The fire sale of aging office buildings in San Francisco shows no signs of abating: this week, Wells Fargo disclosed it is selling a 13-story Financial District office tower it listed last year for $160M for about $45M.
The bank is preparing to take a $60M loss on the building, located at 550 California Street. Wells Fargo bought the building in 2005 for $108M, or $304 per SF. The sale price translates to about $125 per SF, according to a report in the San Francisco Business Times.
This is the second time 550 California Street has gone on the selling block in the past twelve months. Last June, JLL listed the building, but got no takers for the asking price.
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