Shvo Says Transamerica Pyramid Has City’s Priciest Lease

San Francisco’s landmark Transamerica Pyramid just landed a reported record West Coast rent.

The 48-story office tower has brought in a tenant paying more than $300 per square foot for approximately 4,000 square feet, which would work out to $1.2 million per year, the San Francisco Chronicle reported, citing building operator Michael Shvo and other real estate sources. Shvo did not name the tenant, who he said wished to remain anonymous.

The deal for the 44th floor space is a West Coast record, according to Shvo, though the Chronicle could not verify the claim. The Transamerica Pyramid is reportedly the only building in the city to have leases with rents over $200 per square foot, which has only happened over the past year, local real estate sources told the Chronicle.

Two more leases have been completed for upper floors of the building, Shvo confirmed to the Chronicle. Tech-focused global investment firm Coatue and Japanese bank Mizuho grabbed space in the building. The Coatue, Mizuho and unnamed tenant’s leases total 25,000 square feet, with the largest spanning 15,000 square feet, a Shvo spokesperson told the Chronicle. The rental rates were not disclosed, though tenants on the higher floors pay higher rents, the spokesperson said.

Shvo’s team completed nine deals for more than 200,000 square feet in the building last year with rents between $120 and $300 per square foot, according to the Chronicle. The structure was 85 percent leased as of last month. In 2024, the building completed $400 million worth of renovations to revamp offices and offer new amenities and public-facing spaces.

Transamerica Pyramid’s new leases come as the office market in the city appears to finally be turning around from post-pandemic struggles. Office space in San Francisco that was vacant or available for lease decreased by nearly 2 million square feet in the fourth quarter of last year — the steepest drop in office availability in four consecutive quarters.

— Chris Malone Méndez