Shvo, partners buy San Francisco’s iconic Transamerica Building for $700M

New York developer, on buying spree, now has signature properties on both coasts

TRD NATIONAL /
Feb.February 04, 2020 03:34 PM
The Transamerica Building in San Francisco and Michael Shvo (Credit: iStock)

The Transamerica Building in San Francisco and Michael Shvo (Credit: iStock)

San Francisco’s iconic Transamerica Building has been sold for the first time.

The pyramid-shaped tower was acquired for close to $700 million by a partnership led by New York developer Michael Shvo, according to two people familiar with the transaction. The deal closed Monday, the sources said.

Transamerica, a holding company that owns multiple life-insurance firms, has owned the 850-foot-tall building since it was constructed in 1972. After a failed marketing attempt to sell a 49 percent stake in the building in 2018, Transamerica put it on the market in August and major bidders soon emerged, including New York-based real estate firms Vornado Realty Trust and RFR Realty, and Hong Kong investor Goodwin Gaw.

Transamerica and its parent company Aegon did not respond to requests for comment. Shvo and his partnership declined to comment.

Bloomberg first reported the deal Tuesday afternoon.

The building is the latest in a string of acquisitions by Shvo and his partners, which include Deutsche Finance and German pension fund Bayerische Versorgungskammer, or BVK. In the past 18 months, the group has shelled out more than $3 billion for more than a half dozen properties, including the Coca-Cola Building on Fifth Avenue in New York.

Matthew Blake contributed reporting.


Related Articles

arrow_forward_ios
TRD-Talks-Live-Shvo

Michael Shvo on the Bible, Batman and why NYC will bounce back

Michael Shvo, Thor Equities’ Joe Sitt, Wharton Properties’ Jeff Sutton and 530 Broadway

Michael Shvo closes on Soho retail building for $382M

The Coca-Cola building at 711 Fifth Avenue and Michael Shvo (Credit: Google Maps)

Michael Shvo, partners secure $545M loan for Coca-Cola building

Michael Shvo and 530 Broadway with Joe Sitt of Thor Equities and Jeff Sutton of Wharton Properties (inset) 

Michael Shvo secures $210M loan for 530 Broadway buy

Wharton Properties' Jeff Sutton, Thor Equities' Joe Sitt, 530 Broadway and Michael Shvo

Jeff Sutton and Joe Sitt are selling 530 Broadway for $400M

685 Fifth Avenue and Michael Shvo (Credit: Shvo)

Shvo, partners land $120M construction loan for 685 Fifth Avenue

Developers and brokerages are getting creative for Art Basel

Developers and brokerages are getting creative for Art Basel

The Coca-Cola building at 711 5th Avenue (Credit: Google Maps and iStock)

Flipped off: The inside story of Coca-Cola’s botched building sale

arrow_forward_ios
Loading...