Chevron Phillips Buys Office Building for Headquarters Move

Chevron Phillips Chemical is planning a $60 million makeover to a suburban Houston office building in a headquarters relocation.

The company bought a six-story building at 9500 Lakeside Boulevard in the Woodlands. It plans to plans to renovate almost all of the building, according to a filing with the Texas Department of Licensing and Regulation.

The building spans 360,000 square feet, and the renovations will build out five of the six floors, plus part of another floor, totaling 324,000 square feet. Kirskey Architecture will lead the design. Construction could begin this fall and be completed in December 2024, according to the state filing.

The company plans to move in early 2025, according to a statement sent to The Real Deal.

“The company is growing and excited to move into a space that will accommodate our expanding workforce,” it said.

The Montgomery County Appraisal District valued the building at $35 million this year, and the seller is JD Warmack Woodlands, a company connected to James Warmack, who developed Research Forest Lakeside. It was built in 2000, according to CoStar.

The building is 2 miles northwest of Chevron Phillips’ global headquarters at 1001 Six Pines Drive in the Woodlands. The company moved to that 200,000-square-foot office space in 2002, less than two years after Chevron and Phillips formed their joint venture.

Research Forest Lakeside is a 77-acre development overlooking Lake Woodlands. The development includes four retail buildings and six offices. At full buildout, it is expected to span over 1.8 million square feet. Schematics from 2020 illustrate a slew of amenities, including an eatery, a coffee lounge, a fitness center complete with locker rooms and a 150-person auditorium.

While distress has rocked Houston’s office market, leasing activity boomed in the second quarter with corporate expansions and relocations accounting for much of the growth. Relocations and expansions accounted for about 40 percent of Greater Houston’s leasing activity last quarter, according to a recent Savills office market report.