Chevron Corp. has sold its current headquarters in California and plans to move into a nearby leased space about one-third of the size, as it continues to relocate employees to Texas.
Chevron / Sunset Development Co
- sells huge headquarters campus to Sunset
- leases small nearby facility from Sunset
The second-largest U.S. oil company closed the sale Wednesday of its Chevron Park campus in San Ramon, California, its global headquarters for two decades, to Sunset Development Co. The family-run company had originally sold the 92-acre parcel to Chevron in the early 1980s.
Sunset Chief Executive Alex Mehran Jr. said Chevron also signed a lease for nearly 400,000 square feet of space in a nearby office building located in Sunset’s Bishop Ranch mixed-use project in San Ramon. Chevron’s office space there could house about 2,000 employees after interior construction finishes in late 2023, Sunset said.
Chevron’s main offices have resided in California for more than 140 years. It has housed its main offices in the greater Bay Area since the early days of its first corporate ancestor, Pacific Coast Oil Co., in 1879. It moved hundreds of employees to San Ramon in 1999, and in the early 2000s said it would become the company’s headquarters.
But its presence in California has been declining for years, particularly following a reorganization that began in 2019. Some of Chevron’s leadership have long wanted to move the company’s headquarters to Texas, but it has held off largely because of its long history in California and its assets there, such as its Richmond, Calif., refinery, according to people familiar with the matter.
“Chevron will remain headquartered in California,” spokesman Braden Reddall said, citing the company’s long history, operations and partnerships in the state.
Tell us again you're not relocating to Texas.
Paying a lot of California taxes to keep emotional attachment intact.
Much more at the link.
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