Dutch insurer Aegon NV said Thursday that it has agreed to sell the “Pyramid”, an iconic San Francisco building complex, for $650 million in order to boost its solvency, according to a Reuters report.
Aegon said the purchaser was a joint venture headed by real estate developer Michael Schvo.
The building, also known as the Transamerica building, will remain on the logo of Aegon’s US Transamerica insurance business, Reuters reported.
“Transamerica had this building built and owned it since its completion in 1972,” said Lard Friese, CEO of Aegon. “I’m proud that we will remain associated with this iconic building, as we will retain the name and brand rights.”
Aegon said the sale would result in a 4% boost to its solvency under Europe’s Solvency II regime.