SHVO and HR&A Advisors, a leading economic development and research firm, have announced that the redevelopment of Transamerica Pyramid Center is expected to generate $2.5 billion in annual economic output and create 6,500 jobs upon completion. The iconic San Francisco property was acquired by New York-based SHVO and Deutsche Finance in 2020 for $650 million.
The partnership wasted no time in launching a $400 million transformation led by renowned architecture firm Foster + Partners. This investment of over $1 billion represents the largest commitment to downtown San Francisco since the start of the pandemic.
According to Michael Shvo, Chairman & CEO of SHVO, “The Transamerica Pyramid has always been an emblematic symbol of innovation in San Francisco.” He added that their collaboration with Lord Norman Foster and his team at Foster + Partners will revitalize this landmark for another 50 years as a hub for creative minds while driving economic growth throughout downtown San Francisco.
This announcement marks an exciting milestone for both SHVO and Deutsche Finance as they continue their mission to transform iconic properties into thriving destinations through strategic investments.
