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San Francisco Gets a $1 Billion Bet That Workers Will Return

Michael Shvo is redeveloping the landmark Transamerica Pyramid in hopes a luxe revamp will aid in the area’s revival. 

The Transamerica Pyramid in San Francisco.

The Transamerica Pyramid in San Francisco.

Photographer: David Paul Morris/Bloomberg
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The 48th floor of the Transamerica Pyramid used to hold a conference room with panoramic views of the San Francisco Bay. Today, there’s a hollowed out construction site. By the end of the year, it will be a 45-seat sky bar that will open only for the tower’s clientele. 

It’s an upscaling transformation for the 50-year-old San Francisco landmark — and a bold, costly investment in a real estate market now known for its empty buildings.