My husband is a commercial broker and said that he was told that Chevron is shopping their downtown properties. First of all, I did not know we owned the properties and second, if we own, why would we sell now with commercial property so cheap?
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Offices in downtown Houston is the most antiquated, baffling thing Chevron does. Most of the folks that work there are getting ki-led by a horrendous commute, morale is terrible, I mean really bad and working downtown in that scuz is demoralizing. Chevron doesn't need anyone that is working downtown and it is just a matter of time. For those moving to Houston, rent, don't buy!!
@bc Exactly. This is the same thing they did with the San Ramon buildings- sold them then leased in buildings they renovated. Now they are subleasing those. They also offshored a lot of the positions in San Ramon- the jobs were offshored and didn’t go to Houston.
Not surprised the Houston buildings are for sale. The renovations are not for Chevron employees. They are the models in the renovated buildings to sell the buildings. They will most likely lease from whomever is buying the buildings and phase out its occupants from 2025 reorganization. Making everyone remaining do double the work for no room for growth should encourage employees to leave before the next round of layoffs. Those remaining need to pay attention. AI and offshoring jobs is the future at Chevron not Houston.
Would explain why they’re renovating the Enron towers. We all know it’s not for employee morale.
@a7 Hess Tower in downtown Houston was only leased by Hess, which is expiring in 2026 anyways. Nothing to sell there.
On Jan 6th they’ll close the transaction with everyone in the building. The buyers from India will take physical possession of the property and employees inside, and everyone will be shipped to Bengaluru by ICE. I think that’s what I heard in one of the townhalls.
Why tie your capital up in real estate when you can rent in Houston for cheap?
Well whatever we own from Hess is for sale. We also have an empty lot in front of 1500...so I doubt there's anything really all that interesting