Kevin Truong

An explosive lawsuit filed on Wednesday alleges that Michael Shvo, the new owner of San Francisco’s Transamerica Pyramid, misled the public about an over-the-top new private club that’s key to his $1 billion-plus plan to purchase and revive the iconic property.

core/paragraph

An explosive lawsuit filed on Wednesday alleges that Michael Shvo, the new owner of San Francisco’s Transamerica Pyramid, misled the public about an over-the-top new private club that’s key to his $1 billion-plus plan to purchase and revive the iconic property.

The lawsuit filed in New York State Supreme Court not only alleges that Shvo and his partners lied about his dealings with CORE: Holdings, the company behind the ultra-luxe members-only club, but that the developer enriched himself via fraud and ran up an unpaid $80K bill from personal use of CORE’s facilities.

The lawsuit filed in New York State Supreme Court not only alleges that Shvo and his partners lied about his dealings with CORE: Holdings, the company behind the ultra-luxe members-only club, but that the developer enriched himself via fraud and ran up an unpaid $80K bill from personal use of CORE’s facilities.

The lawsuit is seeking the recovery of more than $600 million in damages, the cancellation of existing agreements between Shvo and CORE: Holdings and the termination of its lease in San Francisco.

The lawsuit is seeking the recovery of more than $600 million in damages, the cancellation of existing agreements between Shvo and CORE: Holdings and the termination of its lease in San Francisco.

Michael Shvo, Real estate developer and CEO of SHVO, speaks at the celebration of the Transamerica building’s 50th birthday and interior renovation by SHVO development, at 600 Montgomery Street in the downtown, Financial District of San Francisco, on Tuesday, Dec. 6, 2022.

<figure class="wp-block-image size-large"><img src="https://content.sfstandard.com/wp-content/uploads/2023/06/INLINED1_SFRealEstateOpportunist-.jpg?w=1701" alt="A man in a black shirt is speaking into a microphone on a stage with a black background displaying a large white &quot;50&quot; and stylized &quot;D&quot; behind him." class="wp-image-169195"/><figcaption class="wp-element-caption">Michael Shvo and his German financing partners purchased the Transamerica Pyramid in 2020 for $650 million as part of a $3 billion buying spree that included several top-tier properties in markets like New York, Los Angeles and Miami Beach.&nbsp;</figcaption></figure>

core/image

<figure class="wp-block-image size-large"><img src="https://content.sfstandard.com/wp-content/uploads/2023/06/INLINED1_SFRealEstateOpportunist-.jpg?w=1701" alt="A man in a black shirt is speaking into a microphone on a stage with a black background displaying a large white &quot;50&quot; and stylized &quot;D&quot; behind him." class="wp-image-169195"/><figcaption class="wp-element-caption">Michael Shvo and his German financing partners purchased the Transamerica Pyramid in 2020 for $650 million as part of a $3 billion buying spree that included several top-tier properties in markets like New York, Los Angeles and Miami Beach.&nbsp;</figcaption></figure>

The opening date for the club’s location in San Francisco, along with the first phase of the building’s renovation, has been pushed several times. CORE’s initiation fees cost between $15,000 and $100,000 in initial fees plus annual dues of $15,000 to $18,000.

The opening date for the club’s location in San Francisco, along with the first phase of the building’s renovation, has been pushed several times. CORE’s initiation fees cost between $15,000 and $100,000 in initial fees plus annual dues of $15,000 to $18,000.

“There is no realistic prospect of a CORE: club opening in San Francisco in September 2024 or at any time in the foreseeable future,” the lawsuit states. The company blames Shvo’s “deficient underwriting” for the continued reduction in CORE’s scope in San Francisco.&nbsp;

“There is no realistic prospect of a CORE: club opening in San Francisco in September 2024 or at any time in the foreseeable future,” the lawsuit states. The company blames Shvo’s “deficient underwriting” for the continued reduction in CORE’s scope in San Francisco.&nbsp;

If the accusations are true, one key part of Shvo’s strategy to revitalize a crown jewel of the city may never get off the ground. The owners insist that the public lobby and a host of new amenities are still slated to open in the fall.

If the accusations are true, one key part of Shvo’s strategy to revitalize a crown jewel of the city may never get off the ground. The owners insist that the public lobby and a host of new amenities are still slated to open in the fall.

&#8220;The lawsuit filed today is a desperate attempt to bail out the owners of Core Club from fulfilling the very clear obligations they committed to in a series of binding written agreements,” Morris Missry, an attorney with Wachtel Missry LLP, who is representing Shvo and the defendants, said in a statement.&nbsp;

"The lawsuit filed today is a desperate attempt to bail out the owners of Core Club from fulfilling the very clear obligations they committed to in a series of binding written agreements,” Morris Missry, an attorney with Wachtel Missry LLP, who is representing Shvo and the defendants, said in a statement.&nbsp;

&#8220;The lawsuit filed today is a desperate attempt to bail out the owners of Core Club from fulfilling the very clear obligations they committed to in a series of binding written agreements,” Morris Missry, an attorney with Wachtel Missry LLP, who is representing Shvo and the defendants, said in a statement.&nbsp;

“We will not be threatened or pressured into providing rent reductions or other undeserved concessions and will aggressively defend this lawsuit.&#8221;

“We will not be threatened or pressured into providing rent reductions or other undeserved concessions and will aggressively defend this lawsuit."

“We will not be threatened or pressured into providing rent reductions or other undeserved concessions and will aggressively defend this lawsuit.&#8221;

CORE did not respond to a request for comment on the matter.&nbsp;

CORE did not respond to a request for comment on the matter.&nbsp;

According to the lawsuit, Shvo approached CORE in the spring of 2020 with an offer to invest $100 million to open up three locations in New York, San Francisco and Milan.&nbsp;

According to the lawsuit, Shvo approached CORE in the spring of 2020 with an offer to invest $100 million to open up three locations in New York, San Francisco and Milan.&nbsp;

In exchange for a 50% ownership stake in the company, Shvo allegedly offered to finance and build the luxury clubs, underwrite the projects and set the rent. CORE executives were told it would have no financial responsibilities for the build-outs.

