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 2019, it is owned by Paramount Group, Inc.[8]
| Market Center | |
|---|---|
 555 Market (left) and 575 Market (right) | |
  Location within San Francisco  Market Center (San Francisco) (California)  Market Center (San Francisco) (the United States) | |
| Former names | Standard Oil Buildings |
| Alternative names | Chevron Towers |
| General information | |
| Type | Commercial offices |
| Location | 555–575 Market Street San Francisco, California |
| Coordinates | 37°47′22″N 122°24′01″W / 37.78955°N 122.4003°W |
| Completed | 1964 / 1975 |
| Owner | Paramount Group, Inc. |
| Height | |
| Roof | 94.79 m (311.0 ft) 174.65 m (573.0 ft) |
| Technical details | |
| Floor count | 22 / 40 |
| Floor area | 283,000 sq ft (26,300 m2) 487,000 sq ft (45,200 m2) |
| Design and construction | |
| Architect(s) | Hertzka & Knowles |
| Structural engineer | H.J. Brunnier Associates |
| References | |
| [1][2][3][4][5][6][7] | |
575 Market Street is a 40-story, 175 m (574 ft) building completed in 1975, the taller of the two towers. 555 Market Street is the shorter tower at 95 m (312 ft) 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 building exteriors are precast terra cotta panels above a granite base.[9]
History
editBuilt 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.[10][11] 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.[10]
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.[10] 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.[11] In 2016, Manulife Financial sold the property to The Blackstone Group for US$489.6 million.[12] In 2019, Paramount Group, Inc. purchased the complex from Blackstone for US$722 million.[8]
See also
edit
References
edit- ^ "Market Center". Emporis. Archived from the original on March 6, 2016.
{{cite web}}: CS1 maint: unfit URL (link) - ^ "555 Market". Emporis. Archived from the original on March 7, 2016.
{{cite web}}: CS1 maint: unfit URL (link) - ^ "Market Center". SkyscraperPage.
- ^ "555 Market". SkyscraperPage.
- ^ Market Center at Structurae
- ^ 555 Market at Structurae
- ^ "Manulife Financial acquires Market Center Office Complex in San Francisco" (Press release). 2010-09-30. Retrieved 2013-12-14.
- ^ a b Andrew Nelson (2021-09-09). "Number 17: Market Center at 575 Market Street, SoMa, San Francisco". San Francisco YIMBY. Retrieved 2021-09-12.
- ^ Corbett, Michael R (1979). Splendid survivors: San Francisco's downtown architectural heritage. California Living Books. pp. 81. ISBN 978-0-89395-031-6.
- ^ a b c Raine, George (2001-09-06). "Ending an era, Chevron abandons S.F. headquarters / Exodus to San Ramon complete". San Francisco Chronicle. Retrieved 2013-12-14.
- ^ a b Dineen, J.K. (2011-03-25). "Best Office Sale finalist / San Francisco - 555-575 Market St". San Francisco Business Times. Retrieved 2013-12-14.
- ^ "Blackstone to Acquire Market Center in San Francisco for Roughly $489MM". 12 May 2016.