Police have closed off streets for two blocks in all directions around that intersection.
Talmadge said firefighters had to rescue some people who were stuck in elevators due to the power outage.
Medics and firefighters are on scene to make sure the smoke doesn't cause further problems. No injuries have been reported.
Firefighters were still waiting for PG&E to arrive around 12:15 p.m.
PG&E spokeswoman Tamar Sarkissian said the first report of an outage came in around 11:36 p.m., which is probably when the equipment failed.