SAN FRANCISCO—The Transamerica Pyramid finally has a new owner. The sale marks the first time the skyscraper has sold since it opened in 1972.

A group led by New York developer Michael Shvo and Deutsche Finance America completed a previously announced acquisition of the building from Aegon NV. The partners bought the building with a group of European investors, including German pension fund Bayerische Versorgungskammer, according to Bloomberg.

The purchase price was $650 million for the 48-story tower and two nearby buildings at 505 Sansome St. and 545 Sansome St., which is a potential development site. The three buildings total approximately 760,000 square feet.

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Lisa Brown

Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.