Chevron has acquired about 77 acres in Cypress for a possible research and development campus.
The California-based oil and gas company bought the land for an undisclosed amount from Howard Hughes Corporation, the Houston Chronicle reported. The property is within Howard Hughes’ Bridgeland development, an 11,500-acre master-planned community roughly 33 miles northwest of downtown Houston.
“Chevron is attracted to the opportunities Bridgeland has to offer and views this acquisition as a strong addition to our asset portfolio,” Chevron’s Daniel Abate told the outlet.
While Chevron has not committed to a research and development campus in Cypress, such a facility could provide office and lab research space “to enable new capabilities and provide flexibility for future activities,” a Chevron spokesperson said. The company aims to centralize its scientific and engineering personnel in one location to meet long-term business objectives while maintaining its existing locations.
Chevron aims to invest $10 billion in carbon management by 2028. The company also recently acquired 100,000 acres in Jefferson and Chambers counties for the Bayou Bend carbon storage project in East Texas.
With approximately 8,000 employees in the Houston region, Chevron’s expansion efforts could lead to more employment opportunities in the area. The Cypress campus would stand out as the company’s most suburban office location.
“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.
—Quinn Donoghue
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