From The Real Deal:
Rumors about a potential sale of an equity stake in Wells Fargo’s San Francisco headquarters arose last month, and TRD can now confirm those rumors are true: JLL has listed a 49 percent share in 333 Market Street for an undisclosed price.
JLL did not immediately reply to a request for comment on the sale, but the investment summary for the listing shows that Columbia Property Trust has exclusively engaged the brokerage to sell almost all of its 55 percent stake in the building. Allianz Real Estate of America, the other owner of the building, does not appear to be selling its interest.
Since 2018, Wells Fargo has occupied the entire 620,000-square-foot property, which has a 33-story tower and a five-story annex, and signed the biggest renewal of the pandemic when it committed to stay in the Financial District building until April 2033. It is keeping its footprint at 333 Market while giving up more than 140,000 square feet it has occupied at 45 Fremont Street since 2003. It also planned to sell a 13-story office building it owns and occupies at 550 California Street this summer, but pulled it off the market a few months later when it didn’t get offers close to the $160 million asking price.
“We are committed to our San Francisco-based employees,” the bank said in a statement when it renewed the 333 Market lease in June. “We will continue to have a major employee presence in San Francisco, but we have more real estate than we need to support these employees. San Francisco remains the location of our company’s headquarters.”
Continue reading JLL lists 49% equity share in Wells Fargo’s SF HQ for sale on The Real Deal
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