PG&E’s San Francisco headquarters purchased out for enormous $1.8 billion growth undertaking
Houston-based Hines is working with the National Pension Service of Korea on a $ 2.5 billion development project that they believe is “the biggest deal down Market Street in San Francisco in the past 10 years.”
As the Commercial Observer first reported, Hines plans to convert the historic offices into two “modern office projects” and one “apartment building”.
Of these two developments, one will be a redesign of an early 20th century office complex covering 600,000 square feet. Hines will retain the facade and lobby, but core the rest of the property for “modern functionality,” according to the company.
The Pacific Gas & Electric Building at 77 Beale Street will be completely renovated and “repositioned” towards Mission Street, Hines said in a press release. With this reorientation comes a new name: 200 Mission.
His final purchase proposal is “50 Main,” a 600-unit apartment complex across from Hines-owned 101 California.
Hines, which also owns the Transbay Block Tower 4 and previously the Salesforce Tower, bought the giant offices from the electricity company in May for $ 800 million.
“Hines’ vision for this important block in the heart of downtown San Francisco is great news for the future of our city,” Mayor London Breed said in a statement on the Hines website.
Meanwhile, PG&E will move to its new Oakland headquarters in the first half of 2022 and promise in May to pass the “net profit” of the sale on to customers.
