Market Center (San Francisco)

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.

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 namesStandard Oil Buildings
Alternative namesChevron Towers
General information
TypeCommercial offices
Location555–575 Market Street
San Francisco, California
Coordinates37.78955°N 122.4003°W / 37.78955; -122.4003
Completed1964 / 1975
OwnerManulife Real Estate
Height
Roof94.79 m (311.0 ft)
174.65 m (573.0 ft)
Technical details
Floor count22 / 40
Floor area283,000 sq ft (26,300 m2)
487,000 sq ft (45,200 m2)
Design and construction
ArchitectHertzka & Knowles
Structural engineerH.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 surrounded by small ornamental plazas. Both buildings are terra cotta over a granite base.[8]

History

Before Chevron, Standard Oil Headquarters, SoCal, was at 225 Bush Street, where Theodore S. Petersen, Sr, was President of the board of Directors for 18 years from the 1940s to the early 1960s, then Chevron occupied the Market Center complex from 1965 until 2001 when it moved its headquarters to its campus in San Ramon, California.[9][10] 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.[9]

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.[9] By 2003, the complex was 83 percent vacant, and a joint venture between DivcoWest Properties and RREEF bought the property for US$79.5 million. In 2010, RREEF sold the complex to Manulife Financial for US$267 million.[10]

See also

References
  1. Market Center at Emporis
  2. 555 Market at Emporis
  3. "Market Center". SkyscraperPage.
  4. "555 Market". SkyscraperPage.
  5. Market Center at Structurae
  6. 555 Market at Structurae
  7. "Manulife Financial acquires Market Center Office Complex in San Francisco" (Press release). 2010-09-30. Retrieved 2013-12-14.
  8. Corbett, Michael R (1979). Splendid survivors: San Francisco's downtown architectural heritage. California Living Books. pp. 81. ISBN 978-0-89395-031-6.
  9. 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.
  10. Dineen, J.K. (2011-03-25). "Best Office Sale finalist / San Francisco - 555-575 Market St". San Francisco Business Times. Retrieved 2013-12-14.
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