In exchange for a 50% ownership stake in the company, Shvo allegedly offered to finance and build the luxury clubs, underwrite the projects and set the rent. CORE executives were told it would have no financial responsibilities for the build-outs.

However, when it came to putting those agreements on paper, the deal was under much less generous terms. Eventually that forced CORE to secure alternative financing and go into debt when Shvo reneged on his initial offers to fund the development of the clubs.

However, when it came to putting those agreements on paper, the deal was under much less generous terms. Eventually that forced CORE to secure alternative financing and go into debt when Shvo reneged on his initial offers to fund the development of the clubs.

Exclusive: The Transamerica Pyramid’s renovation is underway. We got a peek from the top

sf-standard/related-post

SF’s office vacancies just hit a new all-time high. But the ‘Great Reset’ has begun

Transamerica Pyramid owner Michael Shvo discusses his billion-dollar bet on downtown San Francisco

sf-standard/related-posts-container

Shvo and his German financing partners purchased the Transamerica Pyramid in 2020 for $650 million as part of a $3 billion buying spree that included a number of top-tier properties in markets like New York, Los Angeles and Miami Beach.&nbsp;

Shvo and his German financing partners purchased the Transamerica Pyramid in 2020 for $650 million as part of a $3 billion buying spree that included a number of top-tier properties in markets like New York, Los Angeles and Miami Beach.&nbsp;

Recent <a href="https://www.wsj.com/real-estate/commercial/a-new-york-developer-binged-on-trophy-properties-his-wager-is-flailing-7ecca7dd">reports</a> have indicated that Shvo’s strategy to seek sky-high asking rents and prices for properties has begun to falter.&nbsp;

Recent <a href="https://www.wsj.com/real-estate/commercial/a-new-york-developer-binged-on-trophy-properties-his-wager-is-flailing-7ecca7dd">reports</a> have indicated that Shvo’s strategy to seek sky-high asking rents and prices for properties has begun to falter.&nbsp;

In New York, CORE accuses Shvo of mismanagement and overseeing substandard construction work that left the company “without a usable space for their members and forcing them to scramble to extend their former lease so they could stay in their old location at the significant cost of $800,000.”

In New York, CORE accuses Shvo of mismanagement and overseeing substandard construction work that left the company “without a usable space for their members and forcing them to scramble to extend their former lease so they could stay in their old location at the significant cost of $800,000.”

Shvo urged CORE to move in employees anyway despite the property not being approved for occupancy and “to ‘hire illegals to wash the plates’ when the hot water was not connected,” the suit alleges.

Shvo urged CORE to move in employees anyway despite the property not being approved for occupancy and “to ‘hire illegals to wash the plates’ when the hot water was not connected,” the suit alleges.

The lawsuit also claims that while Shvo isn’t a member of CORE, he has personally racked up an $80,000 unpaid tab using the company’s restaurant and events space for events for his child’s school, a child’s birthday party and a weekly religious group meeting.&nbsp;

The lawsuit also claims that while Shvo isn’t a member of CORE, he has personally racked up an $80,000 unpaid tab using the company’s restaurant and events space for events for his child’s school, a child’s birthday party and a weekly religious group meeting.&nbsp;

“Not only has Shvo not settled his bill, but he has also refused to pay any gratuities to CORE:’s hardworking staff,” the lawsuit states.

“Not only has Shvo not settled his bill, but he has also refused to pay any gratuities to CORE:’s hardworking staff,” the lawsuit states.

Transamerica Pyramid owner sued for $600M over ultra-luxe club

Astrid Kane

Lauren Saria

Although the Salesforce Tower snatched the crown as the city’s tallest building, the newly renovated Transamerica Pyramid showed San Francisco <a href="https://sfstandard.com/2024/05/06/transamerica-pyramid-renovation-beacon/">who the real boss of the skyline is</a> Thursday. A spectacular laser-light projection graced the 853-foot icon’s east facade, with the Thievery Corporation performing live in the redesigned redwood grove below.

Although the Salesforce Tower snatched the crown as the city’s tallest building, the newly renovated Transamerica Pyramid showed San Francisco <a href="https://sfstandard.com/2024/05/06/transamerica-pyramid-renovation-beacon/">who the real boss of the skyline is</a> Thursday. A spectacular laser-light projection graced the 853-foot icon’s east facade, with the Thievery Corporation performing live in the redesigned redwood grove below.

It was all in celebration of the skyscraper’s grand reopening. Under the canopy of towering redwoods, both illuminated from below and strung with lights, guests sampled skewers of grilled chicken thighs topped with a heap of leek and coconut slaw and croquettes filled with curry-spiced fig jam and a shower of Parmesan — an indication of owner Michael Shvo’s <a href="https://sfstandard.com/2024/08/19/new-transamerica-pyramid-restaurants/">aspirations for the building to become a food destination</a>.

Can the Transamerica Pyramid become a food hub? This star chef is betting on it

It was all in celebration of the skyscraper’s grand reopening. Under the canopy of towering redwoods, both illuminated from below and strung with lights, guests sampled skewers of grilled chicken thighs topped with a heap of leek and coconut slaw and croquettes filled with curry-spiced fig jam and a shower of Parmesan — an indication of owner Michael Shvo’s <a href="https://sfstandard.com/2024/08/19/new-transamerica-pyramid-restaurants/">aspirations for the building to become a food destination</a>.

A laser show is seen during at the opening party for the official re-opening of the Transamerica Pyramid San Francisco on September 12,  2024. The iconic building was renovated and parts of it were re-opened to the public with a party featuring a laser light snow and a  concert with Thievery Corporation.

