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Valley Gets New Public Company

California Resources Corp., the recent spinoff from Occidental Petroleum Corp., is moving its headquarters to Chatsworth from Westwood, the company announced on Monday. California Resources has leased 42,000 square feet on two floors in a building at 9200 Oakdale in Chatsworth; the building’s largest tenant is JPMorgan Chase. The company did not release terms of the deal, but real estate data provider CoStar gave some details, including the square footage and an annual lease rate of $29.40 a square foot, which translates to $1.2 million a year. California Resources signed the lease in November, according to CoStar, and the space was available for move-in as of March 1. That means in the next few weeks, the company will have vacated the building at 10889 Wilshire Blvd, which for decades had served as Occidental Petroleum’s headquarters. The relocation decision is a victory for Los Angeles and the Valley in particular after former parent Occidental moved to Houston last year. Long Beach, Santa Clarita and Bakersfield were also vying for the headquarters location. California Resources had expanded its existing lease at the Landmark Square tower at 111 West Ocean Blvd. in Long Beach last summer, leading to hopes among city officials there that the company would move its headquarters to the county’s second-largest city. But Los Angeles was able to find a suitable building for California Resources. “We are more than thrilled by the news that the state’s largest independent oil and gas producer will be locating its headquarters in the Valley, which serves as a juncture for all parts of L.A.,” said Stuart Waldman, president of the Valley Industry & Commerce Association, a business advocacy group based in Sherman Oaks. Although Los Angeles emerged as the headquarters victor, both Long Beach and Santa Clarita gained as well. Besides the additional space California Resources leased in Long Beach, the company has also leased 21,000 square feet of space in Valencia at 27200 Tourney Road. “I would like to thank Mayor Garcetti for welcoming our business and supporting our employees and labor partners who work with us to deliver energy for California by Californians,” Chief Executive Todd Stevens said in the company’s announcement. Shares of California Resources, which trade on the New York Stock Exchange, closed up 7 cents to $7.16.

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