Chevron Corp (NYSE: CVX) has sold its current California headquarters and plans to move into a leased space about one-third of the size. The company’s main offices have resided in California for more than 140 years.
The oil giant closed the sale of its Chevron Park campus in San Ramon, California, its global headquarters for two decades, to Sunset Development Co.
Chevron also signed a lease for nearly 400,000 square feet of space in a nearby office building that could house about 2,000 employees after interior construction finishes in late 2023.
The financial terms of the sale and the lease agreement weren’t disclosed, reported the Wall Street Journal.
“Chevron will remain headquartered in California,” the report quoted spokesman Braden Reddall.
Mr. Reddall said about 200 employees elected to move to Houston.
Wall Street Journal said many businesses have cut back on real estate as more workers station themselves at home for part of the workweek, while some employees have moved across state lines to capture cheaper housing and costs of living as well as lower taxes offered by some states.
Price Action: CVX shares closed at $145.62 on Wednesday.
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