<figure class="wp-block-image size-large"><img src="https://content.sfstandard.com/wp-content/uploads/2024/09/20240912_transamericapyramidlighting_aar_8-edited.jpg" alt="A bronze-colored statue holds a bouquet of vivid pink and red flowers in front of a tall, illuminated triangular skyscraper under a dark night sky." class="wp-image-311336"/><figcaption class="wp-element-caption">A spectacular laser-light projection graced the 853-foot icon’s east facade.</figcaption></figure>

XXX at the opening party for the official re-opening of the Transamerica Pyramid San Francisco on September 12,  2024. The iconic building was renovated and parts of it were re-opened to the public with a party featuring a laser light snow and a  concert with Thievery Corporation.

<figure class="wp-block-image size-large"><img src="https://content.sfstandard.com/wp-content/uploads/2024/09/20240912_transamericapyramidlighting_aar_11-edited.jpg" alt="A group of people are looking upwards at night, with some holding their phones up. They are outdoors with illuminated trees and city lights in the background." class="wp-image-311335"/><figcaption class="wp-element-caption">Guests at the reopening party gather under the canopy of towering redwoods, both illuminated from below and strung with lights.</figcaption></figure>

Thievery Corporation performs at the opening party for the official re-opening of the Transamerica Pyramid San Francisco on September 12,  2024. The iconic building was renovated and parts of it were re-opened to the public with a party featuring a laser light snow and a  concert with Thievery Corporation.

<figure class="wp-block-image size-large"><img src="https://content.sfstandard.com/wp-content/uploads/2024/09/20240912_transamericapyramidlighting_aar_12-edited.jpg" alt="Three musicians perform on an outdoor, forest-lit stage; a guitarist on the left, a singer in the center with a mic, and another vocalist on the right." class="wp-image-311340"/><figcaption class="wp-element-caption">Thievery Corporation performs its genre-defying blend of trip-hop, world music, and downtempo EDM.</figcaption></figure>

There was comparatively little talk about how the Pyramid, bought by Shvo in 2020 for $650 million, is trying to sign commercial leases at <a href="https://sfstandard.com/2023/10/24/transamerica-pyramid-downtown-san-francisco-michael-shvo/">previously unheard-of rates for San Francisco</a>. Even less about the <a href="https://sfstandard.com/2024/06/26/core-club-michael-shvo-transamerica-pyramid-lawsuit/">controversies dogging owner Shvo’s other properties</a>, likely a relief for the building&#8217;s owner considering how the <a href="https://sfstandard.com/2024/09/12/shvo-must-go-banner-flown-above-transamerica-pyramid/">legal drama literally loomed over the ceremonies</a> earlier in the day.

&#8216;Shvo must go&#8217; banner flown above Transamerica, trolling reopening party

There was comparatively little talk about how the Pyramid, bought by Shvo in 2020 for $650 million, is trying to sign commercial leases at <a href="https://sfstandard.com/2023/10/24/transamerica-pyramid-downtown-san-francisco-michael-shvo/">previously unheard-of rates for San Francisco</a>. Even less about the <a href="https://sfstandard.com/2024/06/26/core-club-michael-shvo-transamerica-pyramid-lawsuit/">controversies dogging owner Shvo’s other properties</a>, likely a relief for the building's owner considering how the <a href="https://sfstandard.com/2024/09/12/shvo-must-go-banner-flown-above-transamerica-pyramid/">legal drama literally loomed over the ceremonies</a> earlier in the day.

There was comparatively little talk about how the Pyramid, bought by Shvo in 2020 for $650 million, is trying to sign commercial leases at <a href="https://sfstandard.com/2023/10/24/transamerica-pyramid-downtown-san-francisco-michael-shvo/">previously unheard-of rates for San Francisco</a>. Even less about the <a href="https://sfstandard.com/2024/06/26/core-club-michael-shvo-transamerica-pyramid-lawsuit/">controversies dogging owner Shvo’s other properties</a>, likely a relief for the building&#8217;s owner considering how the <a href="https://sfstandard.com/2024/09/12/shvo-must-go-banner-flown-above-transamerica-pyramid/">legal drama literally loomed over the ceremonies</a> earlier in the day.

After a local media outlet erroneously indicated that the party was open to the general public, hundreds of people registered last-minute, and many succeeded in getting in. By 7 p.m., lines stretched north and south from the entrance at Mark Twain Alley and Sansome Street, with queues eventually wrapping around the corner. The wait for a cocktail at the bars was almost as long.

After a local media outlet erroneously indicated that the party was open to the general public, hundreds of people registered last-minute, and many succeeded in getting in. By 7 p.m., lines stretched north and south from the entrance at Mark Twain Alley and Sansome Street, with queues eventually wrapping around the corner. The wait for a cocktail at the bars was almost as long.

Miko Marker, a developer who builds premanufactured housing in the Central Valley, had never been inside the building before. “It’s bumping,” she said of the party. “It reminds me of Burning Man.”

Miko Marker, a developer who builds premanufactured housing in the Central Valley, had never been inside the building before. “It’s bumping,” she said of the party. “It reminds me of Burning Man.”

Nate Payne poses for a portrait at the opening party for the official re-opening of the Transamerica Pyramid San Francisco on September 12,  2024. The iconic building was renovated and parts of it were re-opened to the public with a party featuring a laser light snow and a  concert with Thievery Corporation.

<figure class="wp-block-image size-large"><img src="https://content.sfstandard.com/wp-content/uploads/2024/09/20240912_transamericapyramidlighting_aar_19.jpg?w=2000" alt="A man wearing sunglasses holds a drink in one hand and a phone in the other, posing in front of a tall, illuminated, triangular building at night." class="wp-image-311341"/><figcaption class="wp-element-caption">“We totally need more of this,” said Nate Payne, a graphic designer who grew up in the Fillmore, snapping a selfie.</figcaption></figure>

Light trails from a boat crossing the San Francisco Bay illuminated ate the water during a laser light show plays on the Transamerica Pyramid Center to inaugurate its reopening in San Francisco on Thursday, Sep. 12, 2024. Transamerica Pyramid Center, an historic block on the northern edge of San Francisco’s Financial District, is reopening following a $1 billion dollar investment by luxury real estate development firm SHVO and remastering by Pritzker Prize Laureate Lord Norman Foster and his global architecture firm Foster + Partners.

