Pacific Gas & Electric (PG&E) is exercising an option to buy its Lake Merritt headquarters tower in Oakland, which as originally written in 2020 stipulated a purchase price $892M, or $980 per square foot.
The company said it wouldn't specify the price of the 910K SF tower until the deal closes; an SEC filing indicated the $892M stipulated in the 2020 option was "subject to certain adjustments," the San Francisco Business Times reported.
San Francisco-based TMG Partners acquired the property, previously Kaiser's corporate HQ, at 300 Lakeside Drive for $450M in 2020. The property at 300 Lakeside includes a 100K SF office and retail building and a parking garage as well as the 29-story tower.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
