They Just Aren't Fleeing Very Far
by Bob Walsh
The
corporate offices of PG&E are leaving the People's Republic of San
Francisco and moving across the bay to the crime-ridden and gang
infested shit hole that is Oakland. They are spending $892 million
dollars and buying the whole city of Oakland.
Actually,
that is a slight exaggeration. But only slight. They have paid for an
option to buy the building at 300 Lakeside Drive from TMG partners for
that rather good size chunk of change.
They
might also go for a long-term lease of the 900,000 square foot
building. The lease would be about $57 per square foot per year,
compared with $80 for S F.
PG&E
plans to unload both its Beale St. building and it's Market St.
building in S F. San Francisco would get a large chunk of change in the
transfer tax, but would loose a shitload of money in other ongoing tax
revenue.
Charles
Schwab - T D Ameritrade have already announced they are leaving SF for
Texas. McKesson and Bechtel Construction have already left SF and moved
out of state.
PG&E
still needs permission from the PUC and the bankruptcy court to move.
It is questionable whether they would approve a purchase, but very
likely they would approve the lease option.
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