Search
 

Wells Fargo Picks PREI for $370M Sale-Leaseback

SAN FRANCISCO-The bank put the 620,000-sf Downtown building on the market in July, offering a long-term net leaseback as an incentive. The per-sf price is just under $600.

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

SAN FRANCISCO-Wells Fargo & Co. has sold 333 Market St. to Principal Real Estate Investors for $370 million, or about $596 per sf. The publicly held financial services company has leased back the 620,000-sf building on a long-term, net-lease basis.

Wells Fargo paid $150 million for the 33-story building in the first half of 2005, saying it planned to grow its presence in the building as third-party leases expire. The bank subsequently invested an additional $35 million in the building for a total investment of just under $300 per sf, a company source told GlobeSt.com in July, when the property came to market.

PREI managing director Mark Hanrahan says San Francisco’s office space market has recovered “and we believe it will continue to grow, making this purchase an excellent long term hold… . He describes 333 Market as “prime office space located next to one of the busiest commuter stations in San Francisco.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.