Market Center (San Francisco)

Market Center
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

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]

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

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.^[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]

References

^ "Market Center". Emporis. Archived from the original on March 6, 2016.
^ "555 Market". Emporis. Archived from the original on March 7, 2016.
^ "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.

External links

Official website

[1] "Market Center". Emporis. Archived from the original on March 6, 2016.

[2] "555 Market". Emporis. Archived from the original on March 7, 2016.

[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.

[sfyimby-8] Andrew Nelson (2021-09-09). "Number 17: Market Center at 575 Market Street, SoMa, San Francisco". San Francisco YIMBY. Retrieved 2021-09-12.

[corbett-9] Corbett, Michael R (1979). Splendid survivors: San Francisco's downtown architectural heritage. California Living Books. pp. 81. ISBN 978-0-89395-031-6.

[Raine2001-10] 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.

[Dineen2011-11] Dineen, J.K. (2011-03-25). "Best Office Sale finalist / San Francisco - 555-575 Market St". San Francisco Business Times. Retrieved 2013-12-14.

[12] "Blackstone to Acquire Market Center in San Francisco for Roughly $489MM". 12 May 2016.

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v t e Financial District, San Francisco
Buildings and business	44 Montgomery 45 Fremont Street 50 Beale Street 50 California Street 88 Kearny Street 100 First Plaza 100 Montgomery Street 100 Pine Center 101 California Street 101 Montgomery 150 California Street 225 Bush Street 301 Howard Street 333 Bush Street 333 Market Street 345 California Center 388 Market Street 425 California Street 425 Market Street 456 Montgomery Plaza 505 Montgomery Street 555 California Street 580 California Street 595 Market Street 601 California Street 650 California Street Bank of California Building Bank of Italy Building Central Plaza Central Tower Commercial Union Assurance Building Embarcadero Center Embarcadero West First Market Tower Flatiron Building Four Embarcadero Center Hallidie Building Hobart Building Humboldt Bank Building Hunter-Dulin Building The Infinity JPMorgan Chase Building KPMG Building Market Center McKesson Plaza Mills Building and Tower Mutual Savings Bank Building One Bush Plaza One California One Embarcadero Center One Front Street One Maritime Plaza One Market Plaza One Montgomery Tower One Sansome Street Pacific Gas & Electric Building Phelan Building Russ Building San Francisco Ferry Building Shell Building Stevenson Place Three Embarcadero Center Transamerica Pyramid Two Embarcadero Center
Businesses	Hilton InterContinental Le Méridien Park Central Hotel Punch Line Ritz-Carlton Club and Residences Tadich Grill
Diplomatic missions	Taipei Economic and Cultural Office in San Francisco
Education	Academy of Art University Golden Gate University
Geography	Belden Place Embarcadero Plaza Kearny Street Montgomery Street New Montgomery Street
Public art	Admission Day Monument Lotta's Fountain Mechanics Monument Vaillancourt Fountain
Transportation	Embarcadero station F Market & Wharves Montgomery Street station
Category Commons

v t e Tallest buildings in San Francisco
Skyscrapers over 500 feet (150 m)	Salesforce Tower Transamerica Pyramid 181 Fremont 555 California Street 345 California Center Millennium Tower One Rincon Hill The Avery Park Tower at Transbay Salesforce West 101 California Street 575 Market Street Four Embarcadero Center One Embarcadero Center 44 Montgomery One Market Plaza Spear Tower One Sansome Street The Harrison One Front Street First Market Tower McKesson Plaza 425 Market Street 706 Mission Street One Montgomery Tower
Highrises over 400 feet (120 m)	333 Bush Street Hilton San Francisco Union Square Tower I Pacific Gas & Electric Building 50 California Street 555 Mission Street St. Regis Museum Tower 100 Pine Center 45 Fremont Street 333 Market Street 650 California Street 100 First Plaza 340 Fremont Street 399 Fremont Street 500 Folsom One California San Francisco Marriott Marquis Russ Building 140 New Montgomery Jasper MIRA The Infinity II JPMorgan Chase Building The Paramount Providian Financial Building Three Embarcadero Center Two Embarcadero Center Salesforce East 595 Market Street 123 Mission Street 101 Montgomery Embarcadero West 100 Van Ness Avenue LUMINA Fifteen Fifty
Highrises over 300 feet (91 m)	One Maritime Plaza Four Seasons Hotel 415 Natoma Street Westin St. Francis 33 Tehama Street 456 Montgomery Plaza 535 Mission Street Shell Building Park Central Hotel San Francisco 222 Second Street 199 Fremont Street One Market Plaza Steuart Tower Hilton San Francisco Financial District 425 California Street 100 Montgomery Street Grand Hyatt San Francisco Fox Plaza 101 Second Street NEMA 580 California Street 601 California Street The Infinity I Hilton San Francisco Union Square Tower II 450 Sutter Street InterContinental San Francisco Stevenson Place BridgeView 150 California Street 225 Bush Street 505 Montgomery Street Blue Shield of California Building Fairmont San Francisco 180 Montgomery Street KPMG Building Central Plaza The Summit W San Francisco 353 Sacramento Street 555 Market Street Bank of California Building Phillip Burton Federal Building Ritz-Carlton Club and Residences San Francisco Marriott Union Square 88 Kearny Street 388 Market Street Commercial Union Assurance Building Hunter-Dulin Building One Bush Plaza McAllister Tower Apartments 301 Howard Street Mark Hopkins Hotel Mills Tower Central Tower Solaire
Under construction	Oceanwide Center I & II
Planned and proposed	Palace Hotel Residential Tower Treasure Island development 5M Project 524 Howard Street
See also: San Francisco Designated Landmarks, Buildings and structures in San Francisco

History

See also

References

External links