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Pacific Gas and Electric Company to Sell Its 1.4 msf HQ Office Complex in Downtown San Francisco

8/27/20

Pacific Gas and Electric Company has listed for sale its 1.4 msf San Francisco General Office complex in downtown San Francisco. In June PG&E announced it would relocate its headquarters across the Bay to Oakland, beginning in 2022, in an effort to reduce costs and implement change for the long-term benefit of its customers and communities.

PG&E SF Campus: 77 Beale St (L); 245 Market St (R)
PG&E SF Campus: 77 Beale St (L); 245 Market St (R)
PG&E’s San Francisco General Office complex consists of two adjacent office buildings—245 Market Street and 77 Beale Street. Listed on the National Register of Historic Places, 245 Market was completed in 1925 and stands 17 stories, totaling over 450k sf. 77 Beale Street was completed in 1971 and includes 34 stories totaling over 940k sf. The campus also includes over 400 covered parking spaces within the 50 Main Street parking structure and underground parking at 77 Beale.

The properties are located above the Embarcadero BART/Muni Station and within two blocks of the recently completed Salesforce Transit Center and the historic Ferry Building. Under PG&E’s ownership, both buildings have achieved LEED Gold and Energy Star certification.

Mike Taquino and Kyle Kovac with CBRE Capital Markets will lead the marketing efforts for the properties, which will launch between now and the end of the year. An asking price was not given out. Following the sale, PG&E plans to relocate its headquarters from San Francisco to Oakland beginning in 2022.

“The PG&E headquarters will be heavily sought after by the global investment community as it provides a generational opportunity to acquire and reposition two of San Francisco’s most significant properties,” said Mr. Kovac.

San Francisco has long been one of the U.S.’s top-performing office markets, with office rents climbing 190% over the last decade to reach $88.40 per sq. ft. at the end of Q1 2020. Despite recent economic turbulence related to Covid-19, San Francisco remains the tightest office market in the country, with the lowest vacancy rate of any large U.S. market.




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