Wells Fargo Puts Downtown S.F. Office Tower On Market For $160M
Wells Fargo placed its 13-story office tower at 550 California St. in downtown San Francisco on the market for an asking price of $160M, according to the San Francisco Business Times.
JLL is listing the 355K SF building.
The listing comes as Wells Fargo has downsized its office footprint in San Francisco, though the company did recently renew its 620K SF lease at 333 Market St. for another 10 years earlier this month. The company exited its location at 45 Fremont St. earlier this year.
Office vacancy in the city has fluctuated just above 20% during the first quarter, according to Cushman & Wakefield’s Market Beats report.
With the end of Q2 approaching, a clearer picture of the market’s current relative demand and vacancy rates will begin to emerge, though many other professional service companies outside of the tech industry are staying the course on the hunt for office space.
