Shvo to Unload San Francisco’s Landmark Transamerica Pyramid

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

Yoda Plc, 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, which cited unnamed sources familiar with the property. Those sources declined to disclose the purchase price.

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.

The current ownership group, including Michael Shvo’s eponymous firm and Deutsche Finance America, 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.

“I believed the Transamerica Pyramid deserved more than restoration — it required reinvention at the highest level,” Shvo said in a statement shared with Commercial Observer. “Through a hospitality-led vision, meticulous design in partnership with Foster + Partners, and disciplined execution, we transformed the property into a world-class office destination defined by service, experience, and cultural vitality.”

Shvo added that the strategy delivered record U.S. office rents exceeding $300 per square foot, and increased the asset’s occupancy to more than 85 percent.

“I am confident it will continue to define the skyline and serve generations to come under its next custodian,” the statement concluded.

Representatives for Yoda PLC, which invests in real estate, technology, shipping and health care, were not immediately available for comment.

Bloomberg reported that German pension fund Bayerische Versorgungskammer, 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 “particularly high-risk” developments, including the Transamerica Pyramid, could lead to $1 billion in losses. Shvo denies some of the properties caused losses, per Bloomberg.

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

Gregory Cornfield can be reached at gcornfield@commercialobserver.com.