press release

Chevron Announces Plan To Sell Englewood's Plaza Tower One

ENGLEWOOD, Colo. Sept. 18, 1995 -- San Francisco-based Chevron Corporation today announced its decision to sell Plaza Tower One, a 22-story building considered a landmark in the southeastern suburbs of Denver. Chevron's decision to sell the building is part of the company's ongoing effort to cut costs and reduce surplus office space. Offers on the building are due by Nov. 1.

Built in 1987 as a multi-tenant office building, Plaza Tower One has nearly 472,000 rentable square feet situated on a 5.7-acre site in one of Denver's leading suburban employment centers. The total Class A and AA office space vacancy rate in the Greenwood Plaza/Denver Tech Center submarket is considerably lower than found in all of Denver's southeastern suburbs. The entire building is more than 92 percent leased to various commercial tenants and commands the highest rental rates in the area.

Currently, approximately 100 Chevron employees, mostly with the wholly owned subsidiary The Pittsburg & Midway Coal Mining Co. (P&M), occupy the building. P&M holds a seven-year lease and these employees will not be affected by the sale.

The building originally served as regional headquarters for approximately 640 employees of Chevron U.S.A. Production Co., the corporation's U.S. oil and gas subsidiary. In 1991 and 1992, as part of a major restructuring, the company eliminated the regional headquarters, with most employees relocating to Houston.

Questions regarding the purchase of Plaza Tower One should be directed to David Tilton, vice president of Frederick Ross Company, at (303) 892-1111, ext 354.

Updated: September 1995