Pacific Gas & Electric (PG&E) announced Thursday that it has decided to purchase its Oakland headquarters located on the shores of Lake Merritt. According to The San Jose Mercury News, the utility will complete this acquisition in 2025. PG&E began moving workers into the 910,000-square-foot office tower at 300 Lakeside Dr., near Lake Merritt in 2022 as reported by The San Francisco Business Times.
The company stated that purchasing this building is a more cost effective option for both itself and its customers compared to leasing over a long period of time; estimated costs are around $900 million from TMG Partners who currently own it. In addition, PG&E said that pushing back their closing date until 2025 would allow them “to continue prioritizing investments in natural gas and electric system safety and reliability” without significantly impacting overall savings returned to customers from their move into Oakland.
