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San Francisco's iconic Transamerica Pyramid sells for $650M, the largest US commercial real estate transaction post-COVID-19
Julia La Roche
Wed, October 28, 2020, 3:39 PM PDT

One of the most iconic skyscrapers in San Francisco, the Transamerica Pyramid Center, has officially sold, marking the largest commercial real estate transaction in the U.S. since the COVID-19 outbreak.

A joint venture led by New York real estate investment firm SHVO and Deutsche Finance America closed their acquisition of the Transamerica Pyramid on Wednesday.

The group paid $650 million for the 48-story tower and complex that spans an entire block and includes three buildings totaling 750,000 square-feet in San Francisco's Financial District. A group of European investors anchored by Bayerisch Versorgungskammer also participated in the deal.

Sources familiar with the deal told Yahoo Finance it’s seen as a huge endorsement for San Francisco and Silicon Valley. Despite the coronavirus pandemic and headlines of a San Francisco exodus, the investors remain long-term bullish on the city and the tech community. Their strategy centers around buying prime, landmark properties to own, develop, and manage with a long-term investment horizon.

Going forward, the group plans to invest in the property and return it to its glory days by focusing on both the tenant and visitor experience.

https://finance.yahoo.com/news/san-f...223959613.html