<figure class="wp-block-image size-large"><img src="https://content.sfstandard.com/wp-content/uploads/2024/09/20240911-transamericalightshow-jk-05-edited.jpg" alt="The image shows a city skyline at night with brightly lit buildings, dominated by a tall pyramid-shaped skyscraper illuminated in blue lights." class="wp-image-311310"/><figcaption class="wp-element-caption">A laser-light show ensures all eyes are on the Transamerica Pyramid Thursday to celebrate its reopening.</figcaption></figure>

Avni Barman looks up at a model of the Transamerica Pyramid at the opening party for the official re-opening of the Transamerica Pyramid San Francisco on September 12,  2024. The iconic building was renovated and parts of it were re-opened to the public with a party featuring a laser light snow and a  concert with Thievery Corporation.

<figure class="wp-block-image size-large"><img src="https://content.sfstandard.com/wp-content/uploads/2024/09/20240912_transamericapyramidlighting_aar_14-edited.jpg" alt="Three people admire a detailed architectural model of tall buildings in a dimly lit museum, with framed sketches and a small screen displayed on the walls behind them." class="wp-image-311349"/><figcaption class="wp-element-caption">“The Vertical City” exhibit features scale models of the Transamerica Pyramid and other Foster + Partners architectural projects worldwide.</figcaption></figure>

It was a very different scene from the tightly orchestrated parade of VIPs who spoke at a ribbon-cutting Thursday morning, among them Mayor London Breed, former Mayor Willie Brown, Board of Supervisors President Aaron Peskin, Shvo, and Norman Foster, <a href="https://sfstandard.com/2024/07/30/life-in-seven-songs-podcast-norman-foster/">the Bach-loving architect the developer hired</a> to reimagine the complex. Foster’s redesign doubled the amount of public space while leaving the Pyramid’s pale concrete exterior untouched.

Podcast: The original starchitect, Norman Foster, on the music that shaped him

It was a very different scene from the tightly orchestrated parade of VIPs who spoke at a ribbon-cutting Thursday morning, among them Mayor London Breed, former Mayor Willie Brown, Board of Supervisors President Aaron Peskin, Shvo, and Norman Foster, <a href="https://sfstandard.com/2024/07/30/life-in-seven-songs-podcast-norman-foster/">the Bach-loving architect the developer hired</a> to reimagine the complex. Foster’s redesign doubled the amount of public space while leaving the Pyramid’s pale concrete exterior untouched.

Partygoers milled about the redwood grove, now filled with animal sculptures, and stepped inside a first-floor gallery to view intricate scale models of <a href="https://www.fosterandpartners.com/news/foster-plus-partners-completes-restoration-of-iconic-transamerica-pyramid-center">Foster + Partners’ work worldwide</a>. That exhibit, “The Vertical City,” shows off the starchitect’s affection for latticework — <a href="https://thegherkin.com/">and phallic symbols</a> — in his designs. (Apple’s doughnut-shaped headquarters in Menlo Park, Foster’s other well-known Bay Area commission, was curiously excluded.)

Partygoers milled about the redwood grove, now filled with animal sculptures, and stepped inside a first-floor gallery to view intricate scale models of <a href="https://www.fosterandpartners.com/news/foster-plus-partners-completes-restoration-of-iconic-transamerica-pyramid-center">Foster + Partners’ work worldwide</a>. That exhibit, “The Vertical City,” shows off the starchitect’s affection for latticework — <a href="https://thegherkin.com/">and phallic symbols</a> — in his designs. (Apple’s doughnut-shaped headquarters in Menlo Park, Foster’s other well-known Bay Area commission, was curiously excluded.)

<figure class="wp-block-image size-large"><img src="https://content.sfstandard.com/wp-content/uploads/2024/09/20240912_transamericapyramidlighting_aar_13-edited.jpg" alt="A tall building is brightly illuminated with multi-colored lights and lasers, set against a dark night sky, with trees framing the sides." class="wp-image-311339"/><figcaption class="wp-element-caption">Multicolored lasers dance over the pyramid’s facade in pulsating geometric forms.</figcaption></figure>

People gather underneath a projection of redwood trees at the opening party for the official re-opening of the Transamerica Pyramid San Francisco on September 12,  2024. The iconic building was renovated and parts of it were re-opened to the public with a party featuring a laser light snow and a  concert with Thievery Corporation.

<figure class="wp-block-image size-large"><img src="https://content.sfstandard.com/wp-content/uploads/2024/09/20240912_transamericapyramidlighting_aar_4-edited.jpg" alt="Two people's silhouettes are against a blue, starry background with tree-like patterns, and green plants are visible in the lower part of the image." class="wp-image-311344"/><figcaption class="wp-element-caption">The nighttime party contrasted from the tightly orchestrated parade of VIPs who spoke at a ribbon-cutting Thursday morning.</figcaption></figure>

Initially scheduled for 8:30 p.m., the light show began half an hour later, backed by the genre-defying duo Thievery Corporation’s blend of trip-hop, world music, and downtempo EDM. Multicolored lasers danced over the building in pulsating geometric forms, with a precision that ran nearly from base to beacon, including one of the Pyramid’s architectural “shoulders.”

Initially scheduled for 8:30 p.m., the light show began half an hour later, backed by the genre-defying duo Thievery Corporation’s blend of trip-hop, world music, and downtempo EDM. Multicolored lasers danced over the building in pulsating geometric forms, with a precision that ran nearly from base to beacon, including one of the Pyramid’s architectural “shoulders.”

