Transamerica Pyramid celebrates 50th with revitalization

By Rachel Kavanagh ’24

Just recently, the corporation SHVO announced their investment into renovating the Transamerica Pyramid building located in the Financial District of downtown San Francisco.

With last year marking the 50th anniversary of the completion of the building, Micheal Shvo, owner of SHVO Corp., claims their investment is a step toward revitalization of the downtown area overall.

Shvo purchased the building, along with two others on the block, back in October of 2020 amidst the first surge of COVID-19 for about $650 million. The building has never been sold since its opening in 1972, as it was previously owned by and housed the headquarters of the Transamerica Corp.

Although it is now an iconic part of the skyline, critics had very unfavorable opinions of the building during its initial proposal.

Designed by William Pereira, the unique architecture was requested by Transamerica’s previous CEO, John Beckett, as an attempt to allow more light and air into the street, and conserve the city views.

As time went on, it is evident that San Francisco natives have come to love the uniquely designed and defining piece of the city skyline.

“I think it’s as iconic to San Francisco as much as the Eiffel Tower is to Paris,” said Kurt Osmer, Riordan engineering instructor.

Since its change in ownership, many are looking forward to the variance of scenery downtown.

“I’m glad it’s under new ownership,” said Osmer, recognizing that the change should be welcomed because there isn’t much attraction to the area.

“Right now, especially in the Financial District, there’s not a lot for pedestrians to do,” he added. Since the 2020 COVID-19 lockdown, downtown San Francisco has been bleak and devoid of life. With many vacant apartments and office buildings being left untouched for almost three years since people began to work remotely, there has been little opportunity for further development of the downtown area itself. This dullness is exactly what SHVO wants to fix.

“This project is exactly how we are building our recovery — and a signal that our future is bright,” said Mayor London Breed in a tweet regarding the Pyramid’s 50th anniversary and partnership with SHVO.

According to Breed in an article from the San Francisco Business Times, “This is about creating an open community space and place where people can congregate, where folks can dine and enjoy this particular neighborhood in San Francisco.”

The plan is to make the Pyramid the center of the new and improved downtown San

Francisco, introducing a neighborhood within a city with hopes to redefine urban living.

Additionally, SHVO wants to draw people back to the once bustling and prosperous area as a starting point to breathe life back into downtown.

With a love for the Pyramid and the city, Michael Shvo is very excited for the opportunity to revive what he believes is the heart of the city.

As quoted on his company’s website, SHVO.com, he said, “It’s always been ahead of its time, the city has always been ahead of its time. Together, with the city of San Francisco, we will bring back downtown.”