Chevron Sells Chevron Park, Signs Lease For New Bishop Ranch HQ

SAN RAMON, CA — Chevron will keep its global headquarters at Bishop Ranch albeit in a smaller space, the company announced Wednesday. Chevron has resold the 92-acre, 1.3-million-square-foot Chevron Park campus back to Sunset Development for an undisclosed sum.

Chevron signed the lease to a 400,000-square-foot office at BR 2600, a 1.8 million-square-foot office owned by Sunset Development, the original owners of Chevron Park. The new space is expected to accommodate 2,000 employees and be complete in late 2023, Sunset Development said in a statement. The new headquarters will be owned by Sunset with MetLife Investment Management and designed by the architecture firm Skidmore, Owings & Merrill.

Chevron, one of the largest oil companies in the world, has been based in San Ramon since the 1980s, and in California for more than 140 years. In June, the company announced that it would sell Chevron Park, and look for a smaller location in San Ramon. Since then, it has been subsidizing the relocation of many of its workers to its Texas office, which now houses nearly 6,000 workers.

“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 CEO and President Alex Mehran, Jr. said in a statement.

“We have now re-acquired the two largest parcels which were sold to Chevron and PacBell when my father and grandfather started Bishop Ranch in 1978. Chevron has been a key partner in developing Bishop Ranch and we are excited to work with them on their evolving needs. It’s thrilling to be leading Bishop Ranch as these original deals turnover and the land and buildings are redeveloped for the next generation.”

"Just as Chevron continually strives to evolve our operating model, we also seek to optimize our real estate portfolio," Mary Boroughs, president of Chevron Environment Management and Real Estate Company, said in a statement. “Moving our headquarters to a new, modern leased space nearby provides the opportunity to create an improved employee experience in a more contemporary environment. We look forward to working with Sunset and NBBJ to create a space that will inspire innovation, reinforce our culture, facilitate connections, enhance well-being and build a more inclusive and collaborative community for our San Ramon workforce.”