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Chevron Moving to San Ramon, Tishman Looking for Tenants

SAN FRANCISCO-Chevron is relocating its main headquarters to San Ramon, adding to the woes of building owner Tishman Speyer, which also is experiencing the worst the Internet decline has to offer.

By Michelle Savage | Updated on September 23, 2001

SAN FRANCISCO-Chevron will move its headquarters to San Ramon next year, leaving an almost empty building behind in San Francisco. Chevron currently leases 10 floors of 575 Market St. from Tishman Speyer Properties, and is one of the building’s few tenants.

Tishman Speyer last year paid Chevron $189 million for that building and the connecting 555 Market St, which together total 838,000 sf. Since the sale, Tishman Speyer has experienced a flow of willing tenants during the dot-com explosion and now the opposite, a rapid decline and a serious lack of tenants.

During the Internet boom, Tishman had no problem leasing up the buildings at peak rents to Internet firms. Now, Tishman is finding that many of these firms are downsizing, going out of business and relocating. Chevron is the latest, and greatest of these casualties.

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