San Francisco's iconic Transamerica Pyramid sold for $650 million

Posted at 11:08 AM, Oct 29, 2020
and last updated 2020-10-29 14:08:20-04

SAN FRANCISCO (AP) -- The Transamerica Pyramid, one of San Francisco's iconic buildings, has sold for $650 million, eight months after an sales agreement was reached.

The San Francisco Chronicle reports New York investor Michael Shvo, Deutsche Finance America and other investors bought the building from Aegon, owner of namesake insurance company Transamerica Corp.

The building, the second tallest in the city, had never been previously sold.

The price was initially over $700 million but the deal was delayed amid the coronavirus pandemic.

The new owners say they plan to renovate the 1972 building.