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GlobeSt.com EXCLUSIVE: Wells Fargo Buys Spec Project for $12M

PHOENIX-The San Francisco-based bank buys one of three spec buildings rising in Pinnacle Peak Commerce Center. Developer Orsett Properties will deliver the shell in August so Wells Fargo can start finish-out on the operations center.

By Jennifer D. Duell | Updated on March 24, 2005

PHOENIX-Wells Fargo & Co. has paid $12 million for a 98,200-sf, class A office building rising on an 8.8-acre tract in Deer Valley’s Pinnacle Peak Commerce Center. The San Francisco-based bank will use the facility as an operations center.

“We were developing the building spec and we were just going to lease it up, but Wells Fargo approached us about purchasing it,” Adrian Evarkiou, senior vice president for Orsett Properties Ltd. of Wellesley, MA, explains to GlobeSt.com. “Wells Fargo had been looking in the area for some time and our building met their requirements. The whole transaction happened very quickly–in less than 45 days.”

The building, rising at 2150 W. Pinnacle Peak Rd., is large enough for 500 employees. Orsett will deliver the building in shell condition in August, says Evarkiou, adding the bank will spend about $30 per sf for finish-out. The building is suited for back-office operations.

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