OAKLAND, CA—Rockpoint Group and The Swig Company completed the sale of 300 Lakeside, a class-A office complex of more than 1 million square feet in the Uptown District. The buyer is a venture led by San Francisco-based TMG Partners.
TMG entered into a long-term lease with Pacific Gas & Electric Company to relocate the utility's headquarters from the existing San Francisco location. The lease includes a purchase option for PG&E to acquire the property from TMG Partners.
Rockpoint and Swig will retain an interest in the property on a go-forward basis. Terms of the transaction were not disclosed, however, the purchase price was estimated by real estate experts to be in the $450 million range, GlobeSt.com learns.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
