Chevron USA Inc. is expanding its presence in Houston, Texas, with plans for a new office tower and the hiring of approximately 1,752 new employees. Chevron currently employs some 9,000 employees and contractors in Houston.
The planned 50-story, 1.7 million-square-foot building will be located in downtown Houston at 1600 Louisiana Street, near Chevron’s existing properties at 1500 Louisiana and 1400 Smith, to comprise an urban campus.
“This announcement underscores Chevron’s long-term commitment to Houston and its role as the epicenter of the global energy industry,” said Bereket Haregot, president of Chevron’s Business and Real Estate Services division. “Houston plays a vital and growing role in Chevron’s global business.”
HOK, an architectural firm with an office in Houston, designed the office tower, and the final investment decision for the project 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.
Assisting with the expansion’s funding, the Texas Enterprise Fund will contribute $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,” said Texas Governor Rick Perry. “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.”
The headquarters of Chevron Corp. (NYSE: CVX), the parent company of Chevron USA, will remain in San Ramon, California. Through its subsidiaries, Chevron Corp. explores for, produces and transports crude oil and natural gas; refines, markets and distributes transportation fuels and lubricants; manufactures and sells petrochemical products; generates power and produces geothermal energy; provides energy efficiency solutions; and develops the energy resources of the future, including biofuels.