San Francisco’s most recognizable high-rise hit the market in 2019 for the very first time, hoping to capitalize on the city’s out-of-control market for office space.
It was a rare opportunity for a wealthy buyer to own a piece of San Francisco’s public image and identity. While nobody will ever bid on the Golden Gate Bridge or the Palace of Fine Arts, the circa-1972 skyscraper that for decades was the city’s tallest building is a landmark for the investor class.
Though still unconfirmed, Bloomberg reports that after nearly six months a buyer is in hand in the form of New York developer Michael Shvo, who already owns a swath of singular high-rise buildings worth a total of more than $6 billion.
[Update: A Shvo spokesperson tells Curbed SF that German pension fund Bayerische Versorgungskammer and Deutsche Finance are also partners on the purchase.]
The reported price of the famous triangular tower is $700 million, significantly more than the $600 million price projected last year.
This is the first time the building has ever sold and the first time the entire thing was on the market.
In 2018, the Transamerica Corporation tried to sell a stake of slightly less than half of the building, but the deal failed due to technicalities.
Despite the transaction, the seller retains the naming rights, which is lucky, since “Shvo Pyramid” just doesn’t have the same ring to it. And perhaps now the new owner will fix the cracked diamond-shaped window pane atop the famous structure.