Once the headquarters of Chevron Corporation, the Chevron Tower stands tall. It is a testament to San Francisco’s financial prowess. The Chevron Tower is actually a complex. It comprises two skyscrapers at 555-575 Market Street.
Let’s delve into the history of this iconic structure. Originally, the Chevron Tower was known as the Standard Oil Buildings. Standard Oil of California built them. Later, the company rebranded as Chevron Corporation. The buildings were named Standard Oil Building Number 3 and Number 4. Chevron occupied the complex from 1965 until 2001. That year, they moved their headquarters to San Ramon, California.
The Chevron Tower has changed hands several times since Chevron’s departure. In 1999, Chevron sold the buildings. Tishman Speyer and Travelers Real Estate Ventures purchased them for $189.1 million. Chevron then leased back the office space. By 2003, the complex was largely vacant. DivcoWest Properties and RREEF Management Company bought the property. The price was $79.5 million. In 2010, RREEF Management Company sold it again. John Hancock Life Insurance Company bought the Chevron Tower for $267 million. Manulife Financial Corporation acquired it. In 2016, The Blackstone Group purchased the property. The price this time was $489.6 million. Finally, in 2019, Paramount Group, Inc. bought the complex. They paid $722 million.
The Chevron Tower consists of two distinct buildings. 575 Market Street is the taller of the two. It has 40 stories and stands 574 feet tall. Construction finished in 1975. 555 Market Street is the shorter tower. It has 22 stories and reaches 312 feet. It was completed earlier in 1964. Architect Hertzka & Knowles designed both buildings.
The Chevron Tower’s design is noteworthy. Both buildings feature precast terra cotta panels. These panels sit above a granite base. The towers are set on a large mid-block property. A central, landscaped plaza connects them.
Today, the Chevron Tower remains a significant landmark. It reflects the ever-changing landscape of San Francisco’s Financial District. While Chevron no longer occupies the buildings, their legacy lives on in the name and the architecture. The Chevron Tower is a reminder of the city’s rich history. It also symbolizes its continued growth.