Arguably our city’s most iconic tower, the Transamerica Pyramid has — after hitting the market last August — reportedly sold for the first time since its construction to a New York developer for a heart-stopping $700M.
The 48-story behemoth at 600 Montgomery Street, between Clay and Washington Streets, appears to have been sold to a well known East Coast real estate developer, Michael Shvo. With offices in London, New York City, and Dubai, Shvo’s like-named luxury real estate development firm, SHVO, reportedly purchased the San Francisco property for $700M, according to Bloomberg.
Thoughts? San Francisco :: Transamerica Pyramid sold for the first time ever: Via Shutterstock A landmark deal goes to a New York developer San Francisco’s most recognizable high-rise hit the market in 2019 for the very first time, hoping to capitalize… https://t.co/RhFVjgPR5K— Shaun Haines 力是亮 (@HainesForSF) February 4, 2020
Initially, the structure and a couple of small, adjacent buildings were estimated to sell for $600M — diamond-shaped glass beacon topper and all. But being that SHVO holds an estimated $6B in real estate value, per Curbed SF, they can swing the extra $100M for the property which may have been bid up in the last couple months.
The 70s-era skyscraper held tight as the city’s tallest building for decades, standing 853-feet tall in the Financial District. But that title was taken when the 1,070-foot Salesforce Tower finished construction in 2018.
As reported by the San Francisco Business Times back in August, Transamerica Corporation, the business entity behind the structure, intends to keep the naming and branding rights. So don’t fret: We hopefully won’t see the 47-year-old CEO’s name grace the structure anytime soon.
Back in 2018, The Chronicle published that the Transamerica Corporation attempted to sell 49 percent of its ownership stake, though the multi-million dollar deal fell through due to unforeseen difficulties. If SHVO has in fact purchased the property, this will mark the first time the entire building has been sold as an entire unit.
SHVO's real estate profile spans million-dollar condominiums, opulent high-rise apartment complexes, and even the actual slice of paradise, Matt Lowe's Cay — a 50-acre private island in the Bahamas, complete with a luxury hotel and residential development.
Image: Picryl, a Public Domain