Shvo Gets $34M In $691M Transamerica Pyramid Sale
The Transamerica Pyramid has officially sold to Cyprus-based Yoda PLC for $691M, with Michael Shvo and his companies collecting an additional $34M commission.
The sales price represents a loss for the ownership group, which poured nearly $1B into the iconic tower, including its $650M purchase in 2020 and millions spent on renovations.
The eight-figure payout includes commissions for representing both sides of the transaction as well as buyout of Shvo’s right-of-first-offer agreement and termination of services on the office building, The Real Deal reported.
Shvo did not respond to a request for comment on the commission.
Shvo, Deutsche Finance America and German pension fund Bayerische Versorgungskammer purchased the building from Aegon, an insurance and asset management holding company headquartered in the Netherlands.
Shvo brought in architect Norman Foster to modernize the tower, originally completed in 1972.
“The Transamerica Pyramid has long symbolized the city’s ambition and resilience,” Shvo in a statement provided to Bisnow in February, when news of the sale surfaced. “We are proud to have strengthened that legacy — physically, financially, and culturally — and I am confident it will continue to define the skyline and serve generations to come under its next custodian.”
The investment by Yoda PLC is the company’s first in the U.S., though it holds a portfolio of more than 80 office, retail and hospitality properties in Cyprus and Greece. The Transamerica acquisition was financed through a $300M bank loan and $400M in equity, Yoda PLC noted.
CEO Alon Bar said in a statement posted March 26 on the company’s website that purchasing the Transamerica building is a transformative investment for Yoda PLC.
“The acquisition of the Transamerica Pyramid Center represents a very strategic milestone for YODA PLC in 2026,” Bar said. “We are investing in the United States, the largest and most sophisticated real estate market in the world, on this most sought-after landmark in San Francisco.”
Yoda PLC also said it is seeking additional investment opportunities in key U.S. markets as part of its broader U.S. investment strategy.
“The Transamerica Pyramid Center structure will serve as the anchor from which we intend to expand, accelerating the growth of our U.S. portfolio over the coming years,” Bar said in the statement.
After renovating the Transamerica building, Shvo inked multiple leases, reportedly approaching $300 per SF in some cases, a record for a West Coast office property. Yoda PLC said those record rents underscore continued demand for architecturally significant and elevated office space in the Financial District.
The company also said it plans to revitalize Transamerica Redwood Park at 600 Montgomery St.
“We believe we have a lot to add to this magnificent asset and make it one of the most desired places in the San Francisco market,” Bar said in a statement.
Shvo and the German companies did several deals together, but the partnership unraveled in 2025 after BVK racked up losses on the $1.9B it had committed.
BVK split from both parties in February. Shvo pushed back, arguing the assets were fundamentally sound and that any volatility stemmed from interest rate–driven market swings.
BVK has already written off €163M, or about $191M, of its €1.6B commitment to DFA and Shvo. In a December update to pensioners, the fund warned that total losses could reach €690M, or more than $1B. BVK said the exposure represented just 1.4% of its 2024 portfolio.
