Lauren Saria

The Transamerica Pyramid has made headlines for many things during its 50-year existence — first, over residents&#8217; fears it would <a href="https://sfstandard.com/2023/05/29/how-a-once-hated-corporate-emblem-became-a-beloved-san-francisco-landmark/">mar the city skyline</a>, and most recently, for sitting at the center of a <a href="https://sfstandard.com/2024/06/26/core-club-michael-shvo-transamerica-pyramid-lawsuit/">$600 million lawsuit</a> between the building’s owner and an ultra-luxe club. But it’s been decades (at least) since the San Francisco landmark drew attention for food.&nbsp;&nbsp;

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

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

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<p>The Transamerica Pyramid has made headlines for many things during its 50-year existence — first, over residents' fears it would <a href="https://sfstandard.com/2023/05/29/how-a-once-hated-corporate-emblem-became-a-beloved-san-francisco-landmark/">mar the city skyline</a>, and most recently, for sitting at the center of a <a href="https://sfstandard.com/2024/06/26/core-club-michael-shvo-transamerica-pyramid-lawsuit/">$600 million lawsuit</a> between the building’s owner and an ultra-luxe club. But it’s been decades (at least) since the San Francisco landmark drew attention for food.&nbsp;&nbsp;</p>

<p>The Transamerica Pyramid has made headlines for many things during its 50-year existence — first, over residents&#8217; fears it would <a href="https://sfstandard.com/2023/05/29/how-a-once-hated-corporate-emblem-became-a-beloved-san-francisco-landmark/">mar the city skyline</a>, and most recently, for sitting at the center of a <a href="https://sfstandard.com/2024/06/26/core-club-michael-shvo-transamerica-pyramid-lawsuit/">$600 million lawsuit</a> between the building’s owner and an ultra-luxe club. But it’s been decades (at least) since the San Francisco landmark drew attention for food.&nbsp;&nbsp;</p>

<p>That, however, is about to change.</p>

Michael Shvo, the real estate mogul who <a href="https://sfstandard.com/2023/10/24/transamerica-pyramid-downtown-san-francisco-michael-shvo/">purchased the tower</a> for $650 million in 2020, has tapped Florida-based star chef Bradley Kilgore and his restaurant management company, <a href="https://www.kilgoreculinary.com/">Kilgore Culinary</a>, to up the ante on the building’s food and beverage offerings from bottom to top.

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

<p>Michael Shvo, the real estate mogul who <a href="https://sfstandard.com/2023/10/24/transamerica-pyramid-downtown-san-francisco-michael-shvo/">purchased the tower</a> for $650 million in 2020, has tapped Florida-based star chef Bradley Kilgore and his restaurant management company, <a href="https://www.kilgoreculinary.com/">Kilgore Culinary</a>, to up the ante on the building’s food and beverage offerings from bottom to top. </p>

Kilgore, who was named one of the best new chefs in America by Food &amp; Wine magazine in 2016, will not only open two public restaurants on the street level, he’ll also provide food for tenant-only amenities, including a sky lounge and 48th-floor cocktail bar, as well as catering services for events hosted on-site. The restaurants will include a casual bistro called Cafe Sebastian and a Japanese-Italian restaurant and bar called Ama by Brad Kilgore.&nbsp;

<p>Kilgore, who was named one of the best new chefs in America by Food &amp; Wine magazine in 2016, will not only open two public restaurants on the street level, he’ll also provide food for tenant-only amenities, including a sky lounge and 48th-floor cocktail bar, as well as catering services for events hosted on-site. The restaurants will include a casual bistro called Cafe Sebastian and a Japanese-Italian restaurant and bar called Ama by Brad Kilgore.&nbsp;</p>

Sunbeams are seen over the Transamerica Pyramid in San Francisco on Aug. 15, 2024. The iconic property has seen new changes in recent years.


<figure class="wp-block-image size-large"><img src="https://content.sfstandard.com/wp-content/uploads/2024/08/20240808-transamericanewrestaurants_aar28.jpg?w=2000" alt="The image shows a tall, gray pyramidal building with a grid of small square windows, tapering to a sharp point at the top against a clear blue sky." class="wp-image-302628"/><figcaption class="wp-element-caption">Sunbeams are seen over the Transamerica Pyramid. The iconic property is in the midst of a $400 million overhaul.</figcaption></figure>


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<figure class="wp-block-image size-large"><img src="https://content.sfstandard.com/wp-content/uploads/2024/08/20240808-transamericanewrestaurants_aar28.jpg?w=2000" alt="The image shows a tall, gray pyramidal building with a grid of small square windows, tapering to a sharp point at the top against a clear blue sky." class="wp-image-302628"/><figcaption class="wp-element-caption">Sunbeams are seen over the Transamerica Pyramid. The iconic property is in the midst of a $400 million overhaul.</figcaption></figure>

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, and points to a drawing he made of the tower as a child, at 600 Montgomery Street in the downtown, Financial District of San Francisco, Calif., on Tuesday, Dec. 6, 2022.


<figure class="wp-block-image size-full"><img src="https://content.sfstandard.com/wp-content/uploads/2024/08/transamericapyramid120522-32.jpg" alt="A man in black clothes holds a microphone and points at a large screen displaying a child-like drawing of a person and a green ladder." class="wp-image-302629"/><figcaption class="wp-element-caption">Real estate mogul Michael Shvo speaks at the celebration of the Transamerica building’s 50th anniversary and points to a drawing he made of the tower as a child.</figcaption></figure>


The Transamerica Pyramid marks chef Kilgore’s first expansion to the West Coast. He relocated part-time to the city to join in on the <a href="https://sfstandard.com/2024/05/06/transamerica-pyramid-renovation-beacon/">$400 million renovation</a> of the property. The offer to oversee a number of food concepts at the iconic site was a “no brainer,” he said. It comes on the heels of the March opening of Kilgore’s steakhouse <a href="https://www.instagram.com/cimarooftop/?hl=en">CIMA</a> in San Pedro Sula, Honduras. The chef seems to have his sights set on an international empire, having also signed contracts to provide culinary services for an upcoming OCN Resort in Puerto Escondido, Mexico, and the Rosewood Residences in Hillsboro Beach, Florida.&nbsp;

