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PG&E Relocating to Oakland After More Than 100 Years in San Francisco
San Francisco-based TMG Partners entered into a long-term lease with PG&E to relocate PG&E’s headquarters to 300 Lakeside in Oakland in 2022 from its current downtown San Francisco HQ location, where it has been based for more than a century. The lease includes a purchase option for California’s largest utility to acquire the property from TMG Partners in 2023. The transaction is approved by TMG Partners and PG&E, and is subject to final approval by the Bankruptcy Court.
TMG Partners’ Matt Field says, “We worked together to structure the transaction to have a comfortable timeline to renovate the property for PG&E’s workspace and provide the flexibility for the company to elect whether to own or lease their completed headquarters.”
TMG Partners is buying the 28-story 300 Lakeside from Swig Co. and Rockpoint Group. The signature 975,000-square-foot building on Oakland’s skyline was originally developed in 1960 as the HQ for Kaiser Industries. Major renovations were recently completed including elevator modernization, new common areas, a conference center, bike room, tenant lockers and showers, café, and food truck zone. TMG will continue upgrading the building for PG&E, including the entire process of design, engineering and constructing a new workspace compliant with PG&E standards.
PG&E Corporation’s Bill Smith says, “Our new Oakland headquarters will be significantly more cost-effective, is better suited to the needs of our business, and is a critical part of fulfilling our commitment to operate in a fiscally responsible way that will enable us to achieve our operational and safety goals.”
PG&E plans to sell its San Francisco office complex, 77 Beale St. and 245 Market St., after it emerges from bankruptcy protection. That deal for the roughly one-million-square-foot complex could transact in the $1 billion range.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition
- ◦Lease
