{"id":249221,"date":"2026-04-02T23:48:10","date_gmt":"2026-04-02T23:48:10","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ca\/249221\/"},"modified":"2026-04-02T23:48:10","modified_gmt":"2026-04-02T23:48:10","slug":"iconic-sf-skyscraper-sells-for-the-second-time-in-its-54-year-history","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ca\/249221\/","title":{"rendered":"Iconic SF skyscraper sells for the second time in its 54-year history"},"content":{"rendered":"

The Transamerica Pyramid<\/a> sold for $691 million last Friday, according to a news release shared with SFGATE this week by Cyprus-based investment firm Yoda PLC, the new owners of one of the most recognizable buildings in San Francisco. It marks the second time the 853-foot-tall skyscraper has changed hands since its construction in 1972.\u00a0<\/p>\n

The icon of the end of Columbus Avenue was first purchased by controversial New York developer Michael Shvo in 2020, who had been attempting to carry out a $250 million renovation of the building, with plans to launch a members-only private club that were derailed by a complex legal dispute<\/a>. Shvo was paid $34 million to terminate his involvement with the property as Yoda PLC buys its first property in the U.S.<\/p>\n

\u201cThe acquisition of the Transamerica Pyramid Center represents a very strategic milestone for YODA PLC in 2026,\u201d Alon Bar, CEO of the group, said in the news release. \u201cWe are investing in the United States, the largest and most sophisticated real estate market in the world, on this most sought-after landmark in San Francisco.\u201d<\/p>\n

The San Francisco Business Times first reported<\/a> the news.<\/p>\n

Shvo bought<\/a> the 48-story skyscraper for $650 million after the listing was first announced in August 2019. At the time, it was considered \u201cthe largest commercial transaction in the U.S. since the onset of the Covid-19 pandemic,\u201d Forbes reported<\/a>.<\/p>\n

When the Transamerica Pyramid was first built, spanning an entire block on Montgomery Street, it was considered the tallest building in San Francisco; years later, it was surpassed by Salesforce Tower. It\u00a0has 48 floors of office space<\/a>, with the last 212 feet making up its 32-pane, cathedral-style glass top<\/a>.<\/p>\n

Initially vilified by critics<\/a>, it\u2019s become a staple of postcards and souvenirs and has since appeared in several movies, including David Fincher\u2019s 2007 thriller \u201cZodiac,\u201d \u201970s sci-fi \u201cInvasion of the Body Snatchers\u201d and the \u201980s James Bond romp \u201cA View to a Kill.\u201d\u00a0<\/p>\n

Work began in 2022 on\u00a0Shvo\u2019s massive renovation project<\/a>, which included plans for a nearly complete overhaul of the landmark\u2019s interior and removal of the lobby\u2019s ceiling to expose the lattice frame of the building, with the addition of a private bar and lounge on the 48th floor. Plans also included a bookstore, cafe and flower shop in the lobby, with the expansion of Redwood Park outside, as three floors were leased to luxury private members club Core.\u00a0<\/p>\n

Last December, the Shvo development firm announced it had\u00a0leased<\/a> out more than 233,000 square feet of office space, or 85% of the building.<\/p>\n

But in March, the Chronicle first reported<\/a> a $600 million lawsuit between Michael Shvo and Core Club\u2019s founders, Jennie and Dangene Enterprise, stalling the project. The company alleged that it had discovered that\u00a0Shvo planned to claim 50% ownership of the company for $1 and had also failed to fulfill a promised $100 million investment, and sought $615 million in damages. However, Shvo countered the club\u2019s claims, suggesting the founders mismanaged funds and were experiencing financial difficulties. The case was dismissed<\/a> by a New York judge who determined the club\u2019s allegations didn\u2019t meet the legal definition of fraud.<\/p>\n

In this week\u2019s news release, Bar of Yoda PLC said he planned to continue efforts toward the largest renovation in the building\u2019s history as the group eyes more property across the U.S.<\/p>\n

\u201cThe Transamerica Pyramid Center structure will serve as the anchor from which we intend to expand, accelerating the growth of our U.S. portfolio over the coming years,\u201d he said.<\/p>\n

SFGATE local editor Kasia Pawlowska contributed to this report.<\/p>\n","protected":false},"excerpt":{"rendered":"The Transamerica Pyramid sold for $691 million last Friday, according to a news release shared with SFGATE this…\n","protected":false},"author":2,"featured_media":249222,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[34],"tags":[143,145,144,1693],"class_list":{"0":"post-249221","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-oakland","8":"tag-oakland","9":"tag-oakland-headlines","10":"tag-oakland-news","11":"tag-sfglocal"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/249221","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=249221"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/249221\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media\/249222"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media?parent=249221"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/categories?post=249221"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/tags?post=249221"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}