Wells Fargo Bank has found a mystery buyer for its 13-story office building in San Francisco’s Financial District, and appears poised to take a $60 million bath on the sale.

The San Francisco-based bank has chosen a buyer for its 355,000-square-foot building at 550 California Street, expected to sell for between $42.6 million and $46 million, the San Francisco Business Times reported.

The pending deal works out to between $120 and $130 per square foot. Wells Fargo bought the building in 2005 for $108 million, or $304 per square foot.

* * *

Wells Fargo is vacating the building, built in 1960, as employees shift to a hybrid remote work model. Last year, it announced it would cut costs by whittling real estate holdings by 7 percent.

https://therealdeal.com/sanfrancisco/2023/06/06/wells-fargo-to-take-a-60m-loss-on-13-story-office-tower-in-sf/