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Why the thriving Transamerica Pyramid was sold for a big loss
The previous owners paid top dollar for a makeover during a down market. It will take years to regain that value.
For six years, Michael Shvo’s audacious bet on the Transamerica Pyramid was the toast of the town. But by the end of his stewardship of the iconic property last week, it traded like any other debt in a San Francisco still marred by the pandemic: distressed and discounted.
Cyprus-based Yoda PLC on Friday closed its purchase of the skyscraper in four parts, totaling roughly $691 million, according to public records.
That’s technically a small gain from the $650 million Shvo’s investors — Bayerische Versorgungskammer (BVK) and Deutsche Finance — paid in 2020. But considering the partners spent an additional $250 million (out of a planned $400 million project) on renovations, the project will go down in both firms’ histories and on their balance sheets as a debacle.
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