C&W's local managing director Joe Cook tells GlobeSt.com the assignment totals 776,782 sf. Transamerica Pyramid, built in 1972, totals 491,799 sf and is 94.5% leased. The other buildings in the deal are 505 Sansome (180,963 sf; 78% leased), 545 Sansome (50,525 sf; 92% leased) and 2 Bryant (53,495 sf; 100% leased).
In a prepared statement, C&W says the formal interview process, initiated by Aegon in April, "was conducted in order to adhere to certain internal policies and procedures in [Aegon's] management of real estate operations, which includes periodically competitively bidding its major third party service providers."
Aegon USA Realty Advisors did not respond to a request for comment on the decision to switch property managers and leasing agents. Lowe Enterprises also was unavailable for comment Thursday afternoon.
Aegon USA Realty Advisors manages the Transamerica Pyramid and Pyramid Center on behalf of Transamerica Properties LLC. Transamerica Properties LLC is a subsidiary of Transamerica Occidental Life Insurance Co., which is a member company of the Aegon Group.
The assignment takes C&W's Downtown San Francisco management portfolio to approximately nine million sf, Cook says. In the Bay Area as a whole, it has 25 million sf under management.
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