Market Center Goes for $722M

Chevron’s former headquarters comprising 280,000 square feet and 473,000 square feet in two buildings are being sold to Paramount later this year for $722 million or $959 per square foot.

555/575 Market is a two-building office complex comprising 753,000 square feet (credit: Henrik Kam).

SAN FRANCISCO—In August 2019, Paramount entered into an agreement to acquire Market Center, a two-building class-A office complex comprising 753,000 square feet, located in the South Financial District. The complex consists of 555 Market St. and 575 Market St. which were Chevron’s former headquarters, comprising 280,000 square feet and 473,000 square feet, respectively. The purchase price is approximately $722 million or $959 per square foot. The transaction will be closing by the end of the year.

Blackstone previously acquired the office properties from John Hancock Real Estate in July 2016. With that acquisition was a planned upgrade of the facilities led by Equity Office, Blackstone’s wholly owned real estate affiliate. The selling price was not disclosed at the time.