Hines Atlas US has entered into an agreement to purchase PG&E's San Francisco headquarters space for $800 million. PG&E is requesting approval from the California Public Utilities Commission to distribute between $390 million and $420 million in proceeds from the sale to PG&E customers over a five-year period with the goal of moderating rate increases. This is not expected to have an impact on the company's 2021 equity position.

The company's headquarters complex includes 77 Beale Street and 245 Market Street. PG&E will occupy a new, more affordable headquarters space in Oakland in the first half of 2022. The new location will consolidate the San Francisco office complex as well as two other offices at 3401 Crow Canyon Road in San Ramon and 1850 Gateway Boulevard in Concord. The change in headquarters location is a strategic move to help the firm fulfill its commitment to make changes to benefit customers long-term, including significant safety and operational investments.

In addition to affordability, the new headquarter location has a more flexible layout and a design that will better support health and safety requirements in a post-COVID-19 world. It will also mean a shorter commute time for the company's employees, most of which live in the East Bay.