SAN FRANCISCO—On Monday, June 8, after more than 100 years, Pacific Gas and Electric Corporation plans to move from San Francisco to Oakland. PG&E will try to sell their current headquarters and estimates that the relocation will take a few years.
The utility announced on Monday June 8, it will be making the transition to Oakland, based on the cheaper headquarters cost.
Currently, PG&E is located at 77 Beagle Street and 245 Market Street in San Francisco. The new headquarters will be at 300 Lakeside Drive in Oakland. The relocation is expected to take place within two to three years in a series of phases and that will be finalized by 2023.
In an email sent on June 8 to media, the press release said “We are so proud of our history in San Francisco, where PG&E has been headquartered for 115 years, and we will continue to serve our customers in this great city. We expect the sale of San Francisco headquarters will unlock value in a notoriously tight real estate market, no doubt bringing a dynamic new tenant to downtown.”
On January 29,2019,Pacific Gas and Electric filed for bankruptcy protection after coming under pressure from billions of dollars in claims tied to deadly wildfires.
PG&E is on track to get its Chapter 11 Plan of Reorganization approved by the Bankruptcy Court by the June 30, 2020, deadline to participate in the state’s new go-forward wildfire fund.
Previously, PG&E reached settlements valued at approximately $25.5 billion with all wildfire victims’ groups including individual victims, subrogation claimants, and public entities to be implemented pursuant to PG&E’s Plan of Reorganization.
PG&E is on track to get its Chapter 11 Plan of Reorganization approved by the Bankruptcy Court by the June 30, 2020, deadline to participate in the state’s new go-forward wildfire fund.
The new property in Oakland will save PG&E money and be more convenient for the employees. They plan to lease with TMG Partners.
TMG Partners is a full-service real estate development and management company. TMG has a portfolio of more than 30 million square feet across Oakland, San
Francisco, San Jose, and other Bay Area cities that includes a variety of office, retail, residential, and industrial properties, ranging from office campus and multi-story properties in urban-infill locations to mixed-use and single-story suburban buildings.
“Savings from lower headquarters will tangibly benefit our customers financially.. The move will also bring our employees together in new and better ways in service to our customers” the press release said.