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

<p>The Transamerica Pyramid marks chef Kilgore’s first expansion to the West Coast. He relocated part-time to the city to join in on the <a href="https://sfstandard.com/2024/05/06/transamerica-pyramid-renovation-beacon/">$400 million renovation</a> of the property. The offer to oversee a number of food concepts at the iconic site was a “no brainer,” he said. It comes on the heels of the March opening of Kilgore’s steakhouse <a href="https://www.instagram.com/cimarooftop/?hl=en">CIMA</a> in San Pedro Sula, Honduras. The chef seems to have his sights set on an international empire, having also signed contracts to provide culinary services for an upcoming OCN Resort in Puerto Escondido, Mexico, and the Rosewood Residences in Hillsboro Beach, Florida.&nbsp;</p>

Cafe Sebastian, named for Kilgore’s son, will be the first of the Transamerica Pyramid restaurants to open this October. It moves into a ground-floor space at Transamerica Three, one of two smaller buildings adjacent to the tower. The vision is for it to be more than just an amenity for Transamerica Pyramid tenants; Kilgore sees the restaurant becoming an “everyday staple of the [Jackson Square] neighborhood.”&nbsp;

<p>Cafe Sebastian, named for Kilgore’s son, will be the first of the Transamerica Pyramid restaurants to open this October. It moves into a ground-floor space at Transamerica Three, one of two smaller buildings adjacent to the tower. The vision is for it to be more than just an amenity for Transamerica Pyramid tenants; Kilgore sees the restaurant becoming an “everyday staple of the [Jackson Square] neighborhood.”&nbsp;</p>

To that end, it will serve breakfast and lunch. For morning commuters, Cafe Sebastian will stock a selection of pastries baked on-site, plus coffee and espresso. Lunch means a menu of grab-and-go food, such as salads and sandwiches, plus hot entrees like a spatchcock chicken in an everything-seasoning crust. The restaurant will stock a “pretty intense” lineup of half bottles of wine, ideal for splitting over a meeting or midday meal, Kilgore said.&nbsp;

<p>To that end, it will serve breakfast and lunch. For morning commuters, Cafe Sebastian will stock a selection of pastries baked on-site, plus coffee and espresso. Lunch means a menu of grab-and-go food, such as salads and sandwiches, plus hot entrees like a spatchcock chicken in an everything-seasoning crust. The restaurant will stock a “pretty intense” lineup of half bottles of wine, ideal for splitting over a meeting or midday meal, Kilgore said.&nbsp;</p>

Chef Brad Kilgore walks through the construction zone that will be his restaurant concepts at the Transamerica Pyramid in San Francisco on Aug. 15, 2024.  Chef Brad Kilgore is set to open an all-day cafe and a Japanese inspired restaurant and cocktail lounge inside the iconic property this fall.


<figure class="wp-block-image size-large"><img src="https://content.sfstandard.com/wp-content/uploads/2024/08/20240808-transamericanewrestaurants_aar11.jpg?w=2500" alt="A man in casual attire stands in an under-construction room pointing with his left hand, while building materials and exposed framework are visible behind him." class="wp-image-302630"/><figcaption class="wp-element-caption">Chef Brad Kilgore walks through the construction zone that will be Cafe Sebastian at the Transamerica Pyramid complex.</figcaption></figure>


Construction workers fabricate the beginnings of a restaurant at the Transamerica Pyramid in San Francisco on Aug. 15, 2024.  Chef Brad Kilgore is set to open an all-day cafe and a Japanese inspired restaurant and cocktail lounge inside the iconic property this fall.


<figure class="wp-block-image size-large"><img src="https://content.sfstandard.com/wp-content/uploads/2024/08/20240808-transamericanewrestaurants_aar12.jpg?w=2500" alt="The image shows a dimly lit construction site with exposed framework and scattered equipment. A worker in a hard hat is illuminated near a distant window." class="wp-image-302631"/><figcaption class="wp-element-caption">Transamerica Three, a smaller building adjacent to the pyramid, will house both Cafe Sebastian and Ama by Brad Kilgore.</figcaption></figure>


But a locally owned Pret a Manger it will not be — “no spinach turkey wraps,” the chef promises. Instead, he plans to serve one-of-a-kind items like bone-broth coffee. Everything on the menu will be seasonal, Kilgore said, adding that he arrived in San Francisco on Friday and had already hit three farmers&#8217; markets (Ferry Building, Clement Street and Marin) during his first weekend in town.&nbsp;

<p>But a locally owned Pret a Manger it will not be — “no spinach turkey wraps,” the chef promises. Instead, he plans to serve one-of-a-kind items like bone-broth coffee. Everything on the menu will be seasonal, Kilgore said, adding that he arrived in San Francisco on Friday and had already hit three farmers' markets (Ferry Building, Clement Street and Marin) during his first weekend in town.&nbsp;</p>

<p>But a locally owned Pret a Manger it will not be — “no spinach turkey wraps,” the chef promises. Instead, he plans to serve one-of-a-kind items like bone-broth coffee. Everything on the menu will be seasonal, Kilgore said, adding that he arrived in San Francisco on Friday and had already hit three farmers&#8217; markets (Ferry Building, Clement Street and Marin) during his first weekend in town.&nbsp;</p>

For customers with a sweet tooth, Kilgore designed a gelato and shave ice shop, to be run by his wife and pastry chef, Soraya Caraccioli-Kilgore. Called MadLab Kakigori, it’s a spinoff of sorts of her Miami ice cream company, <a href="https://www.instagram.com/madlab_creamery/">MadLab Creamery</a>, and will sell both Japanese-style shave ice and house-made gelato.&nbsp;

