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Wells Fargo Sells 550 California Street Tower In San Francisco For $42.6M

Property Image
SOLD
$42,600,000

California

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SOLD

Wells Fargo Sells 550 California Street Tower In San Francisco For $42.6M

550 California Street San Francisco, California 94104, USA

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Office
Sold
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Summary

CALIFORNIA
Asset Type:Office
Transaction Type:Sale

Wells Fargo has sold its 13-story tower located at 550 California Street in Downtown San Francisco for approximately $42.6 million. The property, which was purchased by Wells Fargo in 2005 for $108 million, has faced financial difficulties and reduced demand in San Francisco's office market. Despite the significant decrease in sale price, the transaction reflects the current challenges faced by commercial real estate in the area.

Summary of transaction details

  • Property Type: Office
  • Transaction Amount: $42,600,000
  • Address: 550 California Street
  • Market: Downtown San Francisco

Charles Scharf represented Wells Fargo as the seller in this deal, with the buyer being chosen by the bank. The transaction highlights the impact of remote work and high vacancy rates on San Francisco's office market, contributing to the financial difficulties faced by commercial real estate in the area.

Players

Charles W. Scharf
Wells Fargo
Charles W. Scharf
9 deals$892.3M volume
SELLER

Details

SOLD
IMAGE: 06/05/2023 ADDRESS: 550 California Street MARKET: Downtown San Francisco ASSET TYPE: Office SELLER: Wells Fargo - Charles Scharf SALE PRICE: $42,600,000 NOTE: Wells Fargo has chosen a buyer for its 13-story tower at 550 California St. in San Francisco, selling it for approximately $42.6 million, significantly less than its 2005 purchase price of $108 million. The property, along with other commercial real estate in the area, faces financial difficulties and reduced demand as remote work and high vacancy rates impact San Francisco's office market.

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