Although many attendees seemed not to have heard of Shvo, they were hoping for something dramatic — something that would eclipse <a href="https://sf.curbed.com/2019/10/30/20928913/halloween-salesforce-tower-light-display-2019-show">the “Eye of Sauron” LED effect</a> that Salesforce Tower has done at Halloween.

Although many attendees seemed not to have heard of Shvo, they were hoping for something dramatic — something that would eclipse <a href="https://sf.curbed.com/2019/10/30/20928913/halloween-salesforce-tower-light-display-2019-show">the “Eye of Sauron” LED effect</a> that Salesforce Tower has done at Halloween.

“We totally need more of this,” said Nate Payne, a graphic designer who grew up in the Fillmore. Ticking off places like Dubai and Shanghai where lit-up towers are commonplace, he added, “It’s like we’re playing catch-up here in the world’s most beautiful city.”

“We totally need more of this,” said Nate Payne, a graphic designer who grew up in the Fillmore. Ticking off places like Dubai and Shanghai where lit-up towers are commonplace, he added, “It’s like we’re playing catch-up here in the world’s most beautiful city.”

A laser light show plays on the Transamerica Pyramid Center to inaugurate its reopening in San Francisco on Thursday, Sep. 12, 2024. Transamerica Pyramid Center, an historic block on the northern edge of San Francisco’s Financial District, is reopening following a $1 billion dollar investment by luxury real estate development firm SHVO and remastering by Pritzker Prize Laureate Lord Norman Foster and his global architecture firm Foster + Partners.

The Transamerica Pyramid has always been an icon. Now it’s an art installation

Julie Zigoris

Before the 1972 Transamerica Pyramid became an icon, it was the most-hated project in San Francisco.&nbsp;

Before the 1972 Transamerica Pyramid became an icon, it was the most-hated project in San Francisco.&nbsp;

Organizations lined up like chess pieces against it: San Francisco’s Planning Department, San Francisco Planning and Urban Renewal Association (SPUR), the San Francisco Fire Department, the San Francisco Police Department, San Francisco Beautiful, the American Institute of Architects and numerous planning commissioners.&nbsp;

Organizations lined up like chess pieces against it: San Francisco’s Planning Department, San Francisco Planning and Urban Renewal Association (SPUR), the San Francisco Fire Department, the San Francisco Police Department, San Francisco Beautiful, the American Institute of Architects and numerous planning commissioners.&nbsp;

Designer William Pereira’s fame and charisma—he’s one of the few architects to appear on the cover of Time magazine—also wasn’t enough to convince people.&nbsp;

Designer William Pereira’s fame and charisma—he’s one of the few architects to appear on the cover of Time magazine—also wasn’t enough to convince people.&nbsp;

“Save our skyline from the Transamerica Pyramid,” exclaimed flyers protesting the construction of the triangular-shaped piece of San Francisco’s skyline. Allan Jacobs, then-planning director of San Francisco, described it as “an inhuman creation in an urban area that strives to be human and supremely livable.”&nbsp;

“Save our skyline from the Transamerica Pyramid,” exclaimed flyers protesting the construction of the triangular-shaped piece of San Francisco’s skyline. Allan Jacobs, then-planning director of San Francisco, described it as “an inhuman creation in an urban area that strives to be human and supremely livable.”&nbsp;

Construction is underway on the Transamerica Pyramid June 3, 1971 in San Francisco, Calif. The tower, completed in 1972, has been sold for the first time to investors in New York City and Germany, for $650 million. | Wayne Walters/The SF Chronicle via Getty Images

<figure class="wp-block-image size-large"><img src="https://content.sfstandard.com/wp-content/uploads/2023/05/Transamerica-Pyramid-2500x1709.jpg" alt="A vintage black and white photo of a busy street with old cars, classic buildings, and a half-finished skyscraper." class="wp-image-161582"/><figcaption class="wp-element-caption">Construction is underway on the Transamerica Pyramid on June 3, 1971, in San Francisco. | Wayne Walters/The SF Chronicle via Getty Images</figcaption></figure>

Half a century before there was “stop the steal,” there was “stop the shaft”—a slogan used by protestors who wore pyramid-shaped hats and handed out pyramid-shaped cookies (there was a pyramid-shaped cake, too).&nbsp;

Half a century before there was “stop the steal,” there was “stop the shaft”—a slogan used by protestors who wore pyramid-shaped hats and handed out pyramid-shaped cookies (there was a pyramid-shaped cake, too).&nbsp;

The triangular-shaped goodies may have ended up popularizing the spire rather than lampooning it, since the building was a near-immediate success. Hailed as the world’s first modern pyramid, it was referred to as a symbol of San Francisco just a handful of years after it opened, one that was up there with <a href="https://sfstandard.com/arts-culture/15-things-you-never-knew-about-san-franciscos-iconic-cable-cars/">cable cars</a> and Coit Tower.

The triangular-shaped goodies may have ended up popularizing the spire rather than lampooning it, since the building was a near-immediate success. Hailed as the world’s first modern pyramid, it was referred to as a symbol of San Francisco just a handful of years after it opened, one that was up there with <a href="https://sfstandard.com/arts-culture/15-things-you-never-knew-about-san-franciscos-iconic-cable-cars/">cable cars</a> and Coit Tower.

