SAN FRANCISCO (KRON) — Reports surfaced last month that San Francisco’s Transamerica Pyramid had been sold for just the second time in its 54-year history. Now, new reports suggest that the iconic skyscraper has been sold at a loss.
That’s according to a widely cited report from Green Street News that the property is “poised to sell for roughly $700 million.” While that would reportedly mark San Francisco’s biggest traditional office property deal since 2021, it also suggests the Pyramid’s current owners are in the hole for about $200 million.
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The 48-story Pyramid and its surrounding complex were purchased in 2020 by developer Michael Shvo, his namesake property development company, and Deutsche Finance America for $650 million. Since then, Shvo and Deutsche have poured about $250 million into renovating the building.
That amounts to a $900 million investment into the Pyramid, which ranks alongside the Golden Gate Bridge and Coit Tower as being among San Francisco’s most iconic structures. Total investment in the tower’s renovation may have been more in the neighborhood of $1 billion.
Despite the impressive renovation and restoration of the Pyramid which was guided by noted British architect Norman Foster, reports circulated earlier this year about a collapse in the relationship between Shvo and his partners at Deutsche…