Benzinga | May 24, 2021 09:05AM EDT

PG&E 8-K Shows Co. Entered Purchase Deal With Hines Atlas US For Sale Of Office Space In San Francisco For $800M

On May 21, 2021, Pacific Gas and Electric Company (the "Utility"), a subsidiary of PG&E Corporation, entered into a Purchase Agreement (the "Agreement") with Hines Atlas US LP, a Delaware limited partnership (such entity and any affiliate successor thereof, "Buyer"). The Agreement provides that, contingent on approval by the California Public Utilities Commission (the "CPUC"), the Utility will sell to Buyer the property on current office space generally located at 25 Beale Street, 77 Beale Street, 215 Market Street, 245 Market Street and 50 Main Street, San Francisco, California 94105, and associated properties owned by the Utility (the "Property"). The sale under the Agreement would take place 10 business days after CPUC approval of the sale but in no event prior to August 15, 2021. The purchase price will be $800,000,000 subject to customary prorations and adjustments under the Agreement. Buyer will deposit $20,000,000 into escrow to serve as liquidated damages in the event of certain breaches by Buyer.