Shvo Secures New Tenant for San Francisco Office in Record-Breaking Lease Deal

The Transamerica Pyramid in San Francisco has reportedly secured a record-breaking rental rate for the West Coast. While many local landlords continue to navigate high vacancy rates, this recently revitalized, 48-story office tower has attracted a tenant paying more than $300 per square foot.

According to real estate sources and the building’s operator, Michael Shvo, the only other property in the United States to achieve higher rental rates than this is 1 Vanderbilt in New York City. This milestone highlights the specialized demand for class A office space in San Francisco.

The recent leasing momentum is a direct result of a sweeping, multi-year renovation project. The building’s ownership invested $400 million to reposition the iconic tower, upgrading the offices and adding new high-end amenities.

Regarding the specific record-breaking transaction, Shvo noted that the tenant chooses to remain anonymous. The deal covers approximately 4,000 square feet situated on the 44th floor. In addition to this lease, two other significant deals were recently finalized on the building’s upper floors. These tenants include the Japanese megabank Mizuho, which has an extensive background in investment and corporate banking, and the tech-focused investment firm Coatue. While the exact rental rates for Mizuho and Coatue were not released, a spokesperson for Shvo confirmed that space on higher floors commands higher prices. Together, these three new leases total 25,000 square feet with the largest individual lease spanning 15,000 square feet.

“Transamerica 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,” Shvo said. “Most importantly, we are attracting the kind of premier, top-tier tenants that reinforce Transamerica’s iconic place in the skyline and send a global signal that San Francisco’s future is bright.”

The negotiations for these three leases were handled by JLL brokers Chris Roeder, Matt Shewey and Carlye Parker. This latest activity follows a productive year for the tower’s leasing team, which completed nine deals in the previous year totaling more than 200,000 square feet. Those transactions saw rents ranging from $120 to $300 per square foot. Among the most notable of those previous deals was a 123,000-square-foot agreement signed by the law firm Morgan Lewis at the end of the first quarter of 2025.