Company: PCG-PB
Filing Date: 2025-04-24
Form Type: 10-Q
Source: 0001004980-25-000087
Chunk: 198

Company: PG&E Corp
Filing Date: 2025-04-24
Form: 10-Q
Item: Item 1A
Chunk 198
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 electric capacity; natural gas supply, transportation, and storage; nuclear fuel supply and services; and various other commitments.  As of December 31, 2024, the Utility had undiscounted future expected obligations of approximately $33 billion.  See Note 15 of the Notes to the Consolidated Financial Statements in Item 8 of the 2024 Form 10-K.

Oakland Headquarters Lease and PurchaseOn October 23, 2020, the Utility and BA2 300 Lakeside LLC (“Landlord”), a wholly owned subsidiary of TMG Bay Area Investments II, LLC, entered into an office lease agreement for approximately 910,000 rentable square feet of space within the Lakeside Building to serve as the Utility’s principal administrative headquarters (the “Lease”).On July 11, 2023, the Utility and the Landlord entered into an Amendment to Office Lease and an Agreement of Purchase and Sale and Joint Escrow Instructions, pursuant to which the Utility was deemed to have exercised its option to purchase the legal parcel that contains the Lakeside Building (the “Property”), as modified.  Pursuant to the Agreement of Purchase and Sale and Joint Escrow Instructions, the purchase price of the Property will be $906 million, with deposits applicable to such purchase price of $150 million paid by July 11, 2023, $250 million paid by July 11, 2024, and the remaining $506 million to be paid at closing on or before June 3, 2025.  The Utility will also receive a credit of approximately $172 million towards the final payment, subject to adjustments, which represents the estimated outstanding principal balance of a loan carried by the Property that will be assigned to, and assumed by, the Utility at closing.  The Utility will continue to lease the Property pursuant to the Lease, as amended, until closing.The Lease also requires the rentable space to be delivered in two phases, with each phase consisting of multiple subphases.  As of March 31, 2025, approximately 715,000 rentable square feet of the leased premises has been made available for use by the Utility.As of March 31, 2025, the Utility has recorded $807 million in Financing lease ROU assets, $264 million in accumulated amortization, $110 million in leasehold improvements, net of accumulated amortization, which includes $25 million that was provided to the Utility as lease incentives, and $568 million in current Financing