Transamerica Pyramid, SF icon, enters new era after massive transformation

SAN FRANCISCO - The Transamerica Pyramid has long been one of the most distinctive and recognizable office buildings in the San Francisco skyline. It was first completed in 1972 and designed by futurist architect William Pereira.

After undergoing a massive, top-to-bottom renovation, it is set for a highly-anticipated grand re-opening on Thursday. 

First purchased in 2019, luxury real estate owner and developer Michael Shvo is ready to show off his $1 billion bet on San Francisco. He invested $350 million in upgrades, after buying it for $650 million. 

Shvo hopes the new Transamerica Pyramid Center, which preserves the historic exterior of the building, will revitalize and redefine downtown San Francisco.

"When we bought the building it was really important for me to bring people here, because it's the most photographed building on the West Coast – one of the most iconic buildings in the world, but people never come here," said Shvo, Chairman and CEO of SHVO.

"It's been a massive transformation. We've been working on this for four years," Shvo said. 

The Transamerica Pyramid delivers sweeping, panoramic views from its revamped top floors, first-rate office amenities, and completely re-imagined ground floor spaces, including an expanded Transamerica Redwood Park, which will open to the public on Sunday.   

Shvo wants to inject new energy and life into downtown, connect adjoining neighborhoods, and give people reasons to visit the landmark.

"With what we've done at the ground floor, opening everything to the public and having this great lobby that you can see through now… we're seeing people gather around here," he said. 

The lobby features new seating, ample natural light, a flower shop, and a coffee bar. 

The park, which is connected to two additional revamped Transamerica buildings, will feature free art exhibits and cultural programming year-round.

Above the ground floor, Shvo said the building is 70% leased to office tenants, who have access to the sky lounge, top-floor bar, gym, and spa.

Shvo said new commercial tenants range from AI companies, law firms, hedge funds, and private equity firms.  

The project was designed by world-renowned architect Norman Foster of Foster + Partners, who is behind Apple's iconic spaceship headquarters in Cupertino.

There will also be three eateries on site, helmed by acclaimed Chef Brad Kilgore, formerly of Miami. Cafe Sebastian will open next month. Mad Lab Kakigori, which will feature Japanese shaved ice and desserts, will also open in the same space. A more formal concept called Ama will follow. 

"The spaces here in partnership with the Transamerica Pyramid are to really embrace the locals here, let them know that the Pyramid's back," said Kilgore. "We're right next to the park and Mark Twain Alley."

Shvo is a New Yorker, who was born in Israel.

As a child, he said the Transamerica Pyramid represented the American Dream. In fact, he drew a picture of himself next to the building when he was 9 years old, after his parents brought him to San Francisco on a visit. They wanted to show him its unique architectural style.  

He never imagined he'd own it more than 40 years later.

"I have faith in San Francisco, it's one of the greatest cities in America, and I did not believe that the city is getting wiped off the planet," said Shvo. 

The official ribbon cutting, attended by Mayor London Breed and former Mayor Willie Brown, will take place Thursday morning. 

The public light show is scheduled for 8:30 p.m., during an invite-only opening celebration. 

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