Chevron Buys 77 Acres Outside Houston for Potential R&D Campus
Chevron U.S.A. Inc. has purchased more than 77 acres in Cypress, TX-based Bridgeland Central from real estate development company Howard Hughes Holdings to build a new research and development campus. The purchase comes as Chevron expands corporate offices in Texas.
Terms of the transaction were not disclosed.
Daniel Abate, Chevron’s head of corporate real estate, said plans include a research and development campus “to advance our work toward achieving a lower carbon energy future.”
Chevron has expanded its activities in Texas in recent years because of the Permian Basin shale boom, which currently accounts for 25% of the company’s total global output. Bloomberg said the oil and gas company recently revealed plans to relocate its headquarters from the San Francisco Bay area to Houston, where 7,000 workers and contractors work out of a downtown office tower.
“Chevron’s acquisition marks a pivotal moment for Bridgeland as the community enters its next phase of development as a leading job center for the region,” said Jim Carman, President of the Houston Region for Howard Hughes.
Pictured: Conceptual rendering courtesy of Chevron U.S.A. Inc.