country of Cyprus, has agreed to acquire the 48-story building and surrounding complex, according to Bloomberg<\/a>, which cited unnamed sources familiar with the property. Those sources declined to disclose the purchase price.<\/p>\n

SEE ALSO: EPR Properties Buys Three Commercial Condo Units at 180 Broome Street for $34M<\/a><\/p>\n

Transamerica Pyramid opened in 1972 at 600 Montgomery Street. It covers an entire city block and includes three buildings totaling approximately 750,000 square feet, including a 853-foot, pyramid-shaped tower.<\/p>\n

The current ownership group, including Michael Shvo<\/a>\u2019s eponymous firm and Deutsche Finance America<\/a>, acquired the building in 2020 for $650 million, in what was said to be the largest commercial real estate transaction to close in the U.S. during the pandemic. The developers then completed a $400 million renovation and reopened the center in 2024.<\/p>\n

\u201cI believed the Transamerica Pyramid deserved more than restoration \u2014 it required reinvention at the highest level,\u201d Shvo said in a statement shared with Commercial Observer. \u201cThrough a hospitality-led vision, meticulous design in partnership with Foster + Partners<\/a>, and disciplined execution, we transformed the property into a world-class office destination defined by service, experience, and cultural vitality.\u201d<\/p>\n

Shvo added that the strategy delivered record U.S. office rents exceeding $300 per square foot, and increased the asset\u2019s occupancy to more than 85 percent<\/a>.<\/p>\n

\u201cI am confident it will continue to define the skyline and serve generations to come under its next custodian,\u201d the statement concluded.<\/p>\n

Representatives for Yoda PLC, which invests in real estate, technology, shipping and health care, were not immediately available for comment.<\/p>\n

Bloomberg reported that German pension fund Bayerische Versorgungskammer<\/a>, which provided some $1.9 billion to finance the earlier acquisition of Transamerica Pyramid and a portfolio of trophy assets, is working to cut ties with Shvo and Deutsche Finance. The pension fund said the portfolio of \u201cparticularly high-risk\u201d developments, including the Transamerica Pyramid, could lead to $1 billion in losses. Shvo denies some of the properties caused losses, per Bloomberg.<\/p>\n

He told CO in December that the $1 billion bet on Transamerica Pyramid Center was taking advantage of San Francisco\u2019s office market turnaround<\/a>. And while office vacancy in the city was above 34 percent last year, trophy assets are gaining traction.<\/p>\n

Gregory Cornfield can be reached at gcornfield@commercialobserver.com<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"The owners of the Transamerica Pyramid Center \u2014 which includes one of the most recognized buildings in San…\n","protected":false},"author":2,"featured_media":191953,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[30],"tags":[90000,8815,90001,89926,101,103,102,104,106,105,16733],"class_list":{"0":"post-191952","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-san-francisco","8":"tag-600-montgomery-street","9":"tag-channel","10":"tag-investments-sales","11":"tag-michael-shvo","12":"tag-san-francisco","13":"tag-san-francisco-headlines","14":"tag-san-francisco-news","15":"tag-sf","16":"tag-sf-headlines","17":"tag-sf-news","18":"tag-transamerica-pyramid"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/191952","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/comments?post=191952"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/191952\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media\/191953"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media?parent=191952"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/categories?post=191952"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/tags?post=191952"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}