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Wells Fargo Plaza Sells to the Irvine Co. for $148M

SAN DIEGO-Orange County's largest property owner makes major play in San Diego with acquisition of 24-story, class A office tower.

By Daniel D. Williams | Updated on November 07, 2004

SAN DIEGO-One of Downtown’s premiere trophy properties changed hands recently as Newport Beach-based the Irvine Co. acquired Wells Fargo Plaza for $148 million. The Irvine Co. purchased the property from the California State Teachers Retirement System, which was being advised by CB Richard Ellis Investors in the deal.”Our purchase of Wells Fargo Plaza is another sign of our confidence in the San Diego office market,” says Bill Halford, president of the Irvine Co.’s Office Properties division. Wells Fargo Plaza is the privately held real estate company’s second office tower purchase Downtown. It also owns the 34-story Symphony Towers. Built in 1984 and located at 401 B St., the property features views of Coronado Island and Petco Park “and is 98% leased,” says Bob Smith, a senior vice president with the Newport Beach office of CB Richard Ellis. The property offers more than 472,000 sf and counts tenants such as Wells Fargo Bank, Smith Barney, Gray Cary Ware & Freidenrich, LLP law firm and the San Diego Convention & Tourists Bureau.The Smith team of CBRE’s Newport Beach office, which includes Robert Smith and Michael Kane, teamed with Nelson Ackerly, Frank Wright and Kraig Kristofferson of the Downtown office of CBRE to represent the seller. The Irvine Co. represented itself in-house. CBRE’s San Diego office will continue marketing the office building for the new owner.

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