SAN RAMON — Chevron is seeking to sublease a large amount of office space at an East Bay business hub in a move that would reduce the oil and gas titan’s Bay Area footprint.
The energy giant is looking into a sublease of its space in the western wing of an office campus at 5001 Executive Parkway within the Bishop Ranch mixed-use neighborhood in San Ramon, according to sources with direct knowledge of Chevron’s efforts.
Texas-based Chevron once had its headquarters in the Executive Parkway office complex. The building is a short distance from a vast corporate campus at 6001 Bollinger Canyon Road in San Ramon, where for decades Chevron had maintained its world headquarters at a site known as Chevron Park.
In 2022, Chevron sold its 92-acre Chevron Park complex for $174.5 million. Sunset Development, the developer and principal owner of the Bishop Ranch neighborhood, bought the vast office campus from Chevron.
Sunset Development has crafted a plan to redevelop the former Chevron Park office complex as a new community of housing, shops and restaurants called The Orchards.
This new neighborhood is expected to feature 2,500 residential units, 125,000 square feet of retail and entertainment sites, and a 2.5-acre park.
These shifts are all part of a dramatic evolution of Bishop Ranch from primarily an office park into a full-fledged neighborhood and the downtown core of San Ramon.
On the heels of the sale of Chevron Park, the energy giant agreed to lease a large office space at the Executive Parkway site from Sunset Development, moving its headquarters to that site in the process.
In August 2024, however, Chevron announced it had decided to move its world headquarters from San Ramon to Texas, a corporate exit that dealt a fresh blow to California’s fading economic prestige.
The headquarters shift to Texas was in effect by January 2025, based on a review of the head office address that Chevron reported in 8-K filings with the Securities and Exchange Commission.
Now, it appears that a further diminishing of Chevron’s presence in the Bay Area could be in the works.
Chevron has listed for sublease all of the approximately 400,000 square feet of office space that the energy giant occupies in San Ramon at the Executive Parkway location, which is perched at an eye-catching location next to a lake at Bishop Ranch.
Alexander Mehran Jr., president of Sunset Development, confirmed Chevron’s subleasing efforts. JLL, a commercial real estate firm, is marketing the space on Chevron’s behalf.
The offices that Chevron is seeking to sublease are top-notch spaces, in Mehran Jr.’s view.
“It’s a beautiful space that we built out for them when we leased it to them,” Mehran Jr. said. “It’s smart of them to see if they can sublease all of it.”
While Chevron is offering all of its Bishop Ranch office space for sublease, the energy giant nevertheless could retain a presence in the San Ramon neighborhood.
“They might sublease all of this office, and we could find them a smaller space elsewhere at Bishop Ranch,” Mehran Jr. said.
