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Transamerica Building Gets New Manager
San Francisco Business Times
07/14/06
Friday, July 14, 2006 – Cushman & Wakefield is close to inking a deal to replace Lowe Enterprises as manager of the world-famous Transamerica Pyramid.
Transamerica's Iowa-based asset manager, Aegon USA Realty Advisors, recently put out a request for proposals to take over leasing and management of the 800,000-square-foot assignment, which includes the 489,000-square-foot Pyramid at 600 Montgomery St., as well as three other buildings: 505 Sansome St., 545 Sansome St., and 2 Bryant St.
James Arce of Cushman & Wakefield confirmed the talks and said the chance to take over the property was impossible to pass up.
"It's one of the best buildings in the world," said Arce. "It think it's a neat opportunity."
Nancy Green, spokeswoman for Aegon, confirmed that "discussions are under way, but it has not been finalized yet."
Other bidders to take over the trophy property were CB Richard Ellis, Colliers International and the CAC Group
Lowe Enterprises took over the building, a downtown icon and one of the most recognizable features of the San Francisco skyline, in 2002. Prior to that it was managed and leased by Jones Lang LaSalle. Real estate sources said the property owner wanted to bring in a more experienced team to negotiate a renewal with the Pyramid's largest tenant, Banc of America Securities, which occupies 200,000 square feet. The team of Dick Robinson, Margaret Duskin and Matt Shewey will handle the assignment. Duskin was part of a team leasing the property while at JLL in the 1990s.
Green said as a publicly traded company, Aegon "does due diligence and regularly looks at their management and leasing partners."
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