https://www.prnewswire.com/news-releases/chevron-acquires-over-77-acres-in-bridgeland-central-301917343.html
21 replies (most recent on top)
There’s a whole project underway to build it out as labs. How do y’all not know about this? It’s not a secret.
Is this part of a new off campus site?
@tdy True, only people where punished for that deal are the lowly employees who didn't have any decision making capabilities. On the other hand the top management progressed very nicely, now one of them is Exec VP, another is a President, some others are VP and GM.
Savvy local management snapped up the crumbling Moon Town KMart shell for $12 million in 2013, sunk mores into it, then sold it for $6 million in 2016 as the business collapsed in a heap of misery and missteps. Blame was cast, careers slowed.
Exxon's campus is about to get sold by their stupid CFO that used to work for a specific airline. Exxon copied Chevron because of all the times they visited San Ramon. Now they want out. "big brother" ... yeah right. Exxon is envious of CVX.
Richmond is being shut. MKW is tired of kissing corrupt city council officials. Soon we will JV El Segundo and Pascagoula with Phillips to complement CPChem. Call it CPRef.
The vacant property will be sold with both towers as a package when we move to Cypress in a couple years.
Many forget that Chevron bought the old downtown Houston YMCA property around 2008 with intent to develop it into a 3rd Chevron skyscraper (I saw the blueprints) and cement plans for a 'downtown campus'. Then the Great Recession hit. ...and there it sits now, about an acre of some of the best-kept grass in downtown Houston. I'm sure if Chevron could find a buyer, and guarantee who their neighbor would be, we'd sell that in a heartbeat.
Chevron R&D?
What R&D?
Those who are with the company long enough will remember, MW tried to sell Richmond to the Chinese during downstream accelerate project. That's how he got the top job by showing wall st and the board that he is going to do whatever it takes to make money for them. So make no mistake thinking he won't do the same to line up his pocket in the near future.
Chevron has a long history of flipping undeveloped real estate. It's a nice hedge against oil price fluctuations. Whichever Chevron R&D you want to name, they're not going anywhere.
Pure speculative buying (or some executive's nephew in real estate). As already noted Chevron will probably sit on it a couple years then flip it for a huge profit as a residential development. The best thing Chevron could do is not develop the land, therefore not contributing further to Houston's severe flooding problems. Take a look at the map, the area is riddled with detention ponds, this area used to be nothing but rice paddies. Be sure and buy flood insurance and hip waders if you want to live in that area!
I think we just bought back the same peppery at triple the price. Someone must have a nephew in real estate…
This is this the second time Chevron has bought acreage in that area. The previous was 2014 and the tract was sold in 2017/2018. ‘R&D facility’ was the story last time, too.
We should just move HQ to Austin! That is the best idea I have heard in a long time ;-)
The R&D comment is a smoke screen. This is the new company HQ. Downtown offices will close in 3-5 years. MW liked this location as NW Houston is super-cheap as it has little to no attraction other than being closer to Austin than the rest of the Swamp.
No one is shutting down Richmond.
Probable just the Exxon version of Kingwood. Chevron has bought property all over Texas and other states doesn’t mean they are building a campus on all of them.
Shutting down the Richmond center makes sense if they are also shutting down the refinery.
It is because Exxon opened its Spring Campus and Chevon wants to be just like its big brother. Only problem is Exxon's Campus is currently only half full.
can't wait to SEE the business case for shutting richmond technology center and relocating to houston, said no competent financial analyst EVER - why ?
there is none
have a nice day