Aegon NV U.S. Sells San Francisco’s Transamerica Pyramid Center to SHVO-Deutsche Finance Joint Venture for $650M

We congratulate Stoel Rives’ client Aegon NV U.S. on its sale, through a few other subsidiaries, of the Transamerica Pyramid Center in San Francisco to joint venture SHVO-Deutsche Finance. The $650 million transaction—for the iconic, 48-story Pyramid Center, two other buildings and a park—marks both the largest real estate transaction in the U.S. since the start of the COVID-19 pandemic and the first time the Pyramid Center has changed hands since it was built in 1972.

A Stoel Rives deal team represented Transamerica Life Insurance Co., a unit of Aegon, in providing a $495 million loan to the joint venture buyer. The team was led by Virginia Pedreira and included Guy Randles on construction issues, Tom Woods on certain lien issues, transactional specialist Rita Cmorey and paralegal Leihren Hipke, who Pedreira said “…were amazing! I want to give the team recognition on this—they worked so very hard and did a great job.”