Eugene-based credit union OCCU is planning to sell its Chad Drive headquarters to its next door neighbor, Costco.
The two companies signed a letter of intent that, so long as certain criteria are met, will lead to the eventual sale of the 10-acre property on Chad Drive.
OCCU President and CEO Greg Schumacher said the letter is non-binding and contains a variety of contingencies for either side.
“We’re likely, if we can come to an agreement, to sign a sales and purchase agreement,” he said. “But that, too, will include a lot of contingencies with respect to permitting, approvals, et cetera. The deal has a long way to go. I would say probably 2-3 years before we see any kind of meaningful traction on either side.”
OCCU uses around 40% of its 53,000-square-foot headquarters, with much of its staff working remotely rather than coming into the office.
“This building was built for a different kind of work,” said Schumacher. “In those days, remote [work] was very rare. But with COVID, remote became a prevalent way of working. And while lots of organizations post-COVID have brought their workers back into the office or some sort of hybrid approach, we really leaned into remote. Now here we are six years later, it’s our business model for back-office and administration personnel."
There could be benefits for Costco shoppers before the sale is official, though. A press release from OCCU stated that the letter of intent allows for additional parking and a path to access and traffic improvements.
Schumacher said OCCU is considering a variety of options for their next headquarters, and the letter allows it time to figure out what is best for the credit union’s future.
Costco did not immediately return a request for comment.
