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SHVO and Deutsche Finance International-Led Venture Pays $650 Mil for Transamerica Pyramid Center Complex in San Francisco

10/30/20

The Transamerica Pyramid Center Complex in San Francisco has sold in a transaction valued at $650 mil. The asset, consisting of a three-building, 703.5k sf Class A office complex and development parcel encompassing an entire city block in the heart of the city’s Financial District, was acquired by a joint venture partnership between SHVO and Deutsche Finance International (DFI), which included a consortium of investors led by Bayerische Versorgungskammer (BVK), one of Germany’s leading pension funds.

The property was sold by Transamerica, advised by its affiliate, Aegon Asset Management. The sale included the iconic Transamerica Pyramid Tower, one of the world’s most recognizable office towers, whose iconic architecture transformed the San Francisco skyline and remains to this day an enduring symbol of the City by the Bay.

Originally completed in 1972, Transamerica Pyramid Center has never traded, and has been held by the same ownership for its nearly 50-year history. This once-in-a-generation transaction consisted of the Transamerica Pyramid Office Tower, a 48-story, 512.4k sf tower at 600 Montgomery St; 505 Sansome Street, a 20-story, 191.1k sf office tower; and a corner parcel at 517 and 545 Washington St, which will allow for the development of a nine-story, 106.8k sf office building. The Transamerica Pyramid Center Complex is home to a diverse tenant base including industry-leading private equity, wealth management, consulting and law firms.

A JLL Capital Markets team that included Senior Managing Directors Gerry Rohm, Michael Leggett, Robert Hielscher and Michael Seifer, and Senior Directors David Dokko and Erik Hanson represented the seller and procured the buyer in this transaction. The purchase was financed with an acquisition loan of $390 mil that was arranged by JLL’s Senior Managing Director Peter Smyslowski, Executive Managing Director Mike Tepedino, and Managing Directors Robert Tonnessen and David Sitt.

“Despite the pandemic, the investor pool for the offering was diverse, comprising both domestic and offshore investors who continue to be bullish on the long-term strength and fundamentals of the San Francisco market,” added Leggett. “The Transamerica Pyramid Tower, with its location, distinctive architecture and diverse tenant base was, and will continue to be, a draw for tenants and investors worldwide.”





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