SHVO: Transamerica Pyramid Revamp Will Generate $2.5B Annual Economic Output

SHVO and economic development and research firm HR&A Advisors said Thursday that the redevelopment of Transamerica Pyramid Center is expected to generate $2.5 billion in economic output and create 6,500 jobs on an annual basis upon completion. A partnership of New York-based SHVO and Deutsche Finance acquired the San Francisco icon in 2020 for $650 million.

Upon acquiring the 853-foot-tall office property at 600 Montgomery St., SHVO and Deutsche launched a $400-million transformation led by Foster + Partners. Reportedly, the partnership’s total commitment of $1 billion represents the single largest investment in downtown San Francisco since the start of the pandemic.

“The Transamerica Pyramid has always been ahead of its time as an enduring symbol of San Francisco’s spirit of innovation,” said Michael Shvo, chairman & CEO of SHVO. “Working with Lord Norman Foster and the team at Foster + Partners, we have thoughtfully remastered the landmark for the next 50 years so it can return to its rightful place as a destination for the world’s most creative minds, while serving as a catalyst for economic growth across Downtown San Francisco.”