<p>For customers with a sweet tooth, Kilgore designed a gelato and shave ice shop, to be run by his wife and pastry chef, Soraya Caraccioli-Kilgore. Called MadLab Kakigori, it’s a spinoff of sorts of her Miami ice cream company, <a href="https://www.instagram.com/madlab_creamery/">MadLab Creamery</a>, and will sell both Japanese-style shave ice and house-made gelato.&nbsp;</p>

Cafe Sebastian will have a digital ordering kiosk and QR codes that allow customers to order and pay their bills without having to wait for staff. Seating will spill out into Mark Twain Street, a narrow alleyway that runs from the east side of the pyramid to Sansome Street. Tables and chairs will be scattered under a canopy of young flowering cherry trees, just steps from Redwood Park, which will soon be open to the public.&nbsp;

<p>Cafe Sebastian will have a digital ordering kiosk and QR codes that allow customers to order and pay their bills without having to wait for staff. Seating will spill out into Mark Twain Street, a narrow alleyway that runs from the east side of the pyramid to Sansome Street. Tables and chairs will be scattered under a canopy of young flowering cherry trees, just steps from Redwood Park, which will soon be open to the public.&nbsp;</p>

A panoramic view of San Francisco, including Coit Tower and Alcatraz, are seen from the newly created sky lounge at the Transamerica Pyramid in San Francisco on Aug. 15, 2024. The view is only accessible for tenants and guests of tenants at the Transamerica Pyramid.


<figure class="wp-block-image size-large"><img src="https://content.sfstandard.com/wp-content/uploads/2024/08/20240808-transamericanewrestaurants_aar18.jpg?w=2500" alt="Aerial view of a coastal city with densely packed buildings, a prominent tower on a hill, mountains in the distance, and the ocean with an island and ferris wheel." class="wp-image-302632"/><figcaption class="wp-element-caption">A panoramic view of San Francisco from the newly created sky lounge on the 26th floor of the Transamerica Pyramid.</figcaption></figure>


Around the corner but in the same building, Kilgore will open Ama by Brad Kilgore, an ambitious ’70s-inspired concept that’s part bar, part restaurant and part hi-fi lounge. The front of the space includes a six-seat bar that winds back toward a larger main dining room fitted with a circular couch, wood-encased speakers, a DJ booth and a glittering disco ball. There will be à la carte and tasting menus, both of which will see Kilgore put his spin on <a href="https://www.tastingtable.com/1150972/itameshi-the-meeting-point-between-italian-and-japanese-cuisines/">itameshi</a> cuisine, which fuses Japanese and Italian cooking traditions. He’s not a sushi chef, so the raw fish will be limited to sashimi and a few temaki, or hand rolls — think toro and pork belly with a banana miso sauce.&nbsp;

<p>Around the corner but in the same building, Kilgore will open Ama by Brad Kilgore, an ambitious ’70s-inspired concept that’s part bar, part restaurant and part hi-fi lounge. The front of the space includes a six-seat bar that winds back toward a larger main dining room fitted with a circular couch, wood-encased speakers, a DJ booth and a glittering disco ball. There will be à la carte and tasting menus, both of which will see Kilgore put his spin on <a href="https://www.tastingtable.com/1150972/itameshi-the-meeting-point-between-italian-and-japanese-cuisines/">itameshi</a> cuisine, which fuses Japanese and Italian cooking traditions. He’s not a sushi chef, so the raw fish will be limited to sashimi and a few temaki, or hand rolls — think toro and pork belly with a banana miso sauce.&nbsp;</p>

The building that houses both restaurants was formerly the home of legacy restaurant Sai’s Vietnamese. After news of Shvo’s plan to redevelop the property, the <a href="https://sfstandard.com/2023/10/03/sais-downtown-vietnamese-food/">41-year-old restaurant relocated</a> to a nearby space on Columbus Avenue. Now its former address will be transformed into prep kitchen space and offices for Kilgore’s restaurants.&nbsp;

This 40-year-old, Aaron Peskin-approved Vietnamese restaurant reopens near San Francisco’s Chinatown

<p>The building that houses both restaurants was formerly the home of legacy restaurant Sai’s Vietnamese. After news of Shvo’s plan to redevelop the property, the <a href="https://sfstandard.com/2023/10/03/sais-downtown-vietnamese-food/">41-year-old restaurant relocated</a> to a nearby space on Columbus Avenue. Now its former address will be transformed into prep kitchen space and offices for Kilgore’s restaurants.&nbsp;</p>

The restaurant openings are just one part of Shvo’s <a href="https://sfstandard.com/2022/12/07/transamerica-pyramid-at-50-san-francisco-icon-enters-a-new-era-with-400m-redevelopment/">$400 million redevelopment plan</a> for the Transamerica Pyramid, which has been underway since 2022. Project architect Norman Foster has already updated the tower’s lobby, including raising the ceilings and removing interior walls to open up the space to the street.&nbsp;

Transamerica Pyramid at 50: San Francisco icon enters a new era with $400M redevelopment

<p>The restaurant openings are just one part of Shvo’s <a href="https://sfstandard.com/2022/12/07/transamerica-pyramid-at-50-san-francisco-icon-enters-a-new-era-with-400m-redevelopment/">$400 million redevelopment plan</a> for the Transamerica Pyramid, which has been underway since 2022. Project architect Norman Foster has already updated the tower’s lobby, including raising the ceilings and removing interior walls to open up the space to the street.&nbsp;</p>

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

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On the 26th floor, tenants can enjoy a luxurious sky lobby that offers bridge-to-bridge views of the city. Kilgore will roll out a food menu for the space, which is outfitted with low-slung leather couches and an espresso bar. A private cocktail bar is still under construction on the 48th floor, the highest floor accessible by elevator. Ama is expected to open in December.&nbsp;

<p>On the 26th floor, tenants can enjoy a luxurious sky lobby that offers bridge-to-bridge views of the city. Kilgore will roll out a food menu for the space, which is outfitted with low-slung leather couches and an espresso bar. A private cocktail bar is still under construction on the 48th floor, the highest floor accessible by elevator. Ama is expected to open in December.&nbsp;</p>

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

Michael McLaughlin

Tomoki Chien

Broken glass fell from the Transamerica Pyramid and narrowly missed a group of people on the street outside the skyscraper Thursday night, according to a witness who said he just avoided injury.

