Transamerica Pyramid Readies For Reopening Despite Lawsuit Against Owner
Ahead of the Transamerica Pyramid’s planned Sept. 12 reopening, Bisnow toured a few floors of the 48-story office tower and landmark. The reopening is on schedule despite a $600M lawsuit against the property's owners, the development firm Shvo and Bayerische Versorgungskammer, a managed fund that backed co-owner Deutsche Finance America in its 2020 acquisition of the property.
The lawsuit filed by New York-based Core Club involves spaces the exclusive club leases at the Transamerica Pyramid, 711 Fifth Ave. in New York and a Milan building.
To date, Shvo, led by founder and CEO Michael Shvo, has completed $400M in renovations to the San Francisco landmark since buying it with Deutsche Finance in 2020 for $650M.
Shvo and his team envisioned hotellike amenities at the 512K SF property when he embarked on the building’s overhaul. Renovations to 505 and 545 Sansome, two adjacent art deco buildings, are also part of the plan.
The building’s occupancy stands in the 70% range, according to a spokesperson for Shvo. Tenants remained in the building during renovations.
Among the spaces Bisnow toured were the expanded Redwood park, the renovated lobby, an under-construction sky lounge, a floor honoring the history of the tower and a fitness center.
Some of the renovations aren’t yet complete, including Core Club’s 45K SF at the base of the tower, a point of contention between the ownership and tenant. The upscale members-only club wants to rescind its $178M, 20-year lease.
The San Francisco Standard reported Monday that a slate of tenants-only restaurants will open in October. To be managed by chef Bradley Kilgore and his management company, Kilgore Culinary, the establishments include a Japanese-Italian fusion restaurant and bar called Ama by Brad Kilgore, as well as Cafe Sebastian, a bistro.
Kilgore will also have a shaved ice and ice cream shop in the building called MadLab Kakigori run by his wife and pastry chef, Soraya Caraccioli-Kilgore.
Shvo and his affiliated companies filed a motion to dismiss the suit on July 22.
