SF Transamerica Pyramid Sale Back on Table, Shock Deal



What Do We Know About the Transamerica Pyramid Sale So Far?

How the Transamerica Pyramid sale will ultimately structure remains unclear as negotiations continue behind closed doors. Similar urban revitalization bets have played out in other landmark-building transactions as new owners pursue downtown economic growth.

Deal status disrupts SF

Bloomberg reported a sale to Cyprus-based Yoda PLC, but the deal is not finalized and the price is undisclosed. The landmark 853-foot icon was completed in 1972.

Sources expect an April closing for a package including the pyramid tower plus 505 and 545 Sansome.

Ownership and risk signals

The property most recently traded in late 2020 for $650 million, with Michael Shvo, Deutsche Finance America, and BVK linked in reports.

A $400 million renovation reopened in 2024, yet friction and litigation add uncertainty, alongside tax implications and local sentiment.

Current operating snapshot

  • Rents exceed $300 per square foot and occupancy is above 85 percent after recent leases.
  • Rumors circulated in brokerage circles months.

Who Is Yoda PLC: and Why Buy the Transamerica Pyramid Now?

Why Yoda PLC is being linked to the Transamerica Pyramid matters because the buyer is not a traditional U.S. office REIT or institutional core fund.

Yoda is a Cyprus conglomerate incorporated in 2019, renamed from Papaduck Investments Limited in 2022.

Buyer Identity Signals Disruption

The group invests across real estate, hospitality, technology, shipping, healthcare, and financing services.

Cyprus operations produced €32.89 million of 2024 revenue.

It reported 209 employees.

Why Buy Now Looks Calculated

Real estate revenue rose to €21.84 million in 2024.

Ascetico Ltd. anchors development activity after a 2023 $48.75 million acquisition.

Its management strategy targets high quality assets and strong operators.

This can enable swift capital decisions amid uncertain office demand.

Nationally, foreign buyers have been gravitating toward higher-priced properties with a $494,400 median, underscoring the cross-border appetite for trophy assets.

Market trading shows elevated volatility and momentum.

That pattern is consistent with a higher tolerance for risk.

How Did the Transamerica Pyramid Ownership Change Since 2020?

Buyer disruption at the Transamerica Pyramid traces back to a pandemic-era wager that reshaped control of the asset.

Pandemic Purchase Reset

In 2020, a Shvo and Deutsche Finance America joint venture bought the 600 Montgomery Street complex for $650 million.

BVK, a German pension fund, became the dominant capital partner, funding €820 million tied to the Pyramid and other projects.

YearControl signal
Pre 2020Legacy owner, landmark tower
2020Shvo and Deutsche JV closes
2020BVK equity anchors stack
2024Reopening under JV oversight

2026 Ownership Turn

After five and a half years, BVK pursued an exit amid potential losses and governance shifts.

In February 2026, the group agreed to sell to Cyprus-based Yoda PLC, with the price undisclosed per Bloomberg.

What Did the $400M Renovation Change for Rents and Occupancy?

The $400 million renovation repositioned the Transamerica Pyramid Center as top-tier San Francisco space. Rents can now top $200 per square foot.

Rent uplift

Asking rates now occasionally exceed $200 per square foot.

Typical quotes run $125 to $180 per square foot.

Hospitality-grade upgrades include a grand lobby, wellness facilities, and new retail.

These features support the rent uplift by differentiating the complex from older downtown inventory.

Occupancy surge

After reopening in 2024, the 510,000-square-foot pyramid is about 70 percent leased.

Additional deals are still in negotiation.

Remaining availability is marketed as premium space rather than blocks. This positions the space as high-end, limited-opportunity inventory.

New conference space, bars, and the refurbished Redwood Park create a 24-hour environment.

The goal is to restore daily foot traffic and sustain an occupancy surge across the wider Sansome Street buildings.

What Could Delay the Deal: and What Happens After Closing?

Higher rents and a leasing rebound have raised the stakes for a sale of the Transamerica Pyramid Center.

Delay Risks

Foreign buyer Yoda PLC must clear CFIUS review and satisfy preservation board and planning department approvals.

Environmental assessments, zoning variances, and closing contingencies around Shvo and BVK pension fund consents could extend timelines.

Litigation risk includes a $250M Shvo tenant dispute and potential claims tied to Sansome assets.

Due diligence on title, warranties, insurance, and tax liens may deter lenders amid currency swings and debt restructuring.

After Closing

Yoda PLC is expected to assume management of the tower, plazas, and 10,000 square feet of retail activation.

Redwood park upgrades and public access to the capsule exhibit are slated to continue under post-closing governance.

Assessment

Negotiations for a Transamerica Pyramid sale remain active but unsettled. Pricing, debt terms, and timing continue to face market scrutiny.

Yoda PLC’s interest highlights renewed institutional focus on landmark assets with stabilized cash flow potential.

Ownership shifts since 2020 and the completed renovation have reset operating expectations, yet leasing risk persists amid weak downtown demand.

Any delay could push closing into a higher rate environment, increasing execution risk and potentially forcing re-trade or withdrawal suddenly.



https://www.unitedstatesrealestateinvestor.com/sf-transamerica-pyramid-sale-back-on-table-shock-deal/?fsp_sid=33008

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