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Wells Fargo Sells San Francisco Office Tower at $60M Loss

The buyer of 13-story building will pay less than half of original acquisition value.

The fire sale of aging office buildings in San Francisco shows no signs of abating: this week, Wells Fargo disclosed it is selling a 13-story Financial District office tower it listed last year for $160M for about $45M.

The bank is preparing to take a $60M loss on the building, located at 550 California Street. Wells Fargo bought the building in 2005 for $108M, or $304 per SF. The sale price translates to about $125 per SF, according to a report in the San Francisco Business Times.

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Jack Rogers

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