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Globest.com UPDATE: Wells Fargo Plaza Receiving Facelift

SAN DIEGO-After selling to the Irvine Co. for $148 million last fall, Wells Fargo Plaza is undergoing a $3-million makeover that is set for an August completion date.

By Daniel D. Williams | Updated on February 25, 2005

SAN DIEGO-Wells Fargo Plaza traded hands last fall with Newport Beach-based the Irvine Co. acquiring the trophy property from the California State Teachers Retirement System for some $148 million. Now, the class A office space is receiving a significant makeover.A $3-million tenant improvement project will begin in April and is set for an August completion date. As part of the building’s facelift, ROEL Construction has been brought on board to complete office tenant improvements and common area upgrades. Included in the improvements will be upgrades to the lobby, four floors of corridors and lobbies as well as restroom renovations. Palmer Construction Services is the construction manager and Gensler is the architect. KTUA is the landscape architect and Michael Wall Engineering is the electrical engineer. ROEL representatives include Juliana Dupuis as group manager, Tim Lockridge as project manager, Steve Bastian as superintendent and Kia Hardy as project coordinator.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 Smith team of CBRE’s Newport Beach office, which includes Smith and Michael Kane, teamed with Nelson Ackerly, Frank Wright and Kraig Kristofferson of the Downtown office of CBRE to represent CALSTRS in the November sale of the building. The Irvine Co. represented itself in-house. CBRE’s San Diego office will continue marketing the office building for the new owner. 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.

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