Local real estate and restaurant magnate Greg Flynn is acquiring Market Center, a 770,000-square-foot office property at 555-575 Market St.
The two skyscrapers, once known as the Standard Oil Buildings or Chevron Towers, will trade hands in a “deed in lieu of foreclosure,” in which Flynn will purchase what’s left of the existing $416 million loan on the property from lender ING.
Sources say Flynn’s group is paying around $177 million, or $238 per square foot, for the buildings, the highest sale price for a San Francisco office property since 2022, when DivcoWest purchased 550 Terry A. Francois Blvd. (now the offices of OpenAI) from Gap…