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SAN Francisco’s iconic Transamerica Pyramid was officially sold on 28 October 2020.
New York-based real estate investment firm SHVO and Deutsche Finance America paid USD $650M for the 48-storey building and surrounding block, totalling 69,677 square meters.
This makes it the largest commercial real estate transaction in the United States since the beginning of the COVID-19 pandemic.
The tower has been on the market since late 2019 and attracted over 40 parties during an extensive bidding process.
Above: Initially controversial, the Transamerica Pyramid was eventually embraced by the people of San Francisco.
The successful sale is a sign of confidence in San Francisco and Silicon Valley, both of which have been hit hard by the economic fallout of the COVID-19 pandemic and subsequent citywide lockdowns.
SHVO and Deutsche Finance America plan to redevelop the tower, returning it to its glory days.
“It's a classic building for all time that mirrors the forward-looking spirit of the Bay Area and of our own company,” explained CEO Michael Shvo in a press release.
“We're thrilled to bring this property into its next renaissance.”
Above: The Transamerica Pyramid under construction (image courtesy of Open SF History).
Completed in 1972, the Transamerica Pyramid was at first a controversial addition to the San Francisco skyline.
Built in one of the most seismically active regions in the United States, the tower was constructed with a number of cutting edge engineering methods to protect it from earthquakes.
This included a lengthy continuous concrete pour to build its foundation - using more than 12,000 cubic metres of concrete and 480 kilometres of steel rebar.
Over the years the tower gradually became a beloved part of the city, earning its icon status.
To learn more about the Transamerica Pyramid watch our documentary on how this unique skyscraper was built: