Sunset Development purchased Chevron’s 92-acre campus in San Ramon while Chevron itself signed a new lease to move its global headquarters to the Bishop Ranch office park, developed by Sunset Development, also in San Ramon.

Chevron announced its plans earlier this year to vacate the San Ramon offices, located at 6001 Bollinger Canyon Road, with the intention of relocating some of its staff to Houston. However, the company signed a long-term lease with Sunset Development for its global headquarters at the Bishop Ranch location, taking 400K SF, with relocation to Texas still an option for employees, according to DanvilleSanRamon.com.

Sunset Development will incorporate the Chevron Park campus, which totals 1.3M SF, into the redevelopment of the Bishop Ranch location, which will shift the use of the Chevron Park location from office into mixed-use. The terms of the transaction were not disclosed.

Sunset Development previously owned the same tract, selling it four decades ago.

"It's exciting to reacquire this important piece of land from our largest and longest-standing customer we started with over 40 years ago. This parcel is at the gateway to Bishop Ranch and will be a key part of our planning as we create a distinct California community," Sunset Development CEO Alex Mehran said in a statement.