Editor's note: This article has been updated to include comments from officials with the Greater Houston Partnership and CDC Houston.

The Spring and Klein community will soon be home to ExxonMobil's corporate headquarters, according to a Jan. 31 announcement from the company.

According to a Jan. 31 news release, ExxonMobil is planning to relocate its corporate headquarters from Irving to its existing 385-acre campus in City Place—formerly known as Springwoods Village. The campus first opened in 2014 and is home to the ExxonMobil's Upstream, Downstream, Chemicals and XTO Energy companies, according to the City Place website.

"Despite the challenges of COVID, we have been very fortunate to keep moving forward with our development and also to be the fabulous beneficiaries of this decision by ExxonMobil and the decision of Hewlett Packard Enterprise," Warren Wilson, executive vice president for CDC Houston, said in a Jan. 31 interview. "It's a big deal for Houston to have ExxonMobil make this move—it's a very big deal for the overall community."

While ExxonMobil officials have not yet announced how many employees will be transferring to the Spring facility as part of the company's corporate relocation, the City Place campus can accommodate up to 10,000 employees and visitors.

Bobby Lieb, who serves and president and CEO of the Houston Northwest Chamber of Commerce, lauded the company's decision.

"The Houston Northwest Chamber of Commerce is over the moon with yet another Fortune 500 company moving its corporate headquarters to City Place, following Hewlett Packard Enterprise’s announcement at the end of 2020," Lieb said in an email to Community Impact Newspaper. "I applaud ExxonMobil for this move and it makes rational sense when consider[ing] the size and stunning quality of the ExxonMobil campus in City Place. It once again establishes City Place as an ideal location [for] large corporate headquarters and is also a testament to the quality of life in north Harris County. Moreover, it fulfills Houston’s economic development goal of attracting more corporate headquarters to our region. The strategy seems to be paying off."

Likewise, Bob Harvey, who serves as president and CEO of the Greater Houston Partnership, said ExxonMobil's announcement represents the third such announcement in the Greater Houston area in the past 13 months, solidifying the metro's position as No. 3 in terms of Fortune 500 headquarters nationwide.

"We are thrilled with today's news. ExxonMobil's move further solidifies Houston's position as the Energy Capital of the World," Harvey said in a statement. "ExxonMobil is a key participant in our Houston Energy Transition Initiative, and we look forward to working with the company as we continue to position Houston to lead the energy transition to a low-carbon future."

According to the release, the relocation is part of a larger effort by the company to streamline its business structure by combining chemical and downstream companies and centralizing technology, engineering and other support services to better support customers, enhance performance and grow value.

"We greatly value our long history in Irving and appreciate the strong ties we have developed in the North Texas community," ExxonMobil Chair and CEO Darren Woods said in a statement. "Closer collaboration and the new streamlined business model will enable the company to grow shareholder value and position ExxonMobil for success through the energy transition."

The relocation is expected to be completed by mid-2023, the release stated.