What's next for the Transamerica Pyramid
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The pyramidal pillar of SF's skyline. Photo: Tayfun Coskun/Anadolu via Getty Images
The Transamerica Pyramid is slated to get new owners, but it remains unclear what that will mean for this icon of San Francisco's skyline.
The big picture: The Transamerica Pyramid's pending sale, the second in its 54-year history, comes as San Francisco's commercial real estate market continues to see gains largely driven by the AI boom.
Driving the news: Green Street News reported this week that Yoda PLC, a Cyprus-based investment firm, has agreed to pay $700 million to acquire the Transamerica Pyramid and its two adjacent buildings from Michael Shvo and Deutsche Finance America.
- The deal would be one of the largest office space transactions the city has seen since the start of the pandemic, according to the San Francisco Chronicle.
- Representatives for Shvo, Deutsche Finance America and Yoda did not immediately return Axios requests for comment.
Between the lines: The 48-story tower and its surrounding property sold for $650 million in 2020.
- An additional $250 million in renovations followed, adding a larger redwood park, revamped grand lobby, top-floor bar, sky lounge, gym, spa and more.
Catch up quick: Shvo and Deutsche Finance America had planned a $400 million makeover when they bought the skyscraper but completed only the initial $250 million phase by the time they put it up for sale.
- Despite hurdles with a struggling downtown, the building has secured several high-profile leases, including one with investment management company Tiger Global.
- The pyramid was 85% leased as of December, per data provided by Shvo's team, but put on sale after relations between Shvo and his co-investors soured. Shvo also faced lawsuits accusing him of fraud related to the building.
- It's unclear what will happen to its current hospitality and cultural arts programming, which includes a time capsule exhibition, a 3D-printed living soil installation, a shaved ice shop and a Japanese-inspired dining and apothecary cocktail lounge.
What we're watching: Commercial real estate investors ranked San Francisco as the third most attractive U.S. market in 2026, CBRE found in a January survey, suggesting an upswing in a sector that has struggled since the pandemic.
Ever wonder what it's like to be at the top of the pyramid? Check out our story on climbing to the top of the Transamerica Pyramid.