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Market Center (San Francisco)

Buildings in San Francisco, California

Field	Value
name	Market Center
image	File:555-575 Market Street.jpg
caption	555 Market (left) and 575 Market (right)
former_names	Standard Oil Buildings
alternate_names	Chevron Towers
location	555–575 Market Street
San Francisco, California
coordinates
pushpin_map	United States San Francisco Central#California#USA
completion_date	1964 / 1975
building_type	Commercial offices
roof	94.79 m
174.65 m
floor_count	22 / 40
floor_area	283000 sqft
487000 sqft
architect	Hertzka & Knowles
structural_engineer	H.J. Brunnier Associates
owner	Flynn Group
references

San Francisco, California 174.65 m 487000 sqft

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 2025, it is owned by the Flynn Group.

575 Market Street is a 40-story, 175 m building completed in 1975, the taller of the two towers. 555 Market Street is the shorter tower at 95 m 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.

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. 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.

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.

In November 2019, Paramount Group, Inc. agreed to purchase the complex from Blackstone for US$722 million, a deal that was finalized the next month. Paramount announced in 2024 that it would sell the US$402 million in debt that had been placed on the buildings. The company had previously written off its entire investment in the property, valuing its ownership stake at zero. The Flynn Group offered to take over the US$416 million loan in January 2025, and Flynn agreed to buy the buildings for US$177 million—the remaining balance on the loan—in May 2025.

References

"Market Center". [[Emporis]].
"555 Market". [[Emporis]].
{{SkyscraperPage. 2135
{{SkyscraperPage. 15987. 555 Market
{{Structurae. 20009347
{{Structurae. 20021873. 555 Market
(September 30, 2010). "Manulife Financial acquires Market Center Office Complex in San Francisco".
Andrew Nelson. (September 9, 2021). "Number 17: Market Center at 575 Market Street, SoMa, San Francisco".
Corbett, Michael R. (1979). "Splendid survivors: San Francisco's downtown architectural heritage". California Living Books.
Raine, George. (September 6, 2001). "Ending an era, Chevron abandons S.F. headquarters / Exodus to San Ramon complete". San Francisco Chronicle.
Dineen, J.K.. (March 25, 2011). "Best Office Sale finalist / San Francisco – 555–575 Market St.". San Francisco Business Times.
(May 12, 2016). "Blackstone to Acquire Market Center in San Francisco for Roughly $489MM".
(November 8, 2019). "$722M Market Center deal will close by the end of the year".
Brown, Lisa. (November 8, 2019). "Market Center Goes for $722M".
Hirsh, Lou. (December 16, 2019). "Paramount Group Completes San Francisco’s Second-Biggest Office Deal of 2019".
(January 15, 2025). "Flynn Properties in Talks for $416M Debt on San Francisco's Market Center".
(September 12, 2024). "Paramount Group Explores Sale of Debt on San Francisco's Market Center".
(January 13, 2025). "Flynn Properties emerges as buyer in mammoth deal for former Chevron HQ".
(January 15, 2025). "Flynn Properties in Talks for $416M Debt on San Francisco's Market Center".
(May 30, 2025). "SF billionaire Greg Flynn buys downtown office towers for $177M".
Carson, Biz. (May 30, 2025). "San Francisco Office Towers Sell in City's Biggest Deal Since 2022".

Info: Wikipedia Source

This article was imported from Wikipedia and is available under the Creative Commons Attribution-ShareAlike 4.0 License. Content has been adapted to SurfDoc format. Original contributors can be found on the article history page.

skyscraper-office-buildings-in-san-francisco twin-towers financial-district,-san-francisco market-street-(san-francisco) office-buildings-completed-in-1964 office-buildings-completed-in-1975

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