GreenRock Provides $172M in C-PACE Financing for Office Tower in Oakland

by Amy Works

OAKLAND, CALIF. — GreenRock Capital, in conjunction with KeyBanc Capital Markets, has provided $172 million in Commercial Property Assessed Clean Energy (C-PACE) financing for San Francisco-based TMG Partners.

The company will use the loan proceeds to make energy efficiency and seismic upgrades at 300 Lakeside Drive, a 29-story office building in Oakland.

The financing covers a range of improvements to the 910,000-square-foot building, which was constructed in 1961. The 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.

According to GreenRock, the transaction represents the largest C-PACE loan to date on an office property in the United States and the second largest C-PACE loan on a single property of any type in the United States.

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