300 Lakeside Drive, the landmark office building in Oakland, California that is the headquarters of Pacific Gas & Electric Company (PG&E), has secured $172 million in Commercial Property Assessed Clean Energy (C-PACE) financing. The loan was provided by GreenRock Capital, a leading participant in the C-PACE sector, in conjunction with KeyBanc Capital Markets.
The transaction represents the largest C-PACE loan to date on an office property in the U.S. and the second largest C-PACE loan on a single property of any type in the U.S. 300 Lakeside Drive is owned by TMG Partners of San Francisco.
The financing covers a comprehensive range of improvements to the 29-story, 910,000-square-foot building originally constructed in 1961. The transformative upgrades include a full HVAC system overhaul, envelope sealing to enhance energy efficiency, water conservation measures to reduce water consumption, and a complete seismic retrofit, ensuring the building’s resilience and safety.
“It’s a landmark transaction on a landmark property that supports transforming 300 Lakeside Drive into a state-of-the-art green building,” said Chris Robbins, managing principal of GreenRock Capital. “This financing reinforces our commitment to fostering sustainable development, reducing carbon footprints in commercial properties, and providing accretive financing options for owners and developers using a form of capital that is fast becoming mainstream in commercial real estate.”
“TMG prides itself on being a leader in sustainability and resiliency and the significant investments we made in these areas into 300 Lakeside were ideally suited for a PACE financing,” stated Matt Field, president of TMG. “This financing provides a long-term source of sustainability capital for this asset.”
About GreenRock Capital
GreenRock Capital LLC is exclusively focused on originating, advising and helping lead commercial PACE (C‑PACE) financings. The co‑founders have been active participants in the C‑PACE sector since 2014. GreenRock is based in the San Francisco Bay Area and operates throughout the United States where C‑PACE is available. For more information, visit GreenRock (www.greenrockhc.com).
About TMG Partners TMG Partners, founded in 1984 and headquartered in San Francisco, is a full-service real estate development and management company. One of the most active developers in the Bay Area Region, TMG has a portfolio of more than 30 million square feet across Oakland, San Francisco, San Jose, and other Bay Area cities that includes a variety of office, retail, residential, and industrial properties, ranging from office campus and multi-story properties in urban-infill locations to mixed-use and single-story suburban buildings. For detailed information, visit TMG Partners (www.tmgpartners.com).