Transamerica Building under construction along Montgomery and California street in November 1971. | OpenSFHistory/wnp25.0024

<figure class="wp-block-image size-full"><img src="https://content.sfstandard.com/wp-content/uploads/2023/05/INLINED1_TransamericaPyramidHistory05032023.jpg" alt="A skyscraper under construction looms over a bustling city street with pedestrians and vintage cars." class="wp-image-161562"/><figcaption class="wp-element-caption">The Transamerica Building is seen under construction along Montgomery and California streets in November 1971. | OpenSFHistory/wnp25.0024</figcaption></figure>

The 48-floor building cost $35 million to complete and includes a 212-foot unoccupied spire. The fifth floor is the largest, with 21,025 square feet (and the 48th is the smallest, with just 2,025 square feet). In 1987, more than 1,500 people worked in the building representing 50 different firms, including the Transamerica Corporation. The pyramid has a 9-foot foundation, which was the result of a continuous 24-hour concrete pour.&nbsp;

The 48-floor building cost $35 million to complete and includes a 212-foot unoccupied spire. The fifth floor is the largest, with 21,025 square feet (and the 48th is the smallest, with just 2,025 square feet). In 1987, more than 1,500 people worked in the building representing 50 different firms, including the Transamerica Corporation. The pyramid has a 9-foot foundation, which was the result of a continuous 24-hour concrete pour.&nbsp;

The building has 18 elevators, two of which reach the top floor, and boasts 3,678 windows—but it took less than two years to build, which seems like an unimaginable feat today.&nbsp;

The building has 18 elevators, two of which reach the top floor, and boasts 3,678 windows—but it took less than two years to build, which seems like an unimaginable feat today.&nbsp;

The design was shrunk down from its original proposal, which was a towering 1,040 feet and almost within spitting distance of the 1,070 feet of today’s Salesforce Tower.&nbsp;

The design was shrunk down from its original proposal, which was a towering 1,040 feet and almost within spitting distance of the 1,070 feet of today’s Salesforce Tower.&nbsp;

The Dutch insurance firm Aegon purchased the Transamerica Pyramid in 1999, and the Transamerican Corporation moved its headquarters to Maryland.&nbsp;

The Dutch insurance firm Aegon purchased the Transamerica Pyramid in 1999, and the Transamerican Corporation moved its headquarters to Maryland.&nbsp;

The Pyramid’s Transformation

<h2 class="wp-block-heading" id="h-the-pyramid-s-transformation">The Pyramid’s Transformation</h2>

core/heading

<h2 class="wp-block-heading" id="h-the-pyramid-s-transformation">The Pyramid’s Transformation</h2>

Before the pyramid’s hate-love relationship with San Franciscans, it stoked controversy in another city—New York—where a similar design had been proposed as the headquarters for ABC.&nbsp;

Before the pyramid’s hate-love relationship with San Franciscans, it stoked controversy in another city—New York—where a similar design had been proposed as the headquarters for ABC.&nbsp;

“ABC, they’re a bunch of cowards,” said Michael Shvo, the developer who purchased the Transamerica Pyramid for a cool $650 million in 2020. “They said the design was too bold.”&nbsp;

“ABC, they’re a bunch of cowards,” said Michael Shvo, the developer who purchased the Transamerica Pyramid for a cool $650 million in 2020. “They said the design was too bold.”&nbsp;

In the ultimate embarrassment, San Francisco scored for itself a landmark, while ABC later ended up demolishing the building it constructed instead of the pyramid.

In the ultimate embarrassment, San Francisco scored for itself a landmark, while ABC later ended up demolishing the building it constructed instead of the pyramid.

An exhibition at the Queens Museum titled “Never Built New York” included <a href="https://queensmuseum.org/wp-content/uploads/2016/10/Gallery-Guide.pdf" target="_blank" rel="noreferrer noopener">a model of Pereira’s original 1963 design</a> and noted that the never-realized ABC headquarters was proposed for Columbus Avenue, across the street from Lincoln Center.&nbsp;

An exhibition at the Queens Museum titled “Never Built New York” included <a href="https://queensmuseum.org/wp-content/uploads/2016/10/Gallery-Guide.pdf" target="_blank" rel="noreferrer noopener">a model of Pereira’s original 1963 design</a> and noted that the never-realized ABC headquarters was proposed for Columbus Avenue, across the street from Lincoln Center.&nbsp;

In one of history’s many coincidences, Pereira’s futurist building ended up adjacent to a different Columbus Avenue—San Francisco’s main thoroughfare through North Beach.&nbsp;

In one of history’s many coincidences, Pereira’s futurist building ended up adjacent to a different Columbus Avenue—San Francisco’s main thoroughfare through North Beach.&nbsp;

The pyramid rose a floor a week over Montgomery Street, opening in 1972 across the street from the flatiron building where the Transamerica Corporation had its roots. (A.P. Giannini’s multipronged financial empire eventually became both Transamerica and the Bank of America, and <a href="https://sfstandard.com/arts-culture/sfs-lone-church-of-scientology-has-stories-to-tell/">today houses a Church of Scientology</a>.)

The pyramid rose a floor a week over Montgomery Street, opening in 1972 across the street from the flatiron building where the Transamerica Corporation had its roots. (A.P. Giannini’s multipronged financial empire eventually became both Transamerica and the Bank of America, and <a href="https://sfstandard.com/arts-culture/sfs-lone-church-of-scientology-has-stories-to-tell/">today houses a Church of Scientology</a>.)

Even though the Transamerica Pyramid <a href="https://www.transamerica.com/why-transamerica/history" target="_blank" rel="noreferrer noopener">no longer serves as the corporate headquarters of its namesake</a>, the insurance and investment company uses the building’s shape in its logo as a nod to its famed association.&nbsp;

Even though the Transamerica Pyramid <a href="https://www.transamerica.com/why-transamerica/history" target="_blank" rel="noreferrer noopener">no longer serves as the corporate headquarters of its namesake</a>, the insurance and investment company uses the building’s shape in its logo as a nod to its famed association.&nbsp;

San Franciscans surveyed today uniformly approve of the tower. “It’s iconic,” said Mila Shimko, who has been inside the tower on the 14th floor and remarked on the incredible views. Another drew a comparison with the Eiffel Tower and the Statue of Liberty—structures also hated before becoming beloved. At 853 feet, the Transamerica Pyramid was the tallest structure in San Francisco when it was built, a title <a href="https://sfstandard.com/research-data/tallest-buildings-in-san-francisco-sf/">it held for nearly five decades</a> before the Salesforce Tower snatched it.&nbsp;&nbsp;

