Southern Pacific Building
The Southern Pacific Building is one of three office buildings that make up One Market Plaza along the Embarcadero in San Francisco, California. The historic 11-story, 65-metre (213 ft) building, also known as "The Landmark", was started in 1916 and completed just one year later, in 1917.
|Southern Pacific Building|
The Market street facade of One Market Plaza
Location within San Francisco
Southern Pacific Building (California)
Southern Pacific Building (the United States)
|Location||1 Market Street|
San Francisco, California
|Owner||Morgan Stanley Real Estate|
Paramount Group, Inc.
|Roof||65 m (213 ft)|
|Floor area||420,000 sq ft (39,000 m2)|
|Design and construction|
|Architect||Walter Danforth Bliss|
William Baker Faville
|Structural engineer||Tipping Mar + Associates (1999 retrofit)|
The building served as the headquarters for the Southern Pacific Railroad after its move from the Flood Building in 1917, ten years after SP had moved into the Flood Building in 1907. At its completion, the building's first floor was devoted to retail except for the portion facing the rear courtyard (opening to Mission Street), which was reserved for Southern Pacific. SP rented the second floor to a tenant, but occupied floors three through ten with various offices. For many years, the building was topped with a large sign emblazoned with a gothic "S·P".
It was later incorporated into the 1976 One Market Plaza development which includes Spear Tower and Steuart Tower. By 1995, Sam Zell owned One Market Plaza. However, Union Pacific Railroad was still the owner of One Market Street until the building was sold for US$50,000,000 (equivalent to $76,857,901 in 2018) to The Martin Group (TMG) in 1998. TMG invested another $50 million to renovate the property, including a seismic retrofit, completing work in 1999. Equity Office Properties Trust sold One Market Street to The Blackstone Group in February 2007, and Blackstone, in turn, sold One Market to Morgan Stanley in June 2007 as part of a large real estate acquisition. Morgan Stanley sold approximately half of One Market Plaza to The Paramount Group in July 2007. One Market Plaza was owned jointly by Morgan Stanley (49% share) and The Paramount Group (51% share) until Morgan Stanley sold its share to Blackstone Real Estate Partners in 2014 for US$600,000,000 (equivalent to $635,001,406 in 2018).
When it was completed, One Market Street was hailed as the tallest steel-framed structure west of the Mississippi. The building is planned in the form of the capital letter "E", with the longest side, 275 ft (84 m) long, along Market Street. The wings on Spear and Steuart Streets are each 210 ft (64 m) long, and the central arm is occupied by elevators. It is designed in the Italian Renaissance style with details executed in Roman brick and terra cotta. At its completion, the lobby was fitted out with Colorado yule marble walls and an ornamental plaster ceiling.
During the 1998–99 refurbishment, two of the eight original passenger elevators were eliminated and custom-sized modern elevator cabs were installed in the other six shafts to run on the original guide rails. The elevators had last received a major redesign in 1956, when elevator attendants were obsoleted by automatic operation.
- Southern Pacific Building at Emporis
- "S.P. Will Build S.F. Skyscraper". Los Angeles Herald. 20 May 1916. Retrieved 26 February 2017.
- "Southern Pacific Building Nears Completion". Mill Valley Record. 21 July 1917. Retrieved 26 February 2017.
- Jennings, Frederick (November 1917). "The Southern Pacific General Office Building". The Architect & Engineer of California. LI (2): 60–70. Retrieved 26 February 2017.
- King, John (30 May 2014). "Readers weigh in: S.F.'s lost architectural landmarks". SFGate [blog]. Retrieved 26 February 2017.
- Adams, Gerald D. (3 April 1995). "An investment in eye candy". San Francisco Examiner. Retrieved 26 February 2017.
- "One Market bagged for $50 million". San Francisco Business Times. 15 February 1998. Retrieved 26 February 2017.
- "The Martin Group is Bullish on San Francisco: The Martin Group Acquires Waterfront Historic One Market Street Building" (Press release). PRNewswire. 15 April 1998. Retrieved 26 February 2017.
- "The Landmark at One Market Street". Tipping Structural Engineers. 2014. Retrieved 26 February 2017.
- Drummer, Randyl (26 February 2007). "Morgan Stanley Grabs Equity's San Francisco Assets". CoStar News. Retrieved 26 February 2017.
- Hollis, Robert (19 June 2007). "A partial payment of taxes / Blackstone Group spent billions for S.F. buildings but disputes city's levy". San Francisco Chronicle. Retrieved 26 February 2017.
- Dineen, J.K. (3 July 2007). "Paramount Group buys half interest in One Market Plaza". San Francisco Business Times. Retrieved 26 February 2017.
- "Blackstone Pays $600MM to Buy One Market Plaza in San Francisco". The Registry SF. 3 July 2014. Retrieved 26 February 2017.
- Wagner, Karen L. (1 June 2001). "Floor, please?". Building Design+Construction. Retrieved 26 February 2017.
- Rampant Salesforce grabs more office space in S.F.
- J.K. Dineen (July 3, 2007). "Paramount Group Buys Half Interest in One Market Plaza". The San Francisco Business Times. Retrieved 2010-02-01.
- Patricia Yollin (4 July 2003). "Flood of Memories". The San Francisco Chronicle. Retrieved 2010-04-06.
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