PG&E wins San Francisco headquarters sale, $ 400M savings channeled to clients

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OAKLAND – PG&E has received approval to sell its San Francisco headquarters, a deal that gives PG&E the opportunity to relocate its headquarters to Oakland and channel hundreds of millions of taxpayer savings.

Government regulators have approved PG&E’s offer to sell several office towers in San Francisco to a group led by real estate giant Hines for $ 800 million.

“PG&E is continuing its phased move to its new headquarters at 300 Lakeside Drive in Auckland starting in the first half of 2022,” it said Tuesday.

The state’s public utility commission has approved the proposed deal, PG&E said.

“In addition to providing long-term savings for PG&E, the sale of our San Francisco headquarters will help offset future customer rates at a time when we make significant investments in safety and operations,” said Patti Poppe, CEO of PG&E. in the prepared issue.

PUC also approved PG&E’s plan to return $ 400 million in net savings to customers over a five-year period.

PG&E believes the $ 400 million will help alleviate the pain for customers that looms as a result of the utility coming up with multiple revenue proposals.

“This compensation will help curb future growth as the company continues to make significant investments in security and operations,” PG&E said Tuesday.

The PG&E San Francisco office complex consists of 77 Beale Street, 25 Beale Street, 215 Market Street, 245 Market Street, and 45 Beale Street, as detailed in SEC filings.

Commercial real estate firm CBRE advised PG&E in its efforts to sell its San Francisco headquarters.

The PG&E headquarters tower at 77 Beale St. in San Francisco. // Google Maps

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