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| Transamerica Pyramid Center Complex, San Francisco, CA |
SAN
FRANCISCO, CA – JLL Capital Markets announced
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.
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Gerry Rohm
|
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 International (DFI), 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.
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Michael Leggett
|
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 Michel Seifer, and Senior Directors David Dokko
and Erik Hanson.
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Robert (Rob) Hielscher
|
Financing efforts for the sale of the complex
were led by Senior Managing Director
Peter Smyslowski, Executive
Managing Director Mike Tepedino, and Managing Directors Robert
Tonnessen and David Sitt.
“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 DFI.
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Michel Seifer
|
"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.”
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| David Dokko |
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.
For
more news, videos and research resources on JLL, please visit our newsroom.
Jones Lang LaSalle Americas, Inc.
("JLL") is a real estate broker licensed with the California
Department of Real Estate, license #01223413.
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Erik Hanson
|
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: aegon.com.
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| Peter Smyslowski |
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. www.shvo.com
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| Mike Tepedino |
About
DFI
DFI
is a pan-European private equity firm with over €2.4 billion of assets under
management, which specializes in customer centric real estate.
It
pursues value add and select opportunistic research driven strategies driving
superior risk-adjusted returns through deep value investing, capitalizing on
trends and transforming under-managed and under-invested assets and operating
companies through proactive asset management.
The
firm acts as the investment adviser to its discretionary funds and
co-investment partners and has a global institutional client base that includes
pension funds, insurance companies, financial institutions and family offices.
DFI
is independently managed by its Founding Partners with a dedicated
best-in-class team operating across offices in London, Munich, Madrid and
Luxembourg.
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David Sitt
|
It
benefits from being part of the Deutsche Finance Group (“DFG”), a global
investment management firm that specializes in private market real estate and
infrastructure investments.
DFG
currently has over €6.5 billion of assets under management and is headquartered
in Munich. DFG is privately owned and regulated by the Federal Financial
Supervisory Authority of Germany, BaFin.
For
additional information see www.deutsche-finance-international.com
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.
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| Michael Shvo |
JLL is a Fortune 500 company with annual revenue
of $18.0 billion, 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 jll.com.
Contact:
Kristen
Murphy
JLL
Senior Manager
Public Relations
Phone: +1
617 848 1572
Email: Kristen.Murphy@am.jll.com
