PG&E Corp. has exercised an option to purchase its 910,000-square-foot headquarters building in Oakland. The company received the option to buy its new Lake Merritt home this year when it relocated from San Francisco after 100 years.
A PG&E spokesperson declined to provide details about the terms until the transaction closes, however a 2020 purchase option came with an $892-million price tag or $980 per square foot according to reports by San Francisco Business Times . PG&E noted in a recent SEC filing that the previously agreed upon price is “subject to certain adjustments”.
The seller, TMG Partners acquired 300 Lakeside Dr., which includes a 29 story tower and parking garage with rooftop garden as well as 130,000 square feet of office and retail space for $450 million in 2020 before arranging an office deal with utility giant PG&E Corp..
