{"id":146722,"date":"2026-01-23T19:47:09","date_gmt":"2026-01-23T19:47:09","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ca\/146722\/"},"modified":"2026-01-23T19:47:09","modified_gmt":"2026-01-23T19:47:09","slug":"shvo-inks-office-lease-that-sets-price-record-in-san-francisco-commercial-observer","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ca\/146722\/","title":{"rendered":"Shvo Inks Office Lease That Sets Price Record in San Francisco \u2013 Commercial Observer"},"content":{"rendered":"<p><a href=\"https:\/\/commercialobserver.com\/company\/shvo\/\" title=\"Shvo\" class=\"company-link\" rel=\"nofollow noopener\" target=\"_blank\">Shvo<\/a>\u2019s $400 million renovation of San Francisco\u2019s Transamerica Pyramid is working wonders.\u00a0<\/p>\n<p>Michael Shvo\u2019s luxury development firm has inked three lease deals at the iconic property spanning a total of 25,000 square feet \u2014 one of which clocked in with rent over $300 per square foot. That price is both a record for San Francisco and the second-highest price per square foot ever paid in the U.S., according to brokers <a href=\"https:\/\/commercialobserver.com\/company\/jll\/\" title=\"JLL\" class=\"company-link\" rel=\"nofollow noopener\" target=\"_blank\">JLL<\/a>. (The priciest deal on record is at SL Green\u2019s One Vanderbilt tower in New York City, which <a href=\"https:\/\/commercialobserver.com\/2022\/04\/gfl-environmental-lease-one-vanderbilt-sl-green-realty-corp-hines-national-pension-service-of-korea\/\" rel=\"nofollow noopener\" target=\"_blank\">has had asking rents as high as $322<\/a> per square foot.)<\/p>\n<p>SEE ALSO: <a href=\"https:\/\/commercialobserver.com\/2026\/01\/anduril-long-beach-campus\/\" rel=\"nofollow noopener\" target=\"_blank\">Anduril Industries Sets Sights on $1B Mixed-Use Campus in Long Beach, Calif.<\/a><\/p>\n<p>Investment management firm <a href=\"https:\/\/commercialobserver.com\/company\/coatue\/\" title=\"Coatue\" class=\"company-link\" rel=\"nofollow noopener\" target=\"_blank\">Coatue<\/a> and <a href=\"https:\/\/commercialobserver.com\/company\/mizuho-financial-group\/\" title=\"Mizuho Financial Group\" class=\"company-link\" rel=\"nofollow noopener\" target=\"_blank\">Mizuho Financial Group<\/a> are two of the tenants, though the name of the third tenant was not disclosed. Two of the lease deals were for roughly 5,000 square feet, with the remaining tenant taking 15,000 square feet, per a SHVO spokesperson, but further details were not available. The property, which Shvo acquired in 2020 for $650 million, is currently 85 percent leased.\u00a0<\/p>\n<p>\u201cTransamerica Pyramid Center continues to drive the revitalization of Downtown San Francisco, achieving record-breaking rents and creating a hub of activity and momentum in the neighborhood,\u201d Shvo said in a statement. \u201cMost importantly, we are attracting the kind of premier, top-tier tenants that reinforce Transamerica Pyramid\u2019s iconic place in the skyline and send a global signal that San Francisco\u2019s future is bright.\u201d<\/p>\n<p>Nine other new tenants collectively secured a total of 222,000 square feet at Transamerica Pyramid late last year, Shvo announced in December. Last March, Shvo inked a seven-floor, <a href=\"https:\/\/commercialobserver.com\/2025\/03\/svho-transamerica-pyramid-morgan-lewis-san-francisco-office\/\" rel=\"nofollow noopener\" target=\"_blank\">123,000-square-foot deal with law firm Morgan Lewis<\/a> at the newly upgraded tower.<\/p>\n<p>Nick Trombola can be reached at <a href=\"https:\/\/commercialobserver.com\/2026\/01\/shvo-transamerica-pyramid-rent-record-office\/mailto:ntrombola@commercialobserver.com\" rel=\"nofollow noopener\" target=\"_blank\">ntrombola@commercialobserver.com<\/a>. <\/p>\n","protected":false},"excerpt":{"rendered":"Shvo\u2019s $400 million renovation of San Francisco\u2019s Transamerica Pyramid is working wonders.\u00a0 Michael Shvo\u2019s luxury development firm has&hellip;\n","protected":false},"author":2,"featured_media":146723,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[30],"tags":[8815,37662,73053,101,103,102,104,106,105,16733],"class_list":{"0":"post-146722","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-san-francisco","8":"tag-channel","9":"tag-leases","10":"tag-office-leases-600-montgomery-street","11":"tag-san-francisco","12":"tag-san-francisco-headlines","13":"tag-san-francisco-news","14":"tag-sf","15":"tag-sf-headlines","16":"tag-sf-news","17":"tag-transamerica-pyramid"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/146722","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/comments?post=146722"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/146722\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media\/146723"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media?parent=146722"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/categories?post=146722"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/tags?post=146722"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}