First phase of Transamerica Pyramid's $400 million renovation is complete

Phase one of San Francisco's iconic Transamerica Pyramid Center renovation is complete, with Thursday marking its formal reopening.

Why it matters: Downtown San Francisco has yet to fully recover from the impact of pandemic-related office and business shutdowns , with the city still contending with a 36.8% office vacancy rate .

• The revamping of the Transamerica Pyramid, thanks to the single-largest investment in downtown since the beginning of the pandemic, could be the needed spark.

State of play: The renovation, which began in December 2022, includes a larger redwood park, a revamped grand lobby, a top-floor bar, sky lounge, gym, spa and more.

• Thursday's event featured remarks from Mayor London Breed, former Mayor Willie Brown and others, with an expected nighttime performance from Thievery Corporation.
• This first phase came in at $250 million while the full renovation is expected to cost $400 million.

What they're saying: The building is part of San Francisco's story and commitment to "rebuilding and reinventing itself," Breed said in a press statement.

• Michael Shvo, founder and CEO of the eponymous development firm, said the "remastering of this historic block will mark a new chapter for this iconic landmark, ensuring it remains a vibrant hub for creativity, business, and community."

Between the lines: Shvo is facing a $600 million lawsuit from Core Holdings, which was set to open a members-only club in the building this month, Bloomberg reports .

• Core is seeking to terminate its lease while Shvo has filed a motion to dismiss the suit.

Flashback: The Transamerica Pyramid first opened in 1972, becoming known as the "Wall Street of the West."

• Critics, however, called the design "an inhumane creation," "authentic architectural butchery" and " the most portentously and insidiously bad building " in SF.
• Those criticisms stemmed from fears of San Francisco becoming more like skyscraper-heavy Manhattan.
• The pyramid was once the tallest building in the city's skyline, but that honor now goes to the behemoth that is Salesforce Tower.

What's next: While Thursday's event was invite-only, members of the public will be able to explore the reopened 5,500-square-foot park at the base of the pyramid on Sunday.