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Wells Fargo Looks to Sell, Lease Back 333 Market

SAN FRANCISCO-The locally based public financial services company acquired the 620,000-sf Downtown office building last year for about $250 per sf and has since invested an additional $35 million in the property.

By Brian K. Miller | Updated on July 18, 2006

SAN FRANCISCO-Wells Fargo & Co. is putting 333 Market up for sale and offering a long-term net leaseback as an incentive. The locally based public financial services company paid $150 million for the 620,000-sf Downtown office building in the first half of 2005.

Wells Fargo has since invested an additional $35 million in the 33-story building for a total investment of just under $300 per sf, a company source tells GlobeSt.com. That figure is expected grow as space comes available and the company takes down additional space in the building, which it said it would do at the time of the acquisition.

The asset is being marketed 333 Market through Eastdil Secured, its real estate investment banking subsidiary. Other acquisitions over the past year suggest Wells Fargo could fetch as much as double its current investment in the building.

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