Germany’s largest pension scheme Bayerische Versorgungskammer (BVK), Deutsche Finance America and New York City-based property developer Michael Shvo are acquiring San Francisco’s iconic Transamerica Pyramid office tower and two neighbouring properties for $700m (€634m).

According to sources familiar with the matter, the trio have agreed to buy the skyscraper at 600 Montgomery Street and two properties at 505 and 545 Sansome from Transamerica and its parent company Aegon.

Listing agent JLL had put the assets up for sale in September last year with a projected price range of $625m to $650m, according to sources.

It is the first time the 48-storey Transamerica Pyramid building has been sold since it was developed in 1972.

Shvo and JLL declined requests for comment.

A previous version of this article wrongly named Deutsche Finance International as one of the buyers