August 26, 2020
Pacific Gas and Electric Company’s 1.4-million-square-foot office complex in downtown San Francisco has officially hit the market. CBRE has been tapped to handle the full city block disposition, which could trade in the neighborhood of $1 billion.
CBRE’s Mike Taquino and Kyle Kovac will lead the marketing efforts for the assets. Kovac says, “The PG&E headquarters will be heavily sought after by the global investment community as it provides a generational opportunity to acquire and reposition two of San Francisco’s most significant properties.”
PG&E’s complex consists of two adjacent office buildings, 245 Market St. and 77 Beale St. Listed on the National Register of Historic Places, 245 Market was completed in 1925 and stands 17 stories and totals more than 450,000 square feet. 77 Beale was completed in 1971 and includes 34 stories totaling more than 940,000 square feet.
In June PG&E announced it would relocate its HQ to Oakland beginning in 2022, in an effort to reduce costs and implement change for the long-term benefit of its customers and communities.
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