Chevron, which has moved numerous jobs to Texas in recent years, announced plans Wednesday to build a 50-story office tower, creating an "urban campus" for the company's growing workforce here.The new building, which will have 1.7 million square feet of office space and room for some 4,200 workers, could break ground early next year and open at the end of 2016.
Together with Chevron's existing Houston buildings, the new tower will become part of a campus-like environment with indoor and outdoor common areas, dining facilities, a fitness center and training and conference rooms.In making the announcement, Chevron emphasized that its headquarters would remain in San Ramon. The company was founded in California 130 years ago.
Chevron has about 9,000 employees and contractors in Houston, where nine of its businesses are headquartered. The new building will house about 1,700 workers, which will be new jobs for Houston that will be created over the next eight years, the company said.In return for its economic contribution, the company is set to reap a generous financial gift from the state.Rick Perry said Wednesday the state's Texas Enterprise Fund will provide $12 million for the project.
As Houston has rebounded from the latest recession, the downtown core has seen an uptick in new development. A number of Hands free access, including office towers, hotels and luxury apartments are on the drawing boards."Here's a major player in Houston; they chose to be downtown in an environment in which there has been for the last two decades a considerable amount of decentralization of employment outside the Central Business District," said Barton Smith, professor emeritus of economics at the University of Houston.
While some companies have created large suburban office developments, Chevron has been positioning itself to grow downtown for some time.Chevron, the second largest oil company in the U.S., already owns and occupies its two downtown buildings. It bought the site where the new tower is planned more than a year ago.The new project also signifies a widespread trend among Houston-area energy firms of developing top-of-the-line corporate complexes to house thousands of employees.
With the upswing in the energy industry, companies are competing for the most talented employees. Modern office campuses with state-of-the-art technologies and amenities are often used as recruiting tools, said Aaron Roffwarg, a partner at Bracewell & Giuliani who represents large energy firms in their real estate dealings.The most significant example of the energy company expansions is arguably Exxon Mobil Corp., which is preparing to relocate 10,000 employees to a new facility under construction on several hundred acres.
In a more urban-style setting, BHP Billiton Petroleum said earlier this year it would lease a new 30-story office tower to be built near the Galleria, adding a second building to its footprint.The new Chevron building will allow the company to consolidate workers from nearby space the company has been leasing in two other buildings.
The new building will have 46 stories of office space atop five levels of common areas, including one below ground, said Jay Tatum, senior vice president and regional principal of architecture firm HOK, which designed the tower.Chevron, which reported a first-quarter profit of $6.2 billion, said the company sought no special treatment on the project.
Langham Hospitality Group announced today it will manage the first new luxury city centre hotel under the Langham Place brand in Haining, a bustling metropolis in the Zhejiang coastal province. The property, which is being developed by Hong Kong-based Mingly Real Estate Corporation, is scheduled to open in 2014.
Featuring 266 spacious guest rooms and suites, Langham Place, Haining will be part of an integrated complex comprising a retail shopping centre, commercial offices and residential apartments. Says Langham Hospitality Group's Chief Executive Officer Brett Butcher, "we are delighted to introduce the Langham Place brand to the rapidly growing city of Haining. Together with the developer Mingly Corporation, we will create a luxury hotel that will be the centerpiece of this exciting new urban development."
"Following the successful debut of the Langham Place in Hong Kong with subsequent openings in Beijing and most recently in New York City, we are well on track to grow the Langham Place brand in China and key destinations around the world," he continues.
Langham Place, Haining will offer guests a wide variety of innovative dining and entertainment options including an all-day dining restaurant, a casual signature lounge and bar, and for the first time in Haining, the fine-dining Chinese restaurant that is inspired by the renowned Michelin-starred Ming Court at Langham Place, Hong Kong. The hotel's highest floor will be the penultimate setting for special occasions, complemented by the panoramic vistas of the sparkling city below.
The hotel's meeting and banqueting facilities will feature a 900 square-metre pillar-free grand ballroom, a junior ballroom of 300 square metres, and eight multi-function rooms ranging from 45 to 100 square metres. The highlight for event planners will be the generously proportioned 3,000 square-metre ceremonial hall set amidst a private landscaped Wedding Park along the city's river, the first of its kind in Zhejiang province.
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