By Logan Chuang and Jackson Cioffero
SAN FRANCISCO: When people visit San Francisco, the Transamerica Pyramid is one of the first things they see. The Pyramid is the second tallest building in San Francisco, so it’s hard to miss. But just recently this famous building has been bought for a large amount of 711 million dollars by Michael Shvo and other bushiness partners.
This is the first time that the building has been sold since its construction in 1969 as head quarters for the insurance company. This is one of the reasons why this building being bought is such a big deal.
Only half of this building was intended to be sold, but the company decided to sell the whole tower due to the lack of buyer interest. The company Intended to keep half for their own purposes but no one wanted to buy only half. Once it went on the market for the whole building, there was 4 potential buyers.
This building also serves as the company’s logo, despite being sold. the company will still be branded with the building. The company is also still keeping rights to the name of the building, still calling it the Transamerica Pyramid. SHVO pyramid just doesn’t have the same ring to it.
A Transamerica Employee said, ”They should have waited to sell it. This building is not only a big part of the company’s history but a famous building in San Francisco.” If they waited later, it would’ve been on the market for more.” While this may be true, the company got major stocks. This 711 million dollars would allow the company to make more finance products and would allow the company to make major changes to their businesses.
While there is a controversy on whether the company should’ve sold the building or not, one thing is certain: the Pyramid will always represent Transamerica.