Chevron Phillips Chemical has purchased a new six-story building in The Woodlands and plans a $60M renovation to transform it into the company's headquarters.
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Plans for the renovation, billed as Chevron Phillips Chemical HQ, were filed with the Texas Department of Licensing and Regulation Tuesday. The Real Deal, which first reported on the project, confirmed Thursday the company will buy the building at 9500 Lakeside Blvd. It was valued at $35M this year, per the Montgomery County Appraisal District.
“The company is growing and excited to move into a space that will accommodate our expanding workforce,” Chevron Phillips Chemical said in a statement to TRD.
The company plans to move in early 2025.
Chevron Phillips Chemical is already headquartered in The Woodlands, at 10001 Six Pines Drive, according to its website. The company has been in that 200K SF building since 2002, shortly after Chevron and Phillips formed a joint venture, TRD reported.
But the global headquarters span two buildings set about 2 miles apart, the website states. Building Two is at 2445 Technology Forest Blvd.
The renovation project would also be about 2 miles away from 10001 Six Pines Drive. It calls for renovating five full floors and one partial floor of the 360K SF building, part of Research Forest Lakeside, a mixed-use site on 77 acres that includes six office and four retail buildings, according to its website.
Chevron Phillips Chemical's licensing and regulation filing lists an anticipated start date of Oct. 1 and an anticipated completion date at the end of 2024.
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