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PG&E Sets 2025 Timeline to Buy Oakland Headquarters
PG&E said Thursday it has decided to buy its downtown Oakland headquarters and complete the purchase in 2025, The San Jose Mercury News reported. The utility began moving workers in 2022 into the office tower, which is perched on the shores of Lake Merritt in Oakland.
The San Francisco Business Times said PG&E would pay about $900 million to acquire the 910,000-square-foot tower at 300 Lakeside Dr. near Lake Merritt from TMG Partners. Purchasing the Oakland building is the “lower-cost option for PG&E and its customers over the long term” when compared to leasing, the company said.
“Moving the closing date for the purchase to 2025 allows PG&E to continue to focus on prioritizing investments in natural gas and electric system safety and reliability and adding grid capacity to support growing customer needs,” PG&E said in a statement Thursday. “The new closing date is not expected to have a significant impact on the overall savings to be returned to customers from PG&E’s move to Oakland.”
- ◦Sale/Acquisition
