Shvo Inks 123K-SF Lease With Morgan Lewis at San Francisco’s Transamerica Pyramid

If you’ve spent nearly $1 billion on the Transamerica Pyramid, you’ve got to believe there’s a point to the building.

Michael Shvo’s namesake firm has signed global law firm Morgan Lewis to 123,000 square feet at the iconic 48-story tower — a full seven floors. The law firm plans to relocate from its roughly 150,000-square-foot space at One Market Plaza, less than a mile east of the pyramid, in early 2026.

“This decision highlights our strong investment in this city’s dynamic future and reinforces our position as a destination law firm for top-tier legal and business professional talent in San Francisco and Northern California,” Brent Hawkins, managing partner of Morgan Lewis’ San Francisco office, said in a statement.

Shvo, along with partner Deutsche Finance America, acquired Transamerica Pyramid Center (which also includes two other office buildings and a park) in late 2020 for $650 million, in what was considered a bold move during the throes of the pandemic, even for the notoriously audacious luxe developer. 

Downtown San Francisco was hit hard during the pandemic as scores of people opted to work from home (the city’s office vacancy rate was still nearly 37 percent at the end of 2024, according to CBRE (CBRE)). But Shvo and Deutsche doubled down, pouring $250 million to renovate the trophy building at 600 Montgomery Street with new meeting rooms, lounges and bars, restaurants and a wellness center designed by Foster + Partners. Those funds will also go toward an expansion of the Three Transamerica building at 545 Sansome Street, and renovations for Two Transamerica at 505 Sansome Street and Transamerica Redwood Park. 

Despite reports from the first half of 2024 that the developer was “struggling to deliver” after plunging nearly $1 billion into the 1972-built plaza, Shvo has clearly righted the ship. The building, which reopened in September 2024, was 85 percent occupied by the end of the year, with Morgan Lewis’ lease and others still in the pipeline at the time. 

“Attracting one of the world’s most respected law firms further validates Transamerica Pyramid’s place as the leading commercial building in San Francisco. … The extensive investment to remaster this global icon has been a catalyst for the resurgence of Downtown San Francisco and reflects our deep commitment to the city’s success,” Shvo said in a statement. 

Shvo has made his presence felt in many major cities across America in recent years with high-dollar office, condominium and hotel purchases. His firm and its partners acquired the Coca-Cola building in Manhattan’s Fifth Avenue corridor for $955 million in 2019; the Mandarin Oriental Residences in Beverly Hills for $130 million that same year (which he and his backers defaulted on last September); three beachside hotels in Miami for $243 million, also in 2019; and Chicago’s Big Red office tower on South Wabash Avenue for $376 million in 2020.

Nick Trombola can be reached at ntrombola@commercialobserver.com.