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Korean Group Trades San Fran Office Tower to Wells REIT

Wells Fargo HQ at 333 Market St. Changes Hands
January 4, 2013
The Korean Federation of Community Credit Cooperatives, a pension fund manager based out of Seoul, Korea, sold 333 Market St., a 33-story tower in San Francisco’s financial district, to Wells Real Estate Investment Trust II Inc. for $395.3 million or $602 per square foot.

In June 2010, Principal Financial Group sold the trophy asset to the South Korean group for $333 million or $507 per square foot.

The Class A, 657,115-square-foot office building was built in 1979. The structure received more than $80 million in capital investments and tenant improvements over the past eight years. Wells Fargo Bank, N.A., fully leases the property.

Keith Willby, a senior vice president of capital markets at Wells REIT II, was the buyer's representative.

Wells Real Estate Funds advises Wells REIT II, a national real estate investment firm. The Atlanta-based company’s portfolio includes 82 office buildings covering approximately 21 million square feet.

Please see CoStar COMPS #2635397 for more information.

The article was updated to include the sale price.

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