San Francisco Office Tower Sold at Deep Discount to Buyer Found by Wells Fargo
Wells Fargo has sold a 13-story office tower in San Francisco's financial district for between $42.6 million and $46 million, less than half of what it paid for the building in 2005. The identity of the buyer has not been revealed. The sale is part of Wells Fargo's effort to reduce its real estate footprint in the city amid a shift to a hybrid work model. The commercial real estate market in San Francisco continues to struggle with unprecedented vacancy rates.