**PG&E Finalizes $906M Acquisition of Oakland Headquarters**
Pacific Gas & Electric Co. (PG&E) has completed its $906 million acquisition of its new headquarters in Oakland, finalizing a multi-part deal with developer TMG. The purchase includes the 28-story, 910,000-square-foot office tower located at 300 Lakeside Drive, along with a neighboring 130,000-square-foot building at 344 Thomas L. Berkeley Way and a 1,400-stall parking garage.
Although the two supplemental properties were not originally part of the transaction, PG&E opted to include them in the deal to create what it has described as an “urban campus” to serve employees and operational demands.
PG&E paid for the properties in three installments beginning in 2023 and concluding this week. The company emphasized the significance of the new campus in its ongoing business evolution.
“Our Oakland headquarters is a critical hub for our operational and innovation progress. We love being a part of the community in Oakland and look forward to our future in this vibrant city,” said PG&E CEO Patti Poppe in a written statement.
As part of the deal, TMG will continue to manage the site under a six-year management contract.
