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.
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