SAN FRANCISCO—(BUSINESS WIRE)— The Transamerica Pyramid, one of San Francisco's most recognizable structures, has sold for $650 million, eight months after a purchase deal was made.
The buyer has been identified as India-based Godrej Properties Ltd., which paid $750 million in Indian rupees (about $10 million at the time). The transaction was completed on February 2, 2014, according to a statement from Transamerica Financial Advisors LLC, the company that manages the property.
The Transamerica Building is a 52-story landmark skyscraper located at 350 Golden Gate Avenue in San Francisco. It was designed by architect Louis Kahn and opened in 1976. The pyramid-shaped structure is the only building he designed in California.
The building serves as the headquarters of Transamerica Corporation, a financial services company. It also houses offices for several other companies including Fidelity Investments, which moved into the building in 1977. The property has a total floor area of about 44,000 square feet (4,200 m2).
Kahn died before he could see his work come to life. He had sketched out three buildings in all: this one, a smaller version of it, and another larger one closer to San Francisco's city center.
Pyramid of Transamerica (the United States) Display a map of the United States of America. The Transamerica Pyramid, located at 600 Montgomery Street between Clay and Washington Streets in San Francisco's Financial District, California, United States, is a 48-story futurist structure and the city's second-tallest skyscraper. It was built from 1992 to 1997 as part of the Transamerica Corporation headquarters complex. The pyramid's shape represents the transcontinental scope of the company.
The pyramid has 1,079 square feet (97 m²) of floor space, which increases to an estimated 1,296 square feet (115 m²) once interior amenities such as offices and meeting rooms are taken into account. It stands 408 feet (122 m) tall with its tip peeking over the top of its building site; however, due to wind effects and structural loads, it actually measures 405 feet (119 m) tall including its roof.
It is currently the 14th tallest building in San Francisco and the second tallest building within the city limits (after Coit Tower). The pyramid was designed by Richard Rogers and is primarily constructed of glass with steel frames. Its shape is inspired by that of a traditional Chinese lantern.
Transamerica Pyramid Facts:
Owners: Transamerica Corporation
Status: Operational office building
Height: 468 feet (141 m)
The Transamerica Pyramid, at 853 feet (260 meters), is still one of San Francisco's tallest structures. Its unusual pyramid design allows for a variety of floor plates, ranging from 22,226 square feet on the 6th level to 2,531 square feet on the 48th floor. The building was also designed with safety in mind, using fireproof materials and automatic doors with heat sensors.
Construction on the Transamerica Pyramid began in 1973 and it was completed in 1976. At the time it was built, it was the world's first fully glass-enclosed high-rise office building. The building's architect, Wallace Harrison Jr., chose to use glass as the primary material for the exterior walls and ceilings because he believed this would make the structure more energy efficient. He was right: The Transamerica Pyramid uses about 15% of the energy of a conventional skyscraper of its height.
In addition to being energy efficient, the Transamerica Pyramid has another major advantage over other tall buildings: It does not require any internal columns to support its weight, which means there are no weak points in the structure where a column could break.
Finally, the Transamerica Pyramid was the first U.S. skyscraper to be certified by the Green Building Council (GBC). Today, many large cities have their own green building programs that allow for tax breaks or reduced rent/mortgage payments if a building is considered "green".
Transamerica Pyramid/Functional Office
Today, the skyscraper is a source of pride for the city and an undoubtedly distinctive feature of San Francisco. Originally constructed for the Transamerica Corporation, the structure was purchased in 1999 by Aegon, a Dutch insurance business, and is now used as office space for financial and insurance services.
The architecture of San Francisco's Transamerica Pyramid is well-known, with a broad base that tapers as it climbs, increasing the building's stability. At the base, a network of diagonal beams supports the structure against both horizontal and vertical stresses. The mall is not as large as Viviana, but it includes several decent eateries and gaming alternatives, such as Smaash, making it simpler to handle and providing options for everyone in the family. Korum Mall was formerly a popular destination for Thane residents visiting the mall. However, it is currently overshadowed by the much bigger Viviana Mall.
The pyramid design has been adopted by other buildings in San Francisco, including another Transamerica Pyramid and two Gold Souk structures. A third Transamerica Pyramid is under construction in Taipei.
There are several reasons why the Transamerica Pyramid is famous for its architecture. It was one of the first large-scale examples of postmodern architecture, which developed after modernism had become overly complex and stressful on the mind and body. Postmodern architects took inspiration from many different styles, creating their own unique take on design. The Transamerica Pyramid is especially notable because of its emphasis on function over form. The designer, John C. Portman, wanted to create a structure that would be as efficient at holding up heavy weights as possible while still being attractive. He achieved this by using simple shapes and colors rather than complicated angles or designs. Although Portman died before he could see his work come to life, his son Tony took over the project and completed it just four years after his father's death.
In addition to its use of simple shapes, the Transamerica Pyramid also uses light weight materials for its construction.