
Real Estate News | 2 minute read
Hines Fund Pays PG&E $800M for San Francisco Office Property
BY Lucian Alixandrescu | May 31, 2021
Hines Atlas US LP, a fund affiliated with real estate investor Hines, recently agreed to buy the San Francisco headquarters of utility and energy company Pacific Gas and Electric (PG&E). The complex, which is made up of two properties totaling 1.4 million square feet of San Francisco office space, was reportedly sold for $800 million.
The two properties — located at 77 Beale St. and 245 Market St. — were allegedly the subject of a bidding war between several high-profile firms, just missing the mark of their initial $1 billion valuation due to necessary renovation investments.
PG&E Relocates to Oakland; Hines Bets on San Francisco Office Market
The property at 245 Market St. has been PG&E’s headquarters since its completion in 1925, while 77 Beale St. was built in the 1970s to enhance the company’s presence in the Bay Area. Now, PG&E is looking to relocate its headquarters to 300 Lakeside Drive in Oakland — about 20 minutes east of its current San Francisco headquarters — in a bid to simplify its footprint and lower costs. Two additional Bay Area offices will also be consolidated into the new headquarters — 3401 Crow Canyon Road in San Ramon and 1850 Gateway Blvd. in Concord. PG&E plans to begin the relocation in 2022 and expects it to be completed by 2023.
Hines Global Income Trust Inc. — a public REIT also affiliated with Hines — recently made the news with its acquisition of 1015 Half St., a 396,000-square-foot trophy office space in Washington, D.C. Back in San Francisco, Hines is also developing Parcel F, one of the planned additions to San Francisco’s skyline. The skyscraper will stand right next to the Salesforce Transit Center and will include 275,000 square feet of San Francisco office space, as well as 165 condominium units and 189 hotel rooms. In addition to the recent acquisition and the property under development, Hines has a total of 11 San Francisco properties in its portfolio.
Latest Posts
Want to stay on top of the real estate market?
Access comprehensive property data and ownership information with intuitive research tools.
POSTED IN: Real Estate News, San Francisco Real Estate

Lucian is a copywriter for several blogs in the Yardi network. He has multiple years of experience as a freelance writer and is eager to learn about all things real estate and marketing. His work has been featured by publications such as The New York Times, Forbes and The Business Journals.
Recent Reports
Top 50 Most Expensive NYC Neighborhoods Q1 2025: Prices Rise in 32 Neighborhoods, Little Italy Grabs #2 With $4.6M
NYC’s strong +10% Y-o-Y start was also reflected among the city’s 50 most expensive neighborhoods, most of which saw both prices and sales rise.
New York Metro Foreclosure Report: Q1 2025 Marks Slowest Quarter in 5 Years for Metro While Manhattan Activity Reaches 8-Year High
Manhattan hits 8-year high, but metro foreclosures drop fueled by the slowdowns of its most active markets: Queens, Suffolk, Nassau & Brooklyn.
Median Year Built on the Rise as New Construction Reshapes U.S. Housing Stock
The typical American home was built in 1980, four years later than a decade ago, as housing stocks in some cities leap forward by 20+ years.