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Chevron will vacate its headquarters in San Ramon, California, cutting back its office presence in the Golden State amid plans to relocate a portion of its workforce to Texas.
The company will maintain a presence in California, however, as it looks for a smaller office location in the Bay Area, as first reported by The Wall Street Journal.
The company’s San Ramon HQ, at 6001 Bollinger Canyon Road, is a 92-acre campus with 1.4M SF of office across 13 buildings. It has called the San Ramon location home since 2001.
The company stated it will cover moving costs for employees who volunteer to relocate to Houston, where it employs 6,000 people. The San Ramon location, in contrast, staffs 2,000.
JLL Senior Managing Director Trent Barmby told the WSJ that the location will be prime for redevelopment, and will likely not maintain its status as an office space, given the general state of the office market in the Bay Area right now.
“It’s a generational redevelopment opportunity and it almost certainly won’t stay in its current form,” he said. “In today’s world and what’s happened with offices, that is not going to be its highest and best use.”
Chevron told the WSJ that it has considered vacating California, but its ties to the Bay Area, primarily a large refinery in Richmond, California, employing more than 3,000 people, have kept the company from exiting the state.
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