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8/17/23
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TMG Partners has obtained $172 mil in Commercial Property Assessed Clean Energy (C-PACE) financing on 300 Lakeside Drive, a landmark office building in Oakland that serves as the headquarters for Pacific Gas & Electric Company (PG&E). The loan was provided by GreenRock Capital, a leading participant in the C-PACE sector, in conjunction with KeyBanc Capital Markets.
The transaction represents the largest C-PACE loan to date on an office property in the U.S. and the second largest C-PACE loan on a single property of any type in the U.S.
The financing covers a comprehensive range of improvements to the 29-story, 910k sf building originally constructed in 1961. The transformative upgrades include a full HVAC system overhaul, envelope sealing to enhance energy efficiency, water conservation measures to reduce water consumption, and a complete seismic retrofit, ensuring the building's resilience and safety.
"It’s a landmark transaction on a landmark property that supports transforming 300 Lakeside Drive into a state-of-the-art green building," said Chris Robbins, managing principal of GreenRock Capital. "This financing reinforces our commitment to fostering sustainable development, reducing carbon footprints in commercial properties, and providing accretive financing options for owners and developers using a form of capital that is fast becoming mainstream in commercial real estate."
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