press release

Chevron Press Release - Chevron Sells San Francisco Office Buildings

SAN FRANCISCO, Dec. 15, 1999 -- Chevron Corp. today announced it has finalized the sale of its two San Francisco office buildings to Tishman Speyer/Travelers Real Estate Venture for $189.1 million.

Tishman Speyer assumed management of the buildings, at 555 and 575 Market Street, Monday. The sale closed Friday.

Chevron will maintain its worldwide headquarters at 575 Market St. in space leased from Tishman Speyer. Approximately 200 employees will remain in San Francisco.

As Chevron had announced in May, most of its 1,350 San Francisco-based employees are relocating to office space in the East Bay. These transfers have already begun and will continue through 2000.

"This transaction is part of our plan to invest our capital in significant growth prospects while continuing to reduce costs," said Dave O'Reilly, Chevron's vice-chairman and chairman-elect. "Consolidating our Bay Area offices makes good business sense."

Tishman Speyer has established a management and leasing office in the 575 Market building.

Updated: December 1999