<p>Broken glass fell from the Transamerica Pyramid and narrowly missed a group of people on the street outside the skyscraper Thursday night, according to a witness who said he just avoided injury.</p>

More than 20 pieces of glass — the &#8220;size of business cards&#8221; — smashed as they hit the ground &#8220;like meteor strikes&#8221; around 6:45 p.m., according to Sean, a 25-year-old tech developer who declined to give his full name after witnessing the incident on the Washington Street side of the tower.

<p>More than 20 pieces of glass — the "size of business cards" — smashed as they hit the ground "like meteor strikes" around 6:45 p.m., according to Sean, a 25-year-old tech developer who declined to give his full name after witnessing the incident on the Washington Street side of the tower.</p>

<p>More than 20 pieces of glass — the &#8220;size of business cards&#8221; — smashed as they hit the ground &#8220;like meteor strikes&#8221; around 6:45 p.m., according to Sean, a 25-year-old tech developer who declined to give his full name after witnessing the incident on the Washington Street side of the tower.</p>

&#8220;These things were falling fast. It felt like they were coming from a higher floor,&#8221; said Sean, adding that the noise reminded him of icicles cracking in Canada, where he&#8217;s from.

<p>"These things were falling fast. It felt like they were coming from a higher floor," said Sean, adding that the noise reminded him of icicles cracking in Canada, where he's from.</p>

<p>&#8220;These things were falling fast. It felt like they were coming from a higher floor,&#8221; said Sean, adding that the noise reminded him of icicles cracking in Canada, where he&#8217;s from.</p>

&#8220;This was loud, really loud. I look up, and glass was literally falling from the top of the pyramid,&#8221; he told The Standard by phone Friday.

<p>"This was loud, really loud. I look up, and glass was literally falling from the top of the pyramid," he told The Standard by phone Friday.</p>

<p>&#8220;This was loud, really loud. I look up, and glass was literally falling from the top of the pyramid,&#8221; he told The Standard by phone Friday.</p>

The tower has 48 floors; a pane of glass on the 35th floor broke while it was being cleaned, a Department of Building Inspection official said by email after an inspector visited the tower on Friday. DBI ordered the property owner to secure the opening and install new glass as soon as possible.

<p>The tower has 48 floors; a pane of glass on the 35th floor broke while it was being cleaned, a Department of Building Inspection official said by email after an inspector visited the tower on Friday. DBI ordered the property owner to secure the opening and install new glass as soon as possible.</p>

A window broke while being cleaned at the Transamerica Pyramid on September 26, 2024, showering broken glass to the ground.


<figure class="wp-block-image size-large"><img src="https://content.sfstandard.com/wp-content/uploads/2024/09/600-montgomery2-9-27-24.jpg?w=768" alt="A room with a broken window covered in red &quot;DANGER&quot; tape, showing a high-altitude cityscape and waterfront outside." class="wp-image-316358"/><figcaption class="wp-element-caption">The Department of Building Inspection ordered the Transamerica Pyramid owner to replace the broken window right away.</figcaption></figure>


&#8220;A window pane at the Transamerica Pyramid was damaged during a routine cleaning last night,&#8221; a Transamerica spokesperson said Friday in an email. &#8220;We&#8217;re thankful that nobody was injured and to the team on-site who responded quickly.&#8221;

<p>"A window pane at the Transamerica Pyramid was damaged during a routine cleaning last night," a Transamerica spokesperson said Friday in an email. "We're thankful that nobody was injured and to the team on-site who responded quickly."</p>

<p>&#8220;A window pane at the Transamerica Pyramid was damaged during a routine cleaning last night,&#8221; a Transamerica spokesperson said Friday in an email. &#8220;We&#8217;re thankful that nobody was injured and to the team on-site who responded quickly.&#8221;</p>

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

Two women and a man were seated outside the building&#8217;s entrance when the glass fell, Sean said.

<p>Two women and a man were seated outside the building's entrance when the glass fell, Sean said.</p>

<p>Two women and a man were seated outside the building&#8217;s entrance when the glass fell, Sean said.</p>

&#8220;They were literally in the direct line where the glass was falling. &#8230; I heard them screaming. I ran back,&#8221; he said. &#8220;These were significant chunks.&#8221;

<p>"They were literally in the direct line where the glass was falling. ... I heard them screaming. I ran back," he said. "These were significant chunks."</p>

<p>&#8220;They were literally in the direct line where the glass was falling. &#8230; I heard them screaming. I ran back,&#8221; he said. &#8220;These were significant chunks.&#8221;</p>

Sean said he called 911 and told receptionists in the Transamerica lobby what had happened.

<p>Sean said he called 911 and told receptionists in the Transamerica lobby what had happened.</p>

&#8220;I was a little scared to exit the lobby, because I didn&#8217;t want to get hit,&#8221; he said.

<p>"I was a little scared to exit the lobby, because I didn't want to get hit," he said.</p>

<p>&#8220;I was a little scared to exit the lobby, because I didn&#8217;t want to get hit,&#8221; he said.</p>

The walkway along Washington Street was cordoned off with red tape Thursday evening, Sean said.

<p>The walkway along Washington Street was cordoned off with red tape Thursday evening, Sean said.</p>

"Shvo must go" banner flown above Transamerica Pyramid Thursday morning.


