Patricia Poppe Of PG&E Purchases Office And Garage In Oakland From Michael A. Covarrubias For $906M

The sale involved an office and garage property located at 300 Lakeside Drive and 344 Thomas L Berkeley Way in Oakland, closing at a price of $906,000,000. The combined square footage of the location is approximately 910,000 square feet, resulting in a price per square foot of $996.

Summary of transaction details:

• Property Type: Office & Garage
• Transaction Amount: $906,000,000
• Buyer: Patricia Poppe - PG&E
• Seller: Michael A. Covarrubias - TMG Partners
• Square Footage: 910,000
• Price per Square Foot: $996

This transaction marks PG&E's acquisition of its new Oakland headquarters alongside a neighboring office building and a parking garage with 1,400 stalls, facilitating the creation of an "urban campus." The utility plans to accommodate 7,000 employees at this site, which reflects a 50% reduction in its Bay Area footprint since 2020, while also continuing TMG’s six-year property management contract.