Chevron plans new Houston tower, hiring spree
Chevron Corp., which already has a presence of about 9,000 employees and contractors in Houston, is planning a new downtown office tower to accommodate its expansion in the city, which includes hiring another 1,752 workers.
“The announcement of our new office building underscores Chevron’s long-term commitment to Houston and Texas,” Bereket Haregot, president of Chevron’s business and real estate services group, said in a statement. “The Lone Star State and its largest city play a vital and growing role in Chevron’s global business.”
The 50-story, 1.7 million-square-foot building will be located at 1600 Louisiana St. at Pease. With Chevron’s existing property at 1500 Louisiana and 1400 Smith, the buildings will comprise a campus with indoor and outdoor common areas, a fitness center and additional parking.
Chevron’s (NYSE: CVX) headquarters will remain in San Ramon, Calif., where the supermajor was founded 130 years ago.
The final investment decision for the project — designed by HOK, an architectural firm with an office in Houston — is expected in the second quarter of 2014. Groundbreaking will follow the final investment decision, and occupancy is anticipated to begin in the fourth quarter of 2016, according to the release from Chevron.
Assisting with the expansion’s funding, the Texas Enterprise Fund will chip in $12 million toward the project.
“Employers looking to expand or relocate their businesses continue to choose Texas’ strong job creation climate, low taxes, smart regulations, fair courts and skilled workforce,” Gov. Rick Perry said in a statement. “The Texas model is a blueprint for job creation, and the investment Chevron is making in Houston with more than 1,700 high-paying jobs opens the door to significant opportunities for Texans and their families.”