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Wells Fargo Plaza, a 24-floor office tower in downtown San Diego, was offloaded by the Irvine Co. for $40 million, about 73% less than what the Newport Beach-based company paid for the building in 2004.
San Diego-based nonprofit organization Prebys Foundation confirmed it purchased Wells Fargo Plaza, located at 401 B St. in downtown, stating the office tower buy “marks a strategic investment in the future of downtown as a thriving hub for business, the arts, creativity and community engagement.”
“We believe downtowns play a critical role in shaping the identity, reputation, and spirit of a community, and this investment is just one way in which we are signaling our commitment to helping our downtown deliver on its potential,” Grant Oliphant, CEO of Prebys Foundation, said. “Downtown San Diego stands at a pivotal moment in its story, and with the purchase of 401 B Street, we are embracing the opportunity to help write its next chapter — one defined by innovation, connection, and civic renewal.”
Irvine Co. bought Wells Fargo Plaza from California State Teachers’ Retirement System for $148.3 million, or $284.32 per square foot, in November 2004.
Current tenants include San Diego Association of Governments, Kimley-Horn and Wells Fargo Bank.
Read the April 21 issue of the Business Journal for more information.