Tishman Speyer last year paid Chevron $189 million for that building and the connecting 555 Market St, which together total 838,000 sf. Since the sale, Tishman Speyer has experienced a flow of willing tenants during the dot-com explosion and now the opposite, a rapid decline and a serious lack of tenants.

During the Internet boom, Tishman had no problem leasing up the buildings at peak rents to Internet firms. Now, Tishman is finding that many of these firms are downsizing, going out of business and relocating. Chevron is the latest, and greatest of these casualties.

Chevron's new headquarters will be near its existing Chevron Park Campus in San Ramon. The company relocated most of its employees that were in La Hambra to San Ramon last year, and expects to do the same with its San Francisco office over the course of this year.