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.
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