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PG&E Completes $906M Acquisition of Oakland Headquarters
Pacific Gas & Electric Co. has finalized its deal to buy its 910,000-square-foot Oakland headquarters at 300 Lakeside in Oakland from developer TMG Partners, along with a neighboring 130,000-square-foot office building at 344 Thomas L Berkeley Way and a 1,400-stall parking garage, both owned by TMG. The San Francisco Business Times reported that although the two additional structures were previously reported as not included in the sale, PG&E chose to add them to create an “urban campus” for employees.
The public utility paid TMG $906 million for the 28-story headquarters building in three increments that started in 2023 and ended this week. “Our Oakland headquarters is a critical hub for our operational and innovation progress,” PG&E CEO Patti Poppe said in a written statement shared with the Business Times. “We love being a part of the community in Oakland and look forward to our future in this vibrant city.”
PG&E said TMG will continue to manage the property under a six-year contract.
- ◦Sale/Acquisition
