First Choice Energy

Friday, January 3, 2020

Chevron Has Begun Removing Itself from the Appalachian Basin

From the Pittsburgh Business Times:
Chevron is getting a quick start on its plans to divest its assets in the region.

A few days after announcing it was divesting of its assets in the various shale plays of the Appalachian region, the California energy giant closed on selling a 38.5 acre parcel once expected to be the new home of a regional office campus to Green Tree-based Burns Scalo Real Estate Services.

The sale of the property closed late this week after Chevron (NYSE:CVX) first opted to drop its headquarters campus plan in June 2016 when it listed the property for sale with Cushman & Wakefield Grant Street Associates.
Jim Scalo, president and CEO of Burns Scalo, plans to revive the kind of ambitious office development plans which motivated Chevron to buy the property and others in the first place.

Burns Scalo paid a total of $8 million for the Chevron site as well as a three-acre former Gander Mountain store that fronts onto MarketPlace Boulevard and is considering an early strategy of a 500,000-square-foot office park on the site.

"The reason we bought this is because we now sit with 41 acres of land that has infrastructure that’s pad ready in the largest submarket for suburban office space in the region," he said.
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