Market Center (San Francisco) Explained

Market Center
Former Names:Standard Oil Buildings
Alternate Names:Chevron Towers
Location:555–575 Market Street
San Francisco, California
Coordinates:37.7896°N -122.4003°W
Pushpin Map:United States San Francisco Central#California#USA
Completion Date:1964 / 1975
Building Type:Commercial offices
Roof:94.79m (310.99feet)
174.65m (573feet)
Floor Count:22 / 40
Floor Area:283000square feet
487000square feet
Architect:Hertzka & Knowles
Structural Engineer:H.J. Brunnier Associates
Owner:Paramount Group, Inc.
References:[1] [2] [3]

Market Center, formerly known as the Standard Oil Buildings and later the Chevron Towers, is a complex comprising two skyscrapers at 555–575 Market Street in the Financial District of downtown San Francisco, California. It served as the headquarters of the Chevron Corporation until 2001. As of 2021, it is owned by Paramount Group, Inc.[4]

575 Market Street is a 40-story, 175m (574feet) building completed in 1975, the taller of the two towers. 555 Market Street is the shorter tower at 95m (312feet) with 22 stories, and was completed in 1964. Architect for both buildings was Hertzka & Knowles. The two buildings are situated on a large mid-block property with a central, landscaped plaza. Both buildings are terra cotta over a granite base.[5]

History

Built by Standard Oil of California, later rebranded as the Chevron Corporation, Market Center was originally constructed and named Standard Oil Building Number 3 (555 Market) and Standard Oil Building Number 4 (575 Market). Chevron occupied the Market Center complex from 1965 until 2001 when it moved its headquarters to its campus in San Ramon, California.[6] [7] In 1999, Chevron sold the two buildings to Tishman Speyer and Travelers Real Estate Ventures for US$189.1 million and leased back the office space.[6]

At the time the company officially moved its headquarters, it had already moved most workers to San Ramon, leaving only about 200 employees in San Francisco.[6] By 2003, the complex was 83 percent vacant, and a joint venture between DivcoWest Properties and RREEF Management Company bought the property for US$79.5 million. In 2010, RREEF Management Company sold the complex to John Hancock Life Insurance Company (U.S.A.), a wholly owned subsidiary of Manulife Financial Corporation, for US$267 million.[7] In 2016, Manulife Financial sold the property to The Blackstone Group for US$489.6 million.[8] In 2019, Paramount Group, Inc. purchased the complex from Blackstone for US$722 million.[4]

See also

Notes and References

  1. Web site: Market Center . https://web.archive.org/web/20160306025947/https://www.emporis.com/buildings/118776 . dead . March 6, 2016 . Emporis.
  2. Web site: 555 Market . https://web.archive.org/web/20160307032407/https://www.emporis.com/buildings/118777 . dead . March 7, 2016 . Emporis.
  3. Manulife Financial acquires Market Center Office Complex in San Francisco . 2010-09-30 . 2013-12-14.
  4. Web site: Andrew Nelson. 2021-09-09. Number 17: Market Center at 575 Market Street, SoMa, San Francisco. 2021-09-12. San Francisco YIMBY. en-US.
  5. Book: Corbett, Michael R . Splendid survivors: San Francisco's downtown architectural heritage . California Living Books . 1979 . 81 . 978-0-89395-031-6 .
  6. News: Ending an era, Chevron abandons S.F. headquarters / Exodus to San Ramon complete . Raine . George . San Francisco Chronicle . 2001-09-06 . 2013-12-14.
  7. News: Best Office Sale finalist / San Francisco - 555-575 Market St. . Dineen . J.K. . San Francisco Business Times . 2011-03-25 . 2013-12-14.
  8. Web site: Blackstone to Acquire Market Center in San Francisco for Roughly $489MM . 12 May 2016 .