California Resources Corp., the recent spinoff from Occidental Petroleum Corp., is moving its headquarters to Chatsworth from Westwood, the company announced 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, which lost out when 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.

“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.

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.

California Resources shares closed up 7 cents on Monday at $7.16.

For previous Business Journal coverage, see “Has Oxy Spinoff Settled on Site?”

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