Partial Stake In Transamerica Pyramid For Sale

Transamerica Corp. and parent company Aegon are selling a partial stake in San Francisco’s iconic Transamerica Pyramid. The investment could be priced around $900/SF, the San Francisco Business Times reports. San Francisco property owners have increasingly turned toward partial sales of buildings to gain revenue, maintain control and avoid transfer taxes.

The 853-foot, 48-story tower was built in 1972 and was the city’s tallest tower until the completion of Salesforce Tower. The building is 95% occupied and has rents of about $89/SF. Some of the tenants are ATEL Capital Group, Heller Manus Architects and Incapture. Transamerica Pyramid has never been sold and its assessed value is $246M, according to the San Francisco Business Times.

Transamerica Corp. will maintain majority ownership and management control, Transamerica spokesperson Julie Quinlan told the Business Times.

Cushman & Wakefield manages the building and is the leasing agent.

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's San Francisco Newsletters
Related Stories

JVP Development Is Betting $37M Of Its Own Money That Frisco Is Ready For Spec Office

Hedge Fund Bids $88M For Spirit Airlines' Former HQ

Treasuries Hover Around 4.7% As Wall Street Questions If Warsh Is A 'Dove In Hawk's Clothing'

JLL Nearly Doubles Profits, Fueled By Leasing Rebound

Oyster Point's Second Phase Half-Leased As Kilroy Navigates Soft Lab Demand

Dewberry's Midtown Eyesore Quietly Resolves $75M Mortgage

BXP Closes In On Next D.C. Office Development As It Shrinks Assets

Clarion Under Contract To Sell 18-Story Seaport Office Tower

Oil Company Expands Again At Cash Register Building

Newmark Posts Record Q2 Revenue, Holds Guidance Flat

BXP's 343 Madison Lands $1.2B Loan, Nears Deal With Equity Partner

D.C. Sues To Block HUD Headquarters Move To Virginia