The property involved in this transaction is an office asset located at 420 Montgomery Street in San Francisco. The sale price for the asset was $55,000,000, translating to a price per square foot of $134. The total square footage of the property is 409,000. After the relocation of Wells Fargo, the property has remained mostly vacant and is set to be rebranded as “450 California.”

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $55,000,000
• Address: 420 Montgomery Street
• Market: San Francisco
• Square Footage: 409,000
• Price Per Square Foot: $134
• Buyer: Chris Freise & Jason Friese - REDCO Development

Chris Freise and Jason Friese of REDCO Development are the key individuals in this transaction, marking the acquisition of Wells Fargo’s former headquarters. The property will feature plans for food, beverage, tenant space, and an underground speakeasy-style amenity hub. Notably, this acquisition reflects an 85% drop from the property’s pre-pandemic valuation of $370 million.