BIRMINGHAM, AL-AREA Property Partners’ Value Enhancement Fund V, LP is selling the 514,893-square-foot Wells Fargo Tower for $68.5 million. CommonWealth REIT of Newton, MA, is acquiring the class A, 30-story office tower from the New York City seller.

A specific source from AREA Property Partners was unavailable for comment by deadline. However, GlobeSt.com learned, that AREA acquired the asset at 420 N. 20th St. in 2004, prior to the company’s acquisition of the VEF Funds from Lend Lease Real Estate Investments.

The company further explains that the asset was brought to market in late March 2011, with the buyer, represented by Adam Spies, Michael McDonald and Kennedy Hicks of Eastdil Secured, selected in early June. Wells Fargo Tower was AREA Property Partners’ sole Birmingham asset.

“The business plan focused on creating value through a comprehensive capital improvement and leasing program to reposition the asset,” says Steven Wolf, partner, head of portfolio management and U.S. Value Enhancement Funds, in a press release detailing the asset’s sale. “We upgraded the property and mechanical systems to market-leading standards, and successfully leased up the vacant space and extended the leases of the two largest tenants by 15 and 17 years, stabilizing the property.”

Wells Fargo Tower’s occupancy is 76%, with tenants including Wells Fargo, Burr & Forman, Baker Donelson, Merrill Lynch, Deloitte and KPMG, and a collective average remaining lease term of approximately nine years. In his prepared remarks, Wolf pointed out that the asset’s location, along with the tenant roster, attracted a variety of quality investors during the marketing period.