Yum!
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Well thatâs pretty messy.
The allegations make it seem Shvo turned the Transamerica pyramid into a pyramid scheme.
Or maybe a Ponzi scheme?
I forgot the difference between the two.
maybe we should call it a Shvo Swindle.
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I was thinking he is on the shady side.
https://www.sfchronicle.com/realestate/article/s-f-transamerica-pyramid-lawsuit-19589112.php
Transamerica Pyramid owner Michael Shvo described one of the signature San Francisco office towerâs newest tenants as âincapable of paying back their debtsâ in a lawsuit filed in New York on Monday.
In his lawsuit, the luxury real estate owner and developer requested that a New York court dismiss a dozen allegations contained in a prior lawsuit brought by the members-only CORE Club against Shvo and his partners last month, including alleged fraud in connection with the clubâs lease and buildout of its planned new location at the pyramid at 600 Montgomery St., a 48-story tower that the partners acquired in 2020 for $650 million.
Soon after, they announced renovation work at the property that would bring their total investment into the pyramid to $1 billion â a massive undertaking amid continued turmoil in the real estate market in the wake of the pandemic. The lease with the Core Club appeared to be a pillar of the pyramidâs ongoing revitalization and effort to attract new office tenants.
. . .
In his counter lawsuit filed Monday, Shvo fired back, calling the clubâs founders âcash strappedâ and accusing the business of launching a âpublic hit jobâ after it failed to live up to its âcontractual obligationsâ in order to pressure its landlord into granting a ârent reduction, a lease rescission and other unwarranted concessions.â
. . .
The clubâs attorney, Adam Glassman, on Monday described Shvoâs motion to dismiss the clubâs lawsuit as a âpredictable attempt to avoid accountability for his actions and to delay the legal process,â and that it is not âan isolated incident.â
âMr. Shvo has a documented history of engaging in questionable business practices, including deceiving residential buyers, commercial tenants, and suppliers. He consistently over-promises and under-delivers, leaving a trail of financial ruin and broken trust in his wake,â Glassman said, adding that Shvo âpresented himself as a trusted partnerâ to the club, then âused this position of trust to enrich himself at their expense.â
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Non paywall -
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https://www.sfchronicle.com/realestate/article/transamerica-pyramid-tenant-sf-20049508.php
Morgan Lewis law firm might move to pyramid
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https://www.sfgate.com/local/article/sf-club-transamerica-pyramid-lawsuit-20228498.php
The ambitious plan to launch an exclusive members-only social club in San Franciscoâs iconic Transamerica Pyramid has been derailed by a complex legal dispute. The San Francisco Chronicle reported that the Core Club, known for its elite clientele and luxurious amenities, was slated to occupy the first three floors of the recently renovated skyscraper â but a $600 million lawsuit between the buildingâs owner, Michael Shvo, and Core Clubâs founders, Jennie and Dangene Enterprise, has apparently halted the project.
As the legal battle continues, part of the planned Core Club space within the Transamerica Pyramid has been listed for direct leasing, according to the Chronicle. Real estate firm JLL is now marketing suites 200 and 300 at approximately 12,000 and 15,000 square feet, respectively.
History
â The original design for what now is known as the Transamerica Pyramid, made public in January of 1969, was 1,000 feet tallâ
https://www.sfgate.com/news/article/History-of-the-Transamerica-Pyramid-3277563.php
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From the Foster and Partners website
https://www.sfgate.com/bayarea/article/When-the-Goodyear-Blimped-kissed-the-10613798.php
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I was there when this was just a few years old. Sad that the original height was not allowed.