A 1 percent social club is coming to the Transamerica Pyramid in San Francisco.
Core Club signed a 20-year, 45,000-square-foot lease with SHVO, according to
San Francisco Business Times. Core Club will lease three floors and is expected to open in 2023. The lease comes days after the powerful Wall Street club agreed to a 60,000 square foot lease at 711 Dai Michael Shvo’s Fifth Avenue in Manhattan.
Shvo, along with its partners, Deutsche Finance America and German pension fund Bayerische Versorgungskammer, have closed 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 website that originally sold for $700 million, reflecting a local market hit hard by the pandemic and remote work.
The pyramid was built in 1972 at 600 Montgomery Street. Dutch insurer Aegon NV, took over the property in 1999 when it bought Transamerica. SHVO’s plan to reposition all assets has yet to be announced.
With locations in New York and Milan, the Core Club has been a haven for the wealthy uber since its founding in 2005. Its founding members include Steven Roth of the Vornado Realty Trust, Stephen Schwarzman of the Blackstone Group and top executives from other industries. The New York Times reported in 2011 that the club asked for a $50,000 start-up fee and $15,000 in annual membership fees.
[BizJournals] – Keith Larsen
https://therealdeal.com/2021/12/17/elite-core-club-signs-lease-at-sfs-transamerica-pyramid/ Core Club ink rental at Transamerica Pyramid