News release

San Francisco’s Transamerica Pyramid Center commands $650M

JLL Capital Markets led sale and financing efforts; first sale of the iconic office tower in more than 50 years

October 29, 2020

SAN FRANCISCO, Oct. 29, 2020 – JLL Capital Markets announced today that it has closed the $650 million sale and $390 million financing of the Transamerica Pyramid Center Complex, a three-building, 703,537-square-foot, Class A office complex and development parcel encompassing an entire city block in the heart of San Francisco’s Financial District. The sale included the Transamerica Pyramid Tower, one of the world’s most recognizable office towers, whose iconic architecture transformed the San Francisco skyline and remains to this day an enduring symbol of the City by the Bay.

JLL represented the seller, Transamerica (as advised by its affiliate, Aegon Asset Management), and procured the buyer, a joint venture partnership between SHVO and Deutsche Finance America (DFA), which included a consortium of investors led by Bayerische Versorgungskammer (BVK), one of Germany’s leading pension funds. Additionally, JLL worked on behalf of the buyers to secure the acquisition loan, which will allow the Transamerica Pyramid Tower and the surrounding complex to continue to claim its place as one of the truly premier Class A office towers globally.

Originally completed in 1972, Transamerica Pyramid Center has never traded, and has held the same ownership for its nearly 50-year history. This once-in-a-generation opportunity consisted of the Transamerica Pyramid Office Tower, a 48-story, 512,395-square-foot tower at 600 Montgomery Street; 505 Sansome Street, a 20-story, 191,142-square-foot office tower; and a corner parcel at 517 and 545 Washington Street, which will allow for the development of a nine-story, 106,807-square-foot office building. The Transamerica Pyramid Center Complex is home to a diverse tenant base including industry-leading private equity, wealth management, consulting and law firms.

The JLL Capital Markets team representing the seller was led by Senior Managing Directors Gerry Rohm, Michael Leggett, Robert Hielscher and Michael Seifer, and Senior Directors David Dokko and Erik Hanson.

Financing efforts for the sale of the complex were led by Senior Managing Director Peter Smyslowski, Executive Managing Director Mike Tepedino, Senior Director David Sitt and Directors Robert Tonnessen and Bercut Smith.

“This was a unique opportunity to acquire one of the world’s most recognized office towers, with its iconic architecture still globally recognizable after nearly 50 years,” said Rohm. “It was a privilege to represent our client, Transamerica and Aegon Asset Management, in this transaction. Both companies have been diligent stewards of these properties and we are pleased to facilitate the sale to a partnership led by SHVO and DFA. The partnership has the vision to transform the Transamerica Pyramid Center Complex to the next generation office tower and work environment being sought after by today’s tenants.”

“Despite the pandemic, the investor pool for the offering was diverse, comprising both domestic and offshore investors who continue to be bullish on the long-term strength and fundamentals of the San Francisco market,” added Leggett. “The Transamerica Pyramid Tower, with its location, distinctive architecture and diverse tenant base was, and will continue to be, a draw for tenants and investors worldwide.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.

About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of nearly 93,000 as of June 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit

About Aegon

Aegon NV’s roots go back 175 years – to the first half of the nineteenth century. Since then, Aegon has grown into an international company, with businesses in more than 20 countries in the Americas, Europe and Asia. In the US, Aegon’s largest market, Aegon operates under the Transamerica brand. Today, Aegon is one of the world’s leading financial services organizations, providing life insurance, pensions and asset management. Aegon never loses sight of its purpose to help people achieve a lifetime of financial security. For more information, please visit:

About SHVO

SHVO is a real estate investment firm built on the vision of the firm’s founder and CEO, Michael Shvo, to create culture-defining experiences in iconic properties. SHVO has a proven track record of setting a standard that others follow, acquiring and managing super-prime assets that result in extraordinary value for investors. Leveraging a deep understanding of market fundamentals, insights into global trends, operational excellence, and top-tier talent, SHVO is best-in-class at unlocking value in every project the company undertakes.  This record of increasing demand while achieving premiums has secured investment from the world’s most selective institutional investors.