Germany’s largest pension scheme Bayerische Versorgungskammer (BVK), Deutsche Finance America and New York City–based property developer Michael Shvo have plans to acquire the Transamerica Pyramid office tower and two neighboring properties in San Francisco for $700 million.
An official statement has not been released.
The seller is Transamerica and its parent company Aegon.
Transamerica Corp. intends to retain naming and branding rights in the sale, reported SF Gate.
The two neighboring properties are 505 and 545 Sansome Street.
It is the first time the 48-story Transamerica Pyramid building has been sold since it was developed in 1972.
