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PG&E To Sell San Francisco Headquarters Complex To Hines Atlas US For $800 Mln

PG&E Corporation and Pacific Gas and Electric Company said that it agreed to sell its San Francisco headquarters complex, which includes 77 Beale Street and 245 Market Street, to Hines Atlas US LP for $800 million.

The company seeks California Public Utilities Commission or "CPUC" approval to return the net gain realized on the sale to PG&E customers.

PG&E noted that it remains on track for a phased move into its new headquarters at 300 Lakeside Drive in Oakland, beginning in the first half of 2022. The move is part of PG&E's broader commitment to implement changes for the long-term benefit of its customers and communities.

PG&E expects the move to Oakland to result in substantially lower headquarters costs over a long-term period.

As per the terms of the sale deal, the transaction closing is contingent on CPUC approval of the sale. PG&E will be proposing to the CPUC to distribute about $390 million to $420 million to customers resulting from the gain on sale over a five-year period to offset future customer rates.

PG&E also plans to consolidate two other East Bay satellite office locations—3401 Crow Canyon Road in San Ramon and 1850 Gateway Boulevard in Concord—into the new Oakland headquarters.

In addition, PG&E announced another strategic sale of non-core assets earlier this year: the $973 million sale of transmission tower wireless licenses to SBA Communications Corporation.

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