French bakery Maison Nico has opened a new location in the Transamerica Pyramid, a move following the building's $725 million acquisition by Cyprus-based Yoda Plc and a wider reshuffling of its retail tenants amid cautious recovery in San Francisco's commercial real estate.

Maison Nico, the French bakery praised by local critics, has opened a second location inside the lobby of San Francisco's iconic Transamerica Pyramid. The move comes as the building's new owner, Cyprus-based investment firm Yoda Plc, begins to reshape its retail tenancy following a $725 million acquisition completed earlier this year.

The bakery's new counter is located in the space previously occupied by the Pyramid Café and follows the departure of Miami restaurateur Brad Kilgore's three concepts—Café Sebastian, Ama, and MadLab—all of which closed after Yoda Plc acquired the property. Yoda Plc, led by CEO Alon Bar, finalized the purchase of the Transamerica Pyramid Center on March 27, 2026. The reported $725 million transaction included a $691.6 million purchase price for three properties (the Pyramid tower, a 20-story tower at 505 Sansome St., and 545 Sansome St.) and an additional $34 million settlement paid to the previous asset manager, Michael Shvo. The acquisition was financed with a $300 million loan from Axos Bank and $425 million in equity. As Yoda Plc is a Cyprus-domiciled company, no SEC filings are publicly available for the transaction, making press reports and county deed records the primary source for the deal's financials.

The arrival of Maison Nico in the Transamerica Pyramid's lobby reflects a broader, albeit narrow, recovery in San Francisco's commercial real estate market. While the city's overall office vacancy rate stood at a high 28.0% in Q2 2026, activity has been concentrated in "trophy assets" like the Pyramid, driven largely by AI-sector tenants. The churn in retail tenants, replacing fine-dining and specific concepts with a more accessible daily offering like a bakery, speaks to the ongoing recalibration of downtown commercial spaces as property owners seek to activate lobbies and ground floors. Maison Nico co-owner Nico Delaroque described the expansion as a "light lift" due to the proximity to their flagship location.

While the SF Chronicle reported details of Maison Nico's opening and the closure of past tenants, no corresponding public business permits for Maison Nico or formal closure filings for the previous food service operations within the Transamerica Pyramid were located as of publish time. This means the specific operational changes to the retail space are currently based on reported information rather than regulatory documentation or public filings.