555/575 Market is a two-building office complex comprising 753,000 square feet (credit: Henrik Kam).
SAN FRANCISCO—In August 2019, Paramount entered into an agreement to acquire Market Center, a two-building class-A office complex comprising 753,000 square feet, located in the South Financial District. The complex consists of 555 Market St. and 575 Market St. which were Chevron's former headquarters, comprising 280,000 square feet and 473,000 square feet, respectively. The purchase price is approximately $722 million or $959 per square foot. The transaction will be closing by the end of the year.
Blackstone previously acquired the office properties from John Hancock Real Estate in July 2016. With that acquisition was a planned upgrade of the facilities led by Equity Office, Blackstone's wholly owned real estate affiliate. The selling price was not disclosed at the time.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
