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Howard Hughes Holdings Inc. (NYSE: HHH) announced that Chevron U.S.A. Inc. (NYSE:CVX) has purchased over 77 acres in Bridgeland Central, a 925-acre urban hub within its Bridgeland master planned community in Cypress, Texas.

Bridgeland is an 11,500-acre residential and commercial development that opened in 2006; it is located roughly 33 miles outside of Houston. The financial terms of the transaction were not disclosed, and Chevron said it planned to build a research and development facility at the site.

“Chevron’s acquisition marks a pivotal moment for Bridgeland as the community enters its next phase of development as a leading job center for the region,” said Jim Carman, president of the Houston Region for Howard Hughes. “One of the top-selling communities in the country, Bridgeland is poised to benefit from the influx of businesses and their employees seeking to live and work in a centralized location that offers commercial opportunities as well as single-family and multifamily housing options to meet growing demand.”

“Chevron is attracted to the opportunities Bridgeland has to offer and views this acquisition as a strong addition to our asset portfolio,” said Daniel Abate, head of corporate real estate for Chevron. “We take pride in contributing to the communities where we live and work and are excited about the potential of establishing a research and development campus in Bridgeland to advance our work toward achieving a lower carbon energy future.”

Photo: An artist’s rendering of the Chevron’s planned Bridgeland facility.