<figure class="wp-block-image size-large"><img src="https://content.sfstandard.com/wp-content/uploads/2024/09/7o5a4139.jpg?w=2500" alt="A banner towed by an aircraft reads, &quot;SHVO MUST GO: LAWSUITS CLAIM FRAUD,&quot; against a clear blue sky, with a corner of a modern, windowed building visible on the right." class="wp-image-310983"/><figcaption class="wp-element-caption">A banner decrying the property developer is flown above Transamerica Pyramid this month.</figcaption></figure>


Developer Michael Shvo recently completed a<a href="https://sfstandard.com/2024/09/12/shvo-must-go-banner-flown-above-transamerica-pyramid/"> $450 million renovation of the landmark property</a>, which includes a new seating garden and refurbished lobby. On Sept. 12, an airplane flying over the tower trolled the reopening party, trailing a banner that read “Shvo must go: Lawsuits claim fraud.” The stunt was the latest installment in an <a href="https://sfstandard.com/2024/06/26/core-club-michael-shvo-transamerica-pyramid-lawsuit/">ugly legal fight</a> that continues to play out in the courts and headlines between Shvo and CORE: Holdings, the company behind an exclusive members club slated to be one of the Pyramid’s major tenants.

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

<p>Developer Michael Shvo recently completed a<a href="https://sfstandard.com/2024/09/12/shvo-must-go-banner-flown-above-transamerica-pyramid/"> $450 million renovation of the landmark property</a>, which includes a new seating garden and refurbished lobby. On Sept. 12, an airplane flying over the tower trolled the reopening party, trailing a banner that read “Shvo must go: Lawsuits claim fraud.” The stunt was the latest installment in an <a href="https://sfstandard.com/2024/06/26/core-club-michael-shvo-transamerica-pyramid-lawsuit/">ugly legal fight</a> that continues to play out in the courts and headlines between Shvo and CORE: Holdings, the company behind an exclusive members club slated to be one of the Pyramid’s major tenants.</p>

This is the second recent incident involving falling glass downtown. In early September, a <a href="https://sfstandard.com/2024/09/06/salesforce-east-window-pane-falls/">pane of glass fell from the roof</a> of the 30-story Salesforce East tower during replacement work.

Glass fell from skyscraper&#8217;s roof during construction work, smashing into Millennium Tower

<p>This is the second recent incident involving falling glass downtown. In early September, a <a href="https://sfstandard.com/2024/09/06/salesforce-east-window-pane-falls/">pane of glass fell from the roof</a> of the 30-story Salesforce East tower during replacement work.</p>

Glass falls from Transamerica Pyramid ‘like meteor strikes’

Kevin Truong

Joe Burn

The concept of a specter isn&#8217;t typically as literal as a plane circling overhead. But no points for subtlety at San Francisco’s most iconic building.&nbsp;

<p>The concept of a specter isn't typically as literal as a plane circling overhead. But no points for subtlety at San Francisco’s most iconic building.&nbsp;</p>

<p>The concept of a specter isn&#8217;t typically as literal as a plane circling overhead. But no points for subtlety at San Francisco’s most iconic building.&nbsp;</p>

Michael Shvo’s long-awaited reopening of the Transamerica Pyramid featured a soaring rendition of &#8220;San Francisco&#8221; from vocalist Michael Marshall. However, perhaps the most consistent sound was from an airplane with a trailing banner that read “SHVO MUST GO: LAWSUITS CLAIM FRAUD.&#8221;&nbsp;

<p>Michael Shvo’s long-awaited reopening of the Transamerica Pyramid featured a soaring rendition of "San Francisco" from vocalist Michael Marshall. However, perhaps the most consistent sound was from an airplane with a trailing banner that read “SHVO MUST GO: LAWSUITS CLAIM FRAUD."&nbsp;</p>

<p>Michael Shvo’s long-awaited reopening of the Transamerica Pyramid featured a soaring rendition of &#8220;San Francisco&#8221; from vocalist Michael Marshall. However, perhaps the most consistent sound was from an airplane with a trailing banner that read “SHVO MUST GO: LAWSUITS CLAIM FRAUD.&#8221;&nbsp;</p>

A Shvo representative said he had no comment on the matter, but suffice it to say his team was pissed off.

<p>A Shvo representative said he had no comment on the matter, but suffice it to say his team was pissed off.</p>

The event itself featured Mayor London Breed, Da Mayor Willie Brown, and mayoral hopeful Aaron Peskin, along with around a dozen cute kids showing off their Pyramid-themed art projects. In speeches and videos, the lineup thanked Shvo for his major investment and belief in San Francisco, including the $450 million he is putting into renovating a historic property that has become a symbol of the city’s health.&nbsp;

<p>The event itself featured Mayor London Breed, Da Mayor Willie Brown, and mayoral hopeful Aaron Peskin, along with around a dozen cute kids showing off their Pyramid-themed art projects. In speeches and videos, the lineup thanked Shvo for his major investment and belief in San Francisco, including the $450 million he is putting into renovating a historic property that has become a symbol of the city’s health.&nbsp;</p>

To be sure, the renovations designed by <a href="https://sfstandard.com/2024/07/30/life-in-seven-songs-podcast-norman-foster/">starchitect Norman Foster</a>, which include a new outdoor seating pavilion, an expansively sunlit lobby, and refreshed redwood grove, are undeniably striking. But it was hard for the crowd of about 200 not to peek up.&nbsp;

<p>To be sure, the renovations designed by <a href="https://sfstandard.com/2024/07/30/life-in-seven-songs-podcast-norman-foster/">starchitect Norman Foster</a>, which include a new outdoor seating pavilion, an expansively sunlit lobby, and refreshed redwood grove, are undeniably striking. But it was hard for the crowd of about 200 not to peek up.&nbsp;</p>


