- chevron corp CVX has sold its current California headquarters and plans to move to a leased space about a third the size. The company has been headquartered in California for more than 140 years.
- The oil giant completed the sale of its Chevron Park campus in San Ramon, California, which was its global headquarters for two decades, to Sunset Development Co.
- Chevron also signed a lease for nearly 400,000 square feet at a nearby office building that could house about 2,000 employees after interior work is completed in late 2023.
- Also read: Chevron is considering divesting minority interests in three Alaska-based oil fields
- Financial terms of the sale and lease were not disclosed, reported The Wall Street Journal.
- “Chevron will remain headquartered in California,” the report quoted spokesman Braden Reddall as saying.
- Mr. Reddall said about 200 employees chose to relocate to Houston.
- The Wall Street Journal said many companies have slashed real estate as more workers station themselves at home for part of the workweek, while some employees have moved across state lines to seek cheaper housing and living costs, as well as lower taxes, which are being pursued by some States are offered.
- Price promotion: CVX shares closed at $145.62 on Wednesday.
- Photo via company
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