The Transamerica Pyramid just delivered San Francisco’s battered downtown office market what its operator says is a record West Coast lease.
With many landlords fighting high vacancy rates, the recently revitalized 48-story office tower has attained the city’s highest-paying office tenant —north of $300 per square foot, according to real estate sources and Michael Shvo, the building’s operator. Shvo declined to identify the tenant, who he said wished to remain anonymous. A real estate source said the deal is for about 4,000 square feet on the 44th floor.
Shvo, who is based in New York City, said the deal is a West Coast record, a contention the Chronicle was unable to independently verify. The only building that has achieved higher rental rates is 1 Vanderbilt in New York City, he said. Local real estate insiders confirmed that the Pyramid is the only building in the city to sign leases over $200 per square foot, which they said happened only over the past year…