Real Estate News

Wells Fargo Center, Sacramento’s tallest building, sold for $175.6 million

The Wells Fargo Center at 400 Capitol Mall in Sacramento, Wed. May 28, 2003.
The Wells Fargo Center at 400 Capitol Mall in Sacramento, Wed. May 28, 2003. Sacramento Bee Staff Photo

The 30-story Wells Fargo Center, the tallest building in Sacramento and located near the recently opened Golden 1 Center, has been sold to an unidentified buyer for $175.6 million.

The transaction was finalized Nov. 7, according to Mark Clegg, a spokesman for Houston-based seller Hines Real Estate Investment Trust Inc.

Clegg added that Hines will continue to serve as the property manager.

Completed in 1992 and comprising more than 500,000 square feet of space, the Class A high-rise office tower is at 400 Capitol Mall is considered a prime business location, particularly with the recent opening of Golden 1 Center amid a suddenly hot spot for development.

Hines purchased Wells Fargo Center in May 2007 from New York-based Blackstone Group LP as part of a $760 million deal involving more than 25 Sacramento-area properties, touted at the time as the biggest office real estate transaction in the region’s history.

Mark Glover: 916-321-1184, @markhglover

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