Wells Fargo puts 13-story San Francisco office tower on market for $160M

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Wells Fargo put a 13-story SF office tower at 550 California St. on the market for $160M.

Wells Fargo put a 13-story SF office tower at 550 California St. on the market for $160M.

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Another San Francisco office tower hit the commercial real estate market this week, this time from legacy business Wells Fargo, as first reported in the San Francisco Business Times

The banking giant’s 13-story building at 550 California Street is listed for $160 million. It's part of an ongoing effort to reduce the company’s real estate footprint: The news comes just a few months after it was announced Wells Fargo will end its lease at 45 Fremont Street. 

While the company will lose about 355,000 square feet and 146,500 square feet, respectively, from giving up those properties, Wells Fargo made headlines just last week when it renewed its lease at 333 Market St. The financial district lease was the largest lease agreement in San Francisco since the start of the pandemic. The more than 620,000-square-foot space will house many of the employees from its former offices. 

The company’s corporate headquarters at 420 Montgomery St. is approximately 400,000 square feet.

A Wells Fargo spokesperson told SFGATE the company is committed to San Francisco and its San Francisco employees, but it has more real estate than it needs to support its workers. 

“As part of our multiyear effort to build a stronger, more efficient Wells Fargo, we continually assess our real estate portfolio to ensure we are best meeting the needs of employees and customers, responding to consumer and economic trends, and managing our costs responsibly,” the spokesperson said.