San Ramon's largest corporate resident is staying in the city for the foreseeable future, with Chevron Corp. signing a new lease to move its global headquarters into Bishop Ranch while also selling its namesake corporate park down the road back to Sunset Development to keep the 92-acre property in local hands.

The international energy giant made waves locally earlier this summer by announcing plans to sell its Chevron Park complex off Bollinger Canyon Road, and shift some offices elsewhere in San Ramon while also giving employees the option to relocate to Texas.

Chevron committed to continuing its San Ramon presence long-term by inking a lease for nearly 400,000 square feet in BR 2600 to house its global headquarters, officials with Sunset Development, which owns and operates the evolving Bishop Ranch area, announced on Wednesday afternoon.

Sunset Development in turn is also acquiring the 1.3-million-square-foot Chevron Park campus, with plans to incorporate the property among its 600-acre mixed-use downtown redevelopment of Bishop Ranch.

Terms of both transactions were not disclosed.

"It's exciting to reacquire this important piece of land from our largest- and longest-standing customer we started with over 40 years ago. This parcel is at the gateway to Bishop Ranch and will be a key part of our planning as we create a distinct California community," said Alex Mehran Jr., CEO of Sunset Development.

"We have now reacquired the two largest parcels which were sold to Chevron and PacBell when my father and grandfather started Bishop Ranch in 1978," Mehran added. "Chevron has been a key partner in developing Bishop Ranch and we are excited to work with them on their evolving needs. It's thrilling to be leading Bishop Ranch as these original deals turnover and the land and buildings are redeveloped for the next generation."

Sunset is in the process of redeveloping its Bishop Ranch land from a business park into a community center and residential neighborhood with thousands of homes, a $5 billion mixed-use and walkable area that San Ramon leaders hope will finally give the city a true downtown.

The development firm's plans for the Chevron Park property were not immediately clear.

Meanwhile, Chevron is now leasing space in BR 2600 with work in the queue to remodel the office spaces by late next year to accommodate up to 2,000 employees.

"Just as Chevron continually strives to evolve our operating model, we also seek to optimize our real estate portfolio," said Mary Boroughs, president of Chevron Environment Management and Real Estate Company.

"Moving our headquarters to a new, modern leased space nearby provides the opportunity to create an improved employee experience in a more contemporary environment," Boroughs added. "We look forward to working with Sunset and (architect) NBBJ to create a space that will inspire innovation, reinforce our culture, facilitate connections, enhance well-being and build a more inclusive and collaborative community for our San Ramon workforce."