press release

ChevronTexaco Subsidiary Announces Sale Of Former Texaco World Headquarters

SAN FRANCISCO, March 22, 2002 -- Texaco, Inc., a subsidiary of ChevronTexaco, announced today the closing of a sale of the former Texaco world headquarters in Westchester County, New York, to Morgan Stanley.

The 725,000 square foot, four-story building, located in 107 acres in Harrison, was built in 1977 and, until the completion of the merger of Chevron Corp. and Texaco Inc. in October, 2001, was the headquarters for the global energy company.

Insignia/ESG acted as real estate broker for Texaco, Inc. and McCarthy O'Callaghan Co., Inc. served in the same capacity for Morgan Stanley.

Terms of the transaction were not disclosed.

Updated: March 2002