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PG&E Inks Lease / Purchase Agreement for Oakland Building

6/10/20

PG&E will be relocating its headquarters to 300 Lakeside, a 910k sf, 28-story office tower building in Oakland, from their current downtown San Francisco headquarters location. The utility agreed to a long-term lease with purchase option for the building, subject to final approval by the bankruptcy court.

The 300 Lakeside property, a signature building on Oakland’s skyline, is currently being acquired by TMG Partners from by a partnership led by The Swig Company. It was originally developed as the headquarters for Kaiser Industries in 1960 and was designed by noted architecture firm Welton Beckett Associates.

The property includes a 1,339-stall parking garage with a rooftop landscaped open space, along with both office and retail space, located at 344 Thomas L Berkeley Way. TMG Partners will retain ownership of the garage and Thomas L Berkeley Way building.

The LEED Platinum-certified tower offers spectacular views of Lake Merritt, the East Bay hills and San Francisco. It features floorplates with excellent bay depth and superior glass line to office space ratios, along with a Wi-Fi enabled, 3.5-acre roof garden for tenants to host events, relax, socialize, exercise, enjoy live music and taste local flavors. 300 Lakeside is situated just three blocks from the 19th Street/Uptown BART Station and free B and AC Transit stops.

“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,” said Bill Smith, incoming Interim Chief Executive Officer of PG&E Corporation. “Savings from lower headquarters costs will tangibly benefit our customers financially. The move will also bring our employees together in new and better ways in service to our customers.”

The current ownership of the property recently completed major renovations to the building, including elevator modernization, new common areas, a conference center, bike room, tenant lockers and showers, café, and food truck zone. The building also has a conference center with 393-seat auditorium and pre-function area which is used for both tenant functions and third parties. TMG will continue upgrades of the building for PG&E, including the entire process of design, engineering and, with the general contractor, constructing new workspace compliant with PG&E standards.

“The transaction also demonstrates the benefits to the greater Bay Area Region,” said TMG Partners Chairman & CEO Michael Covarrubias. “Oakland gains a new company with PG&E occupying a former corporate headquarters building, built for Kaiser in the 1960s, and the investment will add significant annual property, payroll, and other tax revenue for the City of Oakland. Concomitantly, when PG&E’s current headquarters is ultimately sold and occupied by another company, the City of San Francisco will enjoy significant additional annual property tax and commercial rents tax revenue as PG&E has been an owner-occupant of the property since the construction of the buildings fifty and one-hundred-fifteen years ago respectively. We anticipate that San Francisco will also receive other increases in tax revenues from the sale and re-tenanting of the property.”






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