In another blow to the struggling office market in the Bay Area, global oil giant Chevron has disclosed that it plans to sell its 92-acre headquarters campus in San Ramon, seek smaller office space in the city and move some employees to Houston.
The headquarters complex of the second largest oil company in the US, known as Chevron Park, includes 13 buildings encompassing 1.4M SF and more than 2,000 workers.
Chevron said in a statement it is offering to cover the moving costs of workers who relocate to Houston, where it occupies the former Enron headquarters at an office that currently employs 6,000.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
