SAN FRANCISCO-Those who follow @GlobeStcom on Twitter and @GlobeStLIVE may have seen a post teasing the announcement, but GlobeSt.com has learned that Wells Real Estate Investment Trust II Inc. has acquired 333 Market St., a 33-story office tower in the heart of San Francisco's Financial District. The seller of the class-A asset was the Korean Federation of Community Credit Cooperatives.
Wells REIT II was represented internally by Keith Willby, senior vice president of capital markets. Currently, the Wells REIT II portfolio includes 82 office buildings in 20 states and Washington, DC, and one international property, collectively covering approximately 21 million square feet.
Wells REIT II closed to new investments on June 30, 2010. The firm could not disclose any further information about the purchase at this time. The 657,000-square-foot building, constructed in 1979, has undergone over $80 million in capital investments and tenant improvements over the past eight years.
The building is fully leased to Wells Fargo Bank NA. “We are pleased to add this trophy-quality asset to the Wells REIT II portfolio,” says Nelson Mills, president of Wells REIT II, in a prepared statement. “This strategic acquisition in one of the nation's premier office markets helps to further improve the institutional-quality of the portfolio overall.”
While parties involved could not add further details to the story, an unidentified source not involved in the deal put the price above $400 million.
UPDATED 1/14
Wells did a public filing – 8K - for this acquisition within which they state the gross purchase price of approximately $395.3 million.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