<figure class="wp-block-image size-large"><img src="https://content.sfstandard.com/wp-content/uploads/2024/09/7o5a4139.jpg?w=2500" alt="A banner towed by an aircraft reads, &quot;SHVO MUST GO: LAWSUITS CLAIM FRAUD,&quot; against a clear blue sky, with a corner of a modern, windowed building visible on the right." class="wp-image-310983"/><figcaption class="wp-element-caption">Party crasher: A “Shvo must go” banner flying above the Transamerica Pyramid ribbon-cutting ceremony was hard to miss.</figcaption></figure>


The stunt was the latest salvo in an ugly legal fight that continues to play out in the courts and headlines between Shvo and CORE: Holdings, the company behind an exclusive members club that was slated to be one of the Pyramid’s major tenants.&nbsp;

<p>The stunt was the latest salvo in an ugly legal fight that continues to play out in the courts and headlines between Shvo and CORE: Holdings, the company behind an exclusive members club that was slated to be one of the Pyramid’s major tenants.&nbsp;</p>

In an <a href="https://sfstandard.com/2024/06/26/core-club-michael-shvo-transamerica-pyramid-lawsuit/">explosive lawsuit filed in June</a>,&nbsp;CORE’s lawyers alleged fraud in Shvo’s dealings with the business and his pledge to invest $100 million to open new locations in New York, San Francisco, and other cities. It claims the developer enriched himself via fraud and ran up an unpaid $80,000 bill from personal use of CORE’s facilities. Among other damages, the lawsuit seeks to cancel its 20-year lease at the Pyramid.&nbsp;

<p>In an <a href="https://sfstandard.com/2024/06/26/core-club-michael-shvo-transamerica-pyramid-lawsuit/">explosive lawsuit filed in June</a>,&nbsp;CORE’s lawyers alleged fraud in Shvo’s dealings with the business and his pledge to invest $100 million to open new locations in New York, San Francisco, and other cities. It claims the developer enriched himself via fraud and ran up an unpaid $80,000 bill from personal use of CORE’s facilities. Among other damages, the lawsuit seeks to cancel its 20-year lease at the Pyramid.&nbsp;</p>

Shvo has countersued, asking a judge to dismiss CORE’s claims against his company and partners. He has accused the membership club of undertaking a “public hit job” to win rent concessions and renege on its signed lease agreements.&nbsp;

<p>Shvo has countersued, asking a judge to dismiss CORE’s claims against his company and partners. He has accused the membership club of undertaking a “public hit job” to win rent concessions and renege on its signed lease agreements.&nbsp;</p>

Shvo’s lawsuit says his company has already sunk nearly $19 million in build-out costs. In an interview prior to the reopening ceremony, Shvo said CORE has failed to finance $18 million for a previously agreed-upon tenant build-out.

<p>Shvo’s lawsuit says his company has already sunk nearly $19 million in build-out costs. In an interview prior to the reopening ceremony, Shvo said CORE has failed to finance $18 million for a previously agreed-upon tenant build-out.</p>

&#8220;That’s why we have started legal action against them — because of violation of the lease,&#8221; he said. &#8220;It’s very straightforward.&#8221;

<p>"That’s why we have started legal action against them — because of violation of the lease," he said. "It’s very straightforward."</p>

<p>&#8220;That’s why we have started legal action against them — because of violation of the lease,&#8221; he said. &#8220;It’s very straightforward.&#8221;</p>

When asked about plans to replace CORE, Shvo said he has “a list of tenants who are anxiously wanting that space.”

<p>When asked about plans to replace CORE, Shvo said he has “a list of tenants who are anxiously wanting that space.”</p>

In the lead-up to the Pyramid&#8217;s reopening celebration, a shadowy group calling itself &#8220;Friends of the Transamerica Pyramid&#8221; sent around opposition research against Shvo, specifically echoing the claims made in CORE’s lawsuit. The group did not respond when asked who was behind the effort.

<p>In the lead-up to the Pyramid's reopening celebration, a shadowy group calling itself "Friends of the Transamerica Pyramid" sent around opposition research against Shvo, specifically echoing the claims made in CORE’s lawsuit. The group did not respond when asked who was behind the effort.</p>

<p>In the lead-up to the Pyramid&#8217;s reopening celebration, a shadowy group calling itself &#8220;Friends of the Transamerica Pyramid&#8221; sent around opposition research against Shvo, specifically echoing the claims made in CORE’s lawsuit. The group did not respond when asked who was behind the effort.</p>

But the issues embroiling the Pyramid aren’t happening in a vacuum. Shvo’s real estate strategy is predicated on repositioning “trophy buildings&#8221; and then renting or selling those properties at premium prices.&nbsp;

<p>But the issues embroiling the Pyramid aren’t happening in a vacuum. Shvo’s real estate strategy is predicated on repositioning “trophy buildings" and then renting or selling those properties at premium prices.&nbsp;</p>

<p>But the issues embroiling the Pyramid aren’t happening in a vacuum. Shvo’s real estate strategy is predicated on repositioning “trophy buildings&#8221; and then renting or selling those properties at premium prices.&nbsp;</p>

To that end, Shvo went on a $3 billion buying spree of a number of top-tier properties in markets including 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 that wave of investment.

<p>To that end, Shvo went on a $3 billion buying spree of a number of top-tier properties in markets including 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 that wave of investment.</p>

Recent events, however, have called into question whether those bets are paying off.&nbsp;

<p>Recent events, however, have called into question whether those bets are paying off.&nbsp;</p>

Last week, Shvo and his partners defaulted on a $200 million loan on the Beverly Hills Mandarin Oriental, a high-end 54-unit condo project. Only around 20% of the units have been sold to date since sales kicked off in 2022.