San Franciscans surveyed today uniformly approve of the tower. “It’s iconic,” said Mila Shimko, who has been inside the tower on the 14th floor and remarked on the incredible views. Another drew a comparison with the Eiffel Tower and the Statue of Liberty—structures also hated before becoming beloved. At 853 feet, the Transamerica Pyramid was the tallest structure in San Francisco when it was built, a title <a href="https://sfstandard.com/research-data/tallest-buildings-in-san-francisco-sf/">it held for nearly five decades</a> before the Salesforce Tower snatched it.&nbsp;&nbsp;

“It’s a landmark, and it’s recognized,” said Alicia Perez, who works as a sales and marketing manager for Giuliani Construction and Restoration. “If it was gone, people would notice something lacking.”&nbsp;

“It’s a landmark, and it’s recognized,” said Alicia Perez, who works as a sales and marketing manager for Giuliani Construction and Restoration. “If it was gone, people would notice something lacking.”&nbsp;

While the building is not currently open to the public, some 30 people come in every day requesting a tour, according to an attendant working the front desk. And elementary schoolchildren have been visiting the pyramid’s 36th floor as part of a citywide program.&nbsp;&nbsp;

While the building is not currently open to the public, some 30 people come in every day requesting a tour, according to an attendant working the front desk. And elementary schoolchildren have been visiting the pyramid’s 36th floor as part of a citywide program.&nbsp;&nbsp;

“I remember my field trips as a kid,” said Russell Eisenman, the assistant general manager of the building. “Can you imagine coming to the pyramid on a school trip? What an incredible memory.”&nbsp;

“I remember my field trips as a kid,” said Russell Eisenman, the assistant general manager of the building. “Can you imagine coming to the pyramid on a school trip? What an incredible memory.”&nbsp;

<h2 class="wp-block-heading">Layers of History&nbsp;</h2>

The corporate emblem became a city landmark on what was already hallowed ground as the site of the Montgomery Block, an office and residential building that was a bohemian mecca. Writers like Jack London, Ambrose Bierce and Mark Twain lived or worked there (the 1865 building was constructed on yet another layer of history, the Niantic sailing ship that became part of its foundation).&nbsp;

The corporate emblem became a city landmark on what was already hallowed ground as the site of the Montgomery Block, an office and residential building that was a bohemian mecca. Writers like Jack London, Ambrose Bierce and Mark Twain lived or worked there (the 1865 building was constructed on yet another layer of history, the Niantic sailing ship that became part of its foundation).&nbsp;

Transamerica Pyramid circa 1973. Looking southwest from near The Embarcadero &amp; Green in night view of Transamerica Pyramid lit up. Parking lot in foreground is now the site of ABC channel 7 building. | OpenSFHistory / wnp28.3749

<figure class="wp-block-image size-full"><img src="https://content.sfstandard.com/wp-content/uploads/2023/05/INLINED3_TransamericaPyramidHistory05032023.jpg" alt="A black-and-white night shot of a lit skyscraper towering over surrounding buildings." class="wp-image-161568"/><figcaption class="wp-element-caption">The Transamerica Pyramid is lit up circa 1973. | OpenSFHistory/wnp28.3749</figcaption></figure>

Nicknamed the “Monkey Block,” the Montgomery Block was the largest office building of its time—and the tallest building west of the Mississippi when it was constructed in 1853—and one of the few buildings in the area to survive the 1906 earthquake and fire thanks to its steel structure. Its offices had saunas, Dionysian baths and billiard rooms. It also had affordable housing, which made it possible for artists to live and work in the area.&nbsp;

Nicknamed the “Monkey Block,” the Montgomery Block was the largest office building of its time—and the tallest building west of the Mississippi when it was constructed in 1853—and one of the few buildings in the area to survive the 1906 earthquake and fire thanks to its steel structure. Its offices had saunas, Dionysian baths and billiard rooms. It also had affordable housing, which made it possible for artists to live and work in the area.&nbsp;

Sun Yat-sen drafted the proclamation for the Republic of China within the walls of the Montgomery Block, and Robert Louis Stevenson chartered a yacht there for his voyage to the South Seas.&nbsp;

Sun Yat-sen drafted the proclamation for the Republic of China within the walls of the Montgomery Block, and Robert Louis Stevenson chartered a yacht there for his voyage to the South Seas.&nbsp;

But most famed of all was the saloon, with its marble-tile floor, Wedgewood porcelain beer pumps and solid mahogany bar, where Duncan Nicol, inventor of <a href="https://sfstandard.com/arts-culture/five-historic-san-francisco-cocktails-and-the-perfect-places-to-enjoy-them/">San Francisco’s signature Pisco Punch</a>, tended bar.&nbsp;

But most famed of all was the saloon, with its marble-tile floor, Wedgewood porcelain beer pumps and solid mahogany bar, where Duncan Nicol, inventor of <a href="https://sfstandard.com/arts-culture/five-historic-san-francisco-cocktails-and-the-perfect-places-to-enjoy-them/">San Francisco’s signature Pisco Punch</a>, tended bar.&nbsp;

The Transamerica Corporation re-created the legendary Bank Exchange when it first opened with a saloon and restaurant that featured an exact replica of that mahogany bar.&nbsp;

The Transamerica Corporation re-created the legendary Bank Exchange when it first opened with a saloon and restaurant that featured an exact replica of that mahogany bar.&nbsp;

<figure class="wp-block-image size-full"><img src="https://content.sfstandard.com/wp-content/uploads/2023/05/DuncanNicolInsideBankExchangeBarCourtesyofSFPLHistoryCenter.jpg" alt="An old photograph of patrons and staff inside the Bank Exchange Bar, with a wooden bar and back shelves filled with bottles." class="wp-image-165206"/><figcaption class="wp-element-caption">Patrons gather around the old Bank Exchange Bar.</figcaption></figure>

Ralph J. Brady, a civic leader in the 1970s, recalled surveying the re-creation of the&nbsp; Montgomery Block saloon inside the newly opened Transamerica Pyramid.&nbsp;&nbsp;

