Transamerica Pyramid sells for $691M

Driving the news: Yoda Plc, a Cyprus-based investment firm, announced this week that it has purchased the iconic building and its two adjacent towers for $691.6 million.

• The transition follows a $250 million makeover of the 48-story tower and its surrounding property under Shvo, including an expanded redwood park, revamped grand lobby, top-floor bar, sky lounge and more.

What they're saying: "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," Yoda Plc CEO Alon Bar said in a statement.

• "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."

The big picture: The acquisition closed at $725 million in total, reflecting a "final settlement" with Shvo and his affiliated companies as well as a commission for brokering the sale.

• Shvo was paid $34 million to terminate all involvement with the property.

Catch up quick: Shvo and Deutsche Finance America purchased the skyscraper in mid-2020 for $650 million.

• They planned a $400 million makeover — renovations they hoped would attract tenants back downtown amid soaring office vacancies — but completed only the initial $250 million phase by the time they put it up for sale.
• The pyramid was 85% leased as of December, per data provided by Shvo's team, but was listed for sale after relations between Shvo and his co-investors soured. Shvo also faced lawsuits accusing him of fraud related to the building.