A social club for the 1% arrives at the Transamerica Pyramid in San Francisco.
The Core Club signed a 45,000 square foot 20-year lease with SHVO, according to
The days of business in San Francisco. Core Club will lease three floors and plan to open in 2023. The lease comes days after the Wall Street Power Club accepted a 60,000 square foot lease with Michael Shvo’s 711 Fifth Avenue in Manhattan.
Shvo and its partners, Deutsche Finance America and German pension fund Bayerische Versorgungskammer, completed the purchase of the 48-story pyramid, along with the surrounding complex, in October 2020 for $ 650 million. Shvo got a Covid discount for a site that was originally slated to sell for $ 700 million, reflecting a local market hard hit by the pandemic and remote working.
The Pyramid was built in 1972 at 600 Montgomery Street. Dutch insurance company Aegon NV took over the property in 1999 when it bought Transamerica. SHVO has plans for a complete repositioning of the property which have yet to be announced.
With locations in New York and Milan, the Core Club has served as a haven for the uber wealthy since it opened in 2005. Its founding members include Steven Roth of Vornado Realty Trust, Stephen Schwarzman of Blackstone Group and senior executives from others. industries. The New York Times reported in 2011 that the club ordered an initiation fee of $ 50,000 and $ 15,000 in annual dues.
[BizJournals] – Keith Larsen