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PG&E Poised to Buy Oakland Headquarters Building
PG&E Corp. will exercise an option to purchase its 910,000-square-foot headquarters building in Oakland, the San Francisco Business Times reported. The company received the option to buy its new Lake Merritt home this year when it relocated to the property in 2020 after 100 years in San Francisco.
Although a PG&E spokesperson declined to provide details about the terms until the transaction closes, the 2020 purchase option came with an $892-million price tag, or $980 a square foot, reported the Business Times. PG&E noted in a recent SEC filing that the previously agreed-upon purchase price is “subject to certain adjustments.”
The seller, TMG Partners, acquired the property at 300 Lakeside Dr. for $450 million in 2020 and arranged the office deal with the utility. The 29-story tower, previously the Kaiser corporate headquarters building, also features a parking garage with a rooftop garden and a roughly 130,000-square-foot office and retail building.
- ◦Sale/Acquisition
