press release

Chevron Press Release - Sale Closes On Historic Chevron Building; Prime Space Available For New Tenants

SAN FRANCISCO, Oct. 5, 1994 -- Chevron today announced the closing of the sale of its headquarters building at 225 Bush Street to Pacific Resources Development Inc. of California, a unit of an international hotel and real estate conglomerate with interests throughout the Pacific Rim.

Terms of the previously announced deal were not disclosed. The sale reflects Chevron's ongoing efforts to reduce costs, streamline operations and divest non-core assets. Chevron will relocate its headquarters to its Market Street offices.

"We're extremely pleased that this transaction has been successfully completed," said John Westmoreland, president of Chevron Real Estate Management Co.

225 Bush is an historic, 22-story, 572,000 square-foot building, presently completing a major structural retrofitting. About 570 Chevron employees occupy 65 percent of the building. Chevron plans to gradually phase out of the building between the end of 1995 and the year 2000. Employees will move either to the company's Market Street office towers or other locations, but no major moves are imminent.

San Francisco-based Stubbs, Collenette and Associates, Inc., broker for the sale, has been retained by the buyer to seek additional tenants and is presently offering 80,000 prime square feet for lease, with more opening up as Chevron relocates employee groups in coming years.

Chevron Corporation is a major international oil company based in San Francisco.

Updated: October 1994