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Wells Fargo Picks Up 340,000 SF for $110M

SAN FRANCISCO-Wells Fargo reportedly leases about half the space in the two-building complex at 550 California St. and 635 Sacramento St., which is very near its headquarters. The bank is also acquiring 333 Market St., where it houses some back-office operations.

By Brian K. Miller | Updated on June 08, 2005

SAN FRANCISCO-Wells Fargo Bank N.A. has paid $110 million for 550 California St. and 635 Sacramento St., a two-building office complex in San Francisco’s Financial District built in 1960. The price for the 340,000-sf property is about $323.50 per sf, which is about average for 2005 Class A sales in the city. The seller, SPI Holdings, acquired the building in 2001 for $106 million.According to local sources, Wells Fargo leases about half the space in the complex, which is located within one block of its headquarters. The bank’s consumer credit, creative services, capital markets, strategy and finance, and the corporate banking departments occupy space in the buildings.Eastdil Realty handled the acquisition for Wells Fargo. None of the parties involved in the transaction returned phone calls seeking comment. According to published reports, the 550 California site in the late 1800s was a paddock for horses that pulled Wells Fargo stagecoaches. Wells Fargo is also in the process of acquiring 333 Market St., a 620,000-sf building that Wells leases space in for some of its back-office operations. Local industry sources tell GlobeSt.com that the purchase price is expected to be $150 million, or $252 per sf. One possible explanation for the below average price is that Wells tied up the property nine months ago.

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