A 480 volt 3 phase system would need to be grounded (by code, as well as basic safety). If the source (a generator in this case) is a wye, the best place to ground it is the center of the wye. The fact that the voltage to ground is 277 is of no consequence.
If the source is a delta connection, and there's no center tap on any winding, then one of the phases is grounded. This is called a 'grounded B' or a 'corner grounded' system. In this case, the voltage to ground is 480.
If it's a delta, and one of the phases is center tapped, then the center tap is grounded. This results in 240 from two of the phases to ground, and 416 from the other phase to ground.
If the neutral is needed, it is simply connected to the spot where the windings are grounded.
In your case, the system needs to be grounded, and the center of the wye is the best place.
Rob
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