Dealmaker: San Francisco’s Transamerica Pyramid Center Sells for $650M
JLL Capital Markets, Chicago, closed $650 million for sale and $390 million financing of the Transamerica Pyramid Center Complex in San Francisco.
The three-building, 703,500-square-foot Class A office complex and development parcel encompass a city block in the city’s Financial District.
JLL represented seller Transamerica Life Insurance Co., Cedar Rapids, Iowa., as advised by affiliate Aegon Asset Management. JLL also procured the buyer, a joint venture between SHVO, New York, and Deutsche Finance International, London, which included a consortium of investors led by German pension fund Bayerische Versorgungskammer.
The capital markets team representing the seller was led by JLL Senior Managing Directors Gerry Rohm, Michael Leggett, Robert Hielscher and Michael Seifer, and Senior Directors David Dokko and Erik Hanson. JLL Senior Managing Director Peter Smyslowski, Executive Managing Director Mike Tepedino and Managing Directors Robert Tonnessen and David Sitt led the financing efforts.
Completed in 1972, Transamerica Pyramid Center has not traded in its nearly 50-year history. This transaction included the 48-story Transamerica Pyramid Office Tower, 20-story 505 Sansome Street and a corner parcel at 517 and 545 Washington Street that will allow for development of a nine-story, 106,807-square-foot office building.
Leggett noted both domestic and offshore investors pursued the tower. “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,” he said.
On the East Coast, JLL Capital Markets arranged a $26 million acquisition loan for Lightstone Logistics Center, a newly constructed 400,000-square-foot, Class A multi-tenant industrial warehouse and distribution building in Charlotte, N.C.
JLL represented the borrower, New York City-based Lightstone, and placed the floating-rate bridge loan with Benefit Street Partners Realty Trust, also headquartered in New York.
Completed in October, Lightstone Logistics Center has 70 dock doors, 36-foot clear heights, 319 automobile spaces and 72 trailer stalls. Distribution firm Power Distributors pre-leased half of the space. Situated on 34 acres at 7800 Tuskaseegee Rd., Lightstone Logistics Center is an infill, last-mile location in Charlotte’s Airport Industrial submarket near Interstate-85.
JLL Senior Director Peter Rotchford, Director John Gavigan, Vice President Alex Staikos and Analyst Ryan Lieberman arranged the loan.
