The Transamerica Pyramid is the shape everyone uses to draw the San Francisco skyline. It's been part of that skyline for more than half a century, and this year it got a new owner.

Why a pyramid?

The 48-story, 853-foot tower at 600 Montgomery St. was designed by architect William Pereira and completed in 1972. It was the tallest building in San Francisco until 2017. Transamerica CEO John Beckett backed the tapering shape in part because it would let more light reach the street than a standard box. On completion it was the eighth-tallest building in the world.

The ground under it has its own history. The pyramid stands on reclaimed land along the former Yerba Buena Cove. That land was the site of the Montgomery Block, built in 1853, which housed offices and apartments for some of the city's best-known financiers, lawyers and artists for more than 100 years before it was torn down in 1959 and replaced by a parking lot.

The hidden parts

  • Redwood Park. At the base of the tower is a half-acre public space with redwoods transplanted from the Santa Cruz Mountains when the building went up. It has a bronze jumping-frog fountain sculpture inspired by Mark Twain's "The Celebrated Jumping Frog of Calaveras County" and a plaque honoring Bummer and Lazarus, two dogs celebrated for their skill at catching rats.
  • The lost observation deck. A 27th-floor viewing area once let the public look out over the city. The building's website said it closed to the public in 2001. It was replaced by a "virtual observation deck," with lobby monitors showing views from cameras at the top of the spire.
  • The "Crown Jewel." The light at the top of the spire is turned on for holidays and special occasions.

Two sales in 54 years

Developer Michael Shvo and Deutsche Finance America bought the pyramid in 2020 for $650 million and in 2022 hired Norman Foster to redesign the interiors. Axios reported that the partners planned a $400 million overhaul but finished only the first $250 million phase. That phase included an expanded park, a redone lobby, a top-floor bar and a sky lounge. The property went up for sale after Shvo and his co-investors fell out, and Shvo faced lawsuits accusing him of fraud related to the building.

This spring, Cyprus-based investment firm Yoda Plc bought the pyramid and its two adjacent towers for $691.6 million. Axios reported that the deal totaled $725 million once it included a $34 million payment ending Shvo's involvement and a brokerage commission. The pyramid was 85% leased as of December, according to Shvo's team. Yoda CEO Alon Bar said the company believes it has "a lot to add to this magnificent asset."

You don't need an office badge to see the building. Redwood Park is a quiet place to eat lunch downtown, and the Montgomery Street BART station is a few blocks away.