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]