<p>Last week, Shvo and his partners defaulted on a $200 million loan on the Beverly Hills Mandarin Oriental, a high-end 54-unit condo project. Only around 20% of the units have been sold to date since sales kicked off in 2022.</p>

Shvo said his financing partners want to avoid selling individual condos and exit the property by selling it in its entirety, allowing them to redeploy their capital. He denied that the issue is related to larger refinancing problems. The Pyramid, in particular, has a “long-term loan,” he said.&nbsp;

<p>Shvo said his financing partners want to avoid selling individual condos and exit the property by selling it in its entirety, allowing them to redeploy their capital. He denied that the issue is related to larger refinancing problems. The Pyramid, in particular, has a “long-term loan,” he said.&nbsp;</p>

“We have German institutional partners who are extremely conservative. Coupled with the fact that we own trophy assets, that negates a refinancing issue,” Shvo said. “Where you see refinancing issues (is when) developers are over-leveraged with high debt ratios and assets that are not good.”

<p>“We have German institutional partners who are extremely conservative. Coupled with the fact that we own trophy assets, that negates a refinancing issue,” Shvo said. “Where you see refinancing issues (is when) developers are over-leveraged with high debt ratios and assets that are not good.”</p>

According to numbers from real estate data firm CoStar, the Transamerica Pyramid is currently around 52% occupied after a few notable departures, but Shvo said he has been able to double or triple previous rents for recently signed and pending leases.

<p>According to numbers from real estate data firm CoStar, the Transamerica Pyramid is currently around 52% occupied after a few notable departures, but Shvo said he has been able to double or triple previous rents for recently signed and pending leases.  </p>

“You’re always going to lose tenants that don’t have the ability to pay those rents,&#8221; Shvo said.

<p>“You’re always going to lose tenants that don’t have the ability to pay those rents," Shvo said. </p>

<p>“You’re always going to lose tenants that don’t have the ability to pay those rents,&#8221; Shvo said. </p>

A Shvo representative said three tenants have signed at triple-digit rates in recent weeks, and the property has more than 185,000 square feet in negotiation.

<p>A Shvo representative said three tenants have signed at triple-digit rates in recent weeks, and the property has more than 185,000 square feet in negotiation.</p>

Kimberly Morris, a partner at Baker &amp; Hostetler, said her law firm recently renewed a five-year lease on the Pyramid’s 31st floor after signing an initial lease back in 2019. She declined to say what her company’s current rent is, but said when her firm went to look at the options on the market there was &#8220;nothing that compared to what the Pyramid offered.&#8221;

<p>Kimberly Morris, a partner at Baker &amp; Hostetler, said her law firm recently renewed a five-year lease on the Pyramid’s 31st floor after signing an initial lease back in 2019. She declined to say what her company’s current rent is, but said when her firm went to look at the options on the market there was "nothing that compared to what the Pyramid offered."</p>

<p>Kimberly Morris, a partner at Baker &amp; Hostetler, said her law firm recently renewed a five-year lease on the Pyramid’s 31st floor after signing an initial lease back in 2019. She declined to say what her company’s current rent is, but said when her firm went to look at the options on the market there was &#8220;nothing that compared to what the Pyramid offered.&#8221;</p>

She specifically highlighted the 26th-floor spa and gym, which includes complimentary infused water and personal training services for tenants.&nbsp;

<p>She specifically highlighted the 26th-floor spa and gym, which includes complimentary infused water and personal training services for tenants.&nbsp;</p>

&#8220;I can certainly say with the improved amenities our in-office attendance has greatly improved,&#8221; she said after her morning ab workout at the gym.&nbsp;

<p>"I can certainly say with the improved amenities our in-office attendance has greatly improved," she said after her morning ab workout at the gym.&nbsp;</p>

<p>&#8220;I can certainly say with the improved amenities our in-office attendance has greatly improved,&#8221; she said after her morning ab workout at the gym.&nbsp;</p>

Later on tonight as part of the reopening ceremony, a concert by Thievery Corporation will be set to an immersive public light show that will engulf the Pyramid in precision laser projections.

<p>Later on tonight as part of the reopening ceremony, a concert by Thievery Corporation will be set to an immersive public light show that will engulf the Pyramid in precision laser projections.</p>

‘Shvo must go’ banner flown above Transamerica, trolling reopening party

Astrid Kane

The sweatiest my palms have ever been was about a quarter of the way up the spire of the Transamerica Pyramid, looking through a set of open metal stairs to the floor 50 feet below.&nbsp;

<p>The sweatiest my palms have ever been was about a quarter of the way up the spire of the Transamerica Pyramid, looking through a set of open metal stairs to the floor 50 feet below.&nbsp;</p>

From sidewalk level, San Francisco’s most famous building seems like any other high-rise—a different shape, sure, but a vertical cubicle farm all the way up. That’s not the case staring down from the summit. The elevators only run to the 48th floor, just below the top of the pyramid’s “shoulders,” those broad, blocky fins approximately 600 feet above the street.&nbsp;

<p>From sidewalk level, San Francisco’s most famous building seems like any other high-rise—a different shape, sure, but a vertical cubicle farm all the way up. That’s not the case staring down from the summit. The elevators only run to the 48th floor, just below the top of the pyramid’s “shoulders,” those broad, blocky fins approximately 600 feet above the street.&nbsp;</p>

The east shoulder contains an elevator bank. The west shoulder functions as a ventilation shaft. It’s an enormous void, a little like a chasm on the Death Star. When a team of three from The Standard got a guided tour that went all the way to the pyramid’s beacon, the railing next to that abyss was essentially base camp.&nbsp;

<p>The east shoulder contains an elevator bank. The west shoulder functions as a ventilation shaft. It’s an enormous void, a little like a chasm on the Death Star. When a team of three from The Standard got a guided tour that went all the way to the pyramid’s beacon, the railing next to that abyss was essentially base camp.&nbsp;</p>

Michaela Neville climbs to the top of the Transamerica Pyramid building on Montgomery Street in San Francisco on Thursday, April 18, 2024. Michael Shvo's renovation of the Transamerica Pyramid is proceeding and we're going on a tour to the very top, specifically to see the light and learn what's coming.


