Chevron Sells Gulf Building
PITTSBURGH (AP) _ Chevron Corp. said Wednesday it has agreed to sell the 44-story Pittsburgh headquarters of its Gulf Corp. subsidiary to a group of New York investors for an undisclosed sum.
The Pittsburgh Press, quoting unidentified real estate sources, reported earlier this week that the purchase price was approximately $30 million.
The buyers are 110 Associates, a partnership of Alan Ades, Albert Erani and Dennis Erani, Chevron said. The firm intends to retain the building’s name and lease office space.
The deal is scheduled to close in January, 1986.
Chevron acquired Gulf for more than $13 billion in 1984 and consolidated its headquarters in San Francisco.
The art deco structure, a landmark in downtown Pittsburgh, served as Gulf’s headquarters for 52 years. Several hundrted Chevron employees and a bank branch now occupy the structure.