In the bowl of a stand mixer fitted with the paddle attachment, or in a large mixing bowl using a handheld mixer, beat the butter and cream cheese together until smooth.

Add the brown sugar and granulated sugar and mix for 1 to 2 minutes or until well combined. Mix in the egg and vanilla extract until fully combined, stopping to scrape down the sides of the bowl as needed.

Add the dry ingredients and mix until just combined, then mix in the chocolate chips on low-speed until fully incorporated into the cookie dough.

Cover the cookie dough tightly and transfer to the refrigerator to chill for at least 1 ½ hours.

Once the dough is almost chilled, preheat the oven to 350°F (177°C). Line three large baking sheets with parchment paper or silicone baking mats and set aside.

Remove the cookie dough from the refrigerator. Using a 1.5 tablespoon cookie scoop, scoop the cookie dough and drop onto the prepared baking sheets. Make sure to leave a little room between each ball of cookie dough because they will spread some as they bake in the oven.

Bake for 10 to 12 minutes or until the edges of the cookies are lightly golden brown and the tops are set. Remove from the oven and cool on the baking sheet for 5 to 10 minutes, then transfer the cookies to a wire rack to cool completely.