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San Francisco's Transamerica Pyramid sold for $650 million

San Francisco Transamerica Pyramid
Posted at 2:06 PM, Oct 29, 2020
and last updated 2020-10-29 17:06:33-04

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

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

The building, the second tallest in the city, has never been sold before. 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 building that has been a part of the San Francisco skyline since 1972.