Ralph J. Brady, a civic leader in the 1970s, recalled surveying the re-creation of the&nbsp; Montgomery Block saloon inside the newly opened Transamerica Pyramid.&nbsp;&nbsp;

“It was a challenging invitation, being asked to the Transamerica Pyramid to view plans for the re-creation of the Bank Exchange, one of San Francisco’s most famous early day saloons—the Buena Vista of the City’s golden age,” wrote Brady, who was still not convinced by the insurance company’s design.&nbsp;

“It was a challenging invitation, being asked to the Transamerica Pyramid to view plans for the re-creation of the Bank Exchange, one of San Francisco’s most famous early day saloons—the Buena Vista of the City’s golden age,” wrote Brady, who was still not convinced by the insurance company’s design.&nbsp;

“Making a pilgrimage to the pyramid to examine San Franciso history is like being hit in the face with a lemon pie and quipping, ‘It’s crazy, but I like lemon pie however it’s served up,’” Brady said.&nbsp;

“Making a pilgrimage to the pyramid to examine San Franciso history is like being hit in the face with a lemon pie and quipping, ‘It’s crazy, but I like lemon pie however it’s served up,’” Brady said.&nbsp;

Brady’s comments, alongside the love and admiration for the landmark today, show just how much things have changed.

Brady’s comments, alongside the love and admiration for the landmark today, show just how much things have changed.

Yet despite being such a visual and popular landmark, there’s currently no way for the public to access the tower. There used to be an observation deck on the building’s top floor, but it closed in the 1990s. The appropriately named Vertigo restaurant, an upscale eatery at the base of the pyramid, has also long since closed. And while Shvo has <a href="https://sfist.com/2022/12/21/new-owner-of-transamerica-pyramid-says-it-is-around-80-leased-promises-new-city-park-at-its-base/" target="_blank" rel="noreferrer noopener">announced extensive plans for upgrades</a>, many of them will be membership-based or available only for tenants.&nbsp;

Yet despite being such a visual and popular landmark, there’s currently no way for the public to access the tower. There used to be an observation deck on the building’s top floor, but it closed in the 1990s. The appropriately named Vertigo restaurant, an upscale eatery at the base of the pyramid, has also long since closed. And while Shvo has <a href="https://sfist.com/2022/12/21/new-owner-of-transamerica-pyramid-says-it-is-around-80-leased-promises-new-city-park-at-its-base/" target="_blank" rel="noreferrer noopener">announced extensive plans for upgrades</a>, many of them will be membership-based or available only for tenants.&nbsp;

Shvo does promise, however, a redwood-filled park at the pyramid’s base that will be open to the public. But we’re still keeping our fingers crossed for a revival of Duncan Nichol&#8217;s famed saloon for a third round.&nbsp;

Shvo does promise, however, a redwood-filled park at the pyramid’s base that will be open to the public. But we’re still keeping our fingers crossed for a revival of Duncan Nichol's famed saloon for a third round.&nbsp;

Shvo does promise, however, a redwood-filled park at the pyramid’s base that will be open to the public. But we’re still keeping our fingers crossed for a revival of Duncan Nichol&#8217;s famed saloon for a third round.&nbsp;

How a once-hated corporate emblem became a beloved San Francisco landmark

Next to a picture of his family on Michael Shvo’s desk is a framed sketch he made when he was a young boy. Inspired by a trip to San Francisco, the image is of a stick figure drawing of himself beside the sharp angles of the Transamerica Pyramid.

Next to a picture of his family on Michael Shvo’s desk is a framed sketch he made when he was a young boy. Inspired by a trip to San Francisco, the image is of a stick figure drawing of himself beside the sharp angles of the Transamerica Pyramid.

“This was my American Dream,” said Shvo, the CEO of his eponymously named real estate development firm, from a conference room on the pyramid’s fifth floor. “It’s somewhat unbelievable. I still walk by the building and get goosebumps because I can&#8217;t believe we own this building.”

“This was my American Dream,” said Shvo, the CEO of his eponymously named real estate development firm, from a conference room on the pyramid’s fifth floor. “It’s somewhat unbelievable. I still walk by the building and get goosebumps because I can't believe we own this building.”

“This was my American Dream,” said Shvo, the CEO of his eponymously named real estate development firm, from a conference room on the pyramid’s fifth floor. “It’s somewhat unbelievable. I still walk by the building and get goosebumps because I can&#8217;t believe we own this building.”

Shvo, a New Yorker, began his career in real estate as a luxury residential broker in Manhattan. Four decades after his visit to San Francisco, he controls a portfolio of real estate around the country worth billions of dollars—including the 1972 building that loomed so large in his childhood imagination.

Shvo, a New Yorker, began his career in real estate as a luxury residential broker in Manhattan. Four decades after his visit to San Francisco, he controls a portfolio of real estate around the country worth billions of dollars—including the 1972 building that loomed so large in his childhood imagination.

RELATED: <a href="https://sfstandard.com/2022/12/07/transamerica-pyramid-at-50-san-francisco-icon-enters-a-new-era-with-400m-redevelopment/">Transamerica Pyramid at 50: San Francisco Icon Enters a New Era With $400M Redevelopment</a>

RELATED: <a href="https://sfstandard.com/2022/12/07/transamerica-pyramid-at-50-san-francisco-icon-enters-a-new-era-with-400m-redevelopment/">Transamerica Pyramid at 50: San Francisco Icon Enters a New Era With $400M Redevelopment</a>

Search Results for: transamerica

Transamerica Pyramid owner sued for $600M over ultra-luxe club

The Transamerica Pyramid has always been an icon. Now it’s an art installation

How a once-hated corporate emblem became a beloved San Francisco landmark

Transamerica Pyramid owner Michael Shvo discusses his billion-dollar bet on downtown San Francisco

The 20 greatest things to do in SF this week