SAN FRANCISCO — Pacific Gas and Electric [PG&E] has agreed to sell its San Francisco headquarters for $800 million.
Hines Atlas US LP agreed to purchase the headquarters complex at 77 Beale St. and 245 Market St. The sale is part of the electric company's planned move to Oakland in 2022.
The closing of the sale must be approved by the the California Public Utilities Commission [CPUC]. If approved, PG&E also wants to distribute $390 million to $420 million back to customers "over a five-year period to offset future customer rates." In its press release announcing the sale, PG&E said this distribution would "help moderate rate growth as the company continues to make significant safety and operational investments."
That distribution of sale money back to customers must also be approved by the CPUC.
“We are working hard every day to make fundamental changes at PG&E and become the utility our customers expect and deserve,” PG&E Corporation Chief Executive Officer Patti Poppe said in a press release. “We’ve made a commitment to keep customer costs as low as possible, and one way we’re following through on that is by selling non-core assets including real estate. This sale and relocation will achieve cost savings that directly help reduce customer bills."
When the company moves to Oakland, it also plans to consolidate two additional Bay Area offices into its new headquarters.
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