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Unilev Buys Wells Fargo Place

ST. Paul –West Coast investor, which primarily focuses on Texas, Colorado and California, purchases 37-story office tower.

By Danielle Anderson | Updated on November 02, 2006

ST. PAUL-Zeller Realty Corp. sold Wells Fargo Place, a 634,895-sf class A office tower, to Unilev Capital Corp. of Beverly Hills, CA, in a transaction that closed at the end of October. Chicago-based Zeller will continue to lease and manage the 37-story building at 30 E. Seventh St.

Scott Pollock, vice president of investment services for Bloomington, MN-based United Properties, says the deal marks the fourth major sale in Downtown St. Paul this year. The year’s transactions, which add up to about 1.5 million sf of space, also include U.S. Bank Center, Galtier Plaza and UBS Plaza. According to United Properties, an additional 1.5 million sf of space has already hit the market and another 500,000 sf is expected to be added soon.

“Demand for CBD investment has been phenomenal nationwide,” says Pollock, who’s company marketed and sold the 227,000-sf UBS Plaza. “The market is finding out more and more about St. Paul and there is some optimism in the Twin Cities market over time. We’re starting to see a greater variety of owners than ever before.”

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