<figure class="wp-block-image size-large"><img src="https://content.sfstandard.com/wp-content/uploads/2024/05/20240420_transamericapyramidapex_eg_32.jpg?w=2500" alt="A person is leaning over a white railing at the top of an industrial staircase, looking downwards." class="wp-image-272955"/><figcaption class="wp-element-caption">Michaela Neville climbs to the top of the Transamerica Pyramid&#8217;s spire, via a set of 10 stairways and two ladders that contain 236 steps in all.</figcaption></figure>


<figure class="wp-block-image size-large"><img src="https://content.sfstandard.com/wp-content/uploads/2024/05/20240420_transamericapyramidapex_eg_32.jpg?w=2500" alt="A person is leaning over a white railing at the top of an industrial staircase, looking downwards." class="wp-image-272955"/><figcaption class="wp-element-caption">Michaela Neville climbs to the top of the Transamerica Pyramid's spire, via a set of 10 stairways and two ladders that contain 236 steps in all.</figcaption></figure>

<figure class="wp-block-image size-large"><img src="https://content.sfstandard.com/wp-content/uploads/2024/05/20240420_transamericapyramidapex_eg_32.jpg?w=2500" alt="A person is leaning over a white railing at the top of an industrial staircase, looking downwards." class="wp-image-272955"/><figcaption class="wp-element-caption">Michaela Neville climbs to the top of the Transamerica Pyramid&#8217;s spire, via a set of 10 stairways and two ladders that contain 236 steps in all.</figcaption></figure>

Buildings can be seen from a hole in the pavement of where the light at the top of the Transamerica Pyramid building is kept, on Montgomery Street in San Francisco on Thursday, April 18, 2024. Michael Shvo's renovation of the Transamerica Pyramid is proceeding and we're going on a tour to the very top, specifically to see the light and learn what's coming.


<figure class="wp-block-image size-large"><img src="https://content.sfstandard.com/wp-content/uploads/2024/05/20240420_transamericapyramidapex_eg_27.jpg?w=2500" alt="Aerial view of city buildings through a rough-edged hole in a structure." class="wp-image-272954"/><figcaption class="wp-element-caption">Renovation work on the pyramid is very much active, as this hole through a floor hundreds of feet above downtown San Francisco reveals. </figcaption></figure>


To get to the top, we climbed 10 terrifying sets of stairs—and then a ladder that’s followed by another ladder. The spire’s “walls,” we learned, are translucent plastic cladding that’s more or less open to the elements. That means on foggy days, the steps and railings become slick with moisture.

<p>To get to the top, we climbed 10 terrifying sets of stairs—and then a ladder that’s followed by another ladder. The spire’s “walls,” we learned, are translucent plastic cladding that’s more or less open to the elements. That means on foggy days, the steps and railings become slick with moisture.</p>

“Wear comfy shoes,” our guide, a rep for pyramid owner Michael Shvo, had instructed us. “And don’t be afraid of heights.”&nbsp;

<p>“Wear comfy shoes,” our guide, a rep for pyramid owner Michael Shvo, had instructed us. “And don’t be afraid of heights.”&nbsp;</p>

I don’t think of myself as having a fear of heights, but that was before my stomach itself started sweating. Aside from the time I went hang-gliding in Brazil with a guide who didn’t speak English, I can’t remember a time when I was so acutely afraid of losing my grip on a metal bar and plummeting to my death.&nbsp;

<p>I don’t think of myself as having a fear of heights, but that was before my stomach itself started sweating. Aside from the time I went hang-gliding in Brazil with a guide who didn’t speak English, I can’t remember a time when I was so acutely afraid of losing my grip on a metal bar and plummeting to my death.&nbsp;</p>

Eventually, we made it to the space that houses the beacon. Like everything else about William Pereira’s modernist 1972 masterpiece, that dazzlingly intense, bluish light is set to undergo a major overhaul as part of a $400 million renovation. Luxury developer Michael Shvo is reimagining the building from top to bottom, installing amenities like a spa and a sky bar, as well as an all-new lighting scheme that will announce the Transamerica Pyramid’s presence by night the way its distinctive shape already does by day.

<p>Eventually, we made it to the space that houses the beacon. Like everything else about William Pereira’s modernist 1972 masterpiece, that dazzlingly intense, bluish light is set to undergo a major overhaul as part of a $400 million renovation. Luxury developer Michael Shvo is reimagining the building from top to bottom, installing amenities like a spa and a sky bar, as well as an all-new lighting scheme that will announce the Transamerica Pyramid’s presence by night the way its distinctive shape already does by day.</p>

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<h2 class="wp-block-heading" id="h-office-as-resort">Office as resort</h2>


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<h2 class="wp-block-heading" id="h-office-as-resort">Office as resort</h2>

Even though the Transamerica Corporation vacated the building in 1999, Shvo has no plans to rename it. Pretty much everything else about it is going to change, though. The guiding principle, of “office as resort,” will bring a vibe associated with luxe tech campuses into downtown San Francisco.&nbsp;

<p>Even though the Transamerica Corporation vacated the building in 1999, Shvo has no plans to rename it. Pretty much everything else about it is going to change, though. The guiding principle, of “office as resort,” will bring a vibe associated with luxe tech campuses into downtown San Francisco.&nbsp;</p>

An aerial drone night view of TransAmerica Pyramid and buildings in San Francisco on March 15, 2024.


<figure class="wp-block-image size-large"><img src="https://content.sfstandard.com/wp-content/uploads/2024/05/transamerica-pyramid-2.jpg?w=1938" alt="An aerial night view of a brightly lit, pyramid-topped skyscraper amid a grid of city streets." class="wp-image-272948"/><figcaption class="wp-element-caption">An aerial drone night view of TransAmerica Pyramid and buildings in San Francisco on March 15, 2024.</figcaption></figure>


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