New Transamerica Pyramid Owner Inks 113K SF Of New Leases
The new owner of one of San Francisco’s most iconic high-rise office towers announced seven new leases totaling 113K SF, including five deals inked since Yoda PLC of Cyprus acquired the Transamerica Pyramid in March.
The leases are the first announced since the property traded hands.
“From day one, our priority has been ensuring continuity for our existing tenants while positioning the property for long-term success,” Yoda PLC CEO Alon Bar said in a press release.
The new tenants include companies in the legal and finance technology industries and a flexible workplace operator. Yoda PLC didn’t provide additional details when reached by email Thursday.
Yoda PLC, which paid $691M for the 48-story office tower, also said it plans to develop 10 speculative turnkey office suites at Two Transamerica at 505 Sansome St., as well as add new amenities at Three Transamerica at 545 Sansome St., as part of its U.S. investment strategy.
Yoda PLC’s plans include move-in-ready office suites at the 190K SF Two Transamerica, along with creating a new full-floor amenity center, conference center and fitness facility that includes a golf simulator and other wellness concepts. The offices are expected to come online in the fourth quarter.
Office leasing in San Francisco has picked up over the last year, due mainly to the rapid growth of artificial intelligence companies that want high-quality space in a hurry.
“We’re consistently hearing from AI and growth-oriented companies that speed-to-occupancy is a top priority,” JLL San Francisco Vice Chair Chris Roeder said in a release.
At the 60K SF Three Transamerica tower, Yoda PLC plans to add new restaurant concepts in the coming months. It also plans renovations at Redwood Park at 600 Montgomery St.
The Transamerica Pyramid, San Francisco’s second-tallest and most recognizable office tower, underwent hundreds of millions of dollars in renovations after former owners Michael Shvo, Deutsche Finance America and German pension fund Bayerische Versorgungskammer purchased the complex for $650M in 2020.
