Wells Fargo Tower Sold

The decline of downtown Sacramento and the office market is now more clear than ever. As reported by KCRA 3, Sacramento's tallest tower has sold for a steep decline, a 67% drop in value from what it was most recently sold for. The tower was originally constructed for $120 million in 1992 and sold in 2000 for $130 million. The building was later resold again to to Hines’ Core Fund in 2007 for $237,250,000 million. The 501,308-square-foot was most recently sold to an all-cash buyer for $117 million. 

Sacramento's Tallest Sold For $198.8 million

Well Fargo Center - 400 Capitol Mall, Sacramento CA

This is another milestone, setting a new market record for overall price; the 30-story high-rise was sold for $198.8 million to Singapore-based real estate investment trust. This is one of those ‘put your money where your mouth is’ moments demonstrating that market confidence is high. There have been several large sales in the last several years of downtown high-rise office. According the Sacramento Business Journal, the overall price is the recent sale of 400 Capitol Mall is a new record, its valuation of $395 per square foot for the 502,365-square-foot building is still below the record on that basis; U.S Bank Tower at 621 Capitol Mall sold for $161 million, or about $439 a square foot, last year.

2020 - 980 9^th Street, Park Tower sold for $165.5 million
2019 - 400 Capitol Mall, Wells Fargo Center sold for$198.8 million
2019 - 300 Capitol Mall, Emerald Tower sold for $127 million
2018 - 621 Capitol Mall, US Bank Tower sold for $161 million
2017 - 980 9^th Street, Park Tower sold for $120.5 million
2016 - 400 Capitol Mall, Wells Fargo Center sold for $175.5 million
2016 - 801 K Street, Renaissance Tower sold for $80 million

Well Fargo Center - 400 Capitol Mall, Sacramento CA

Well Fargo Center under construction 1991 - Photo by me

Well Fargo Center under construction 1991 - Photo by me

Well Fargo Center under construction 1991 - Photo by me

Well Fargo Center under construction 1991 - Photo by me

Wells Fargo Center 20th Anniversary

Wells Fargo Center under construction in 1991

Today is the 20^th anniversary of the Grand Opening for the Wells Fargo Center on Capitol Mall. As Sacramento’s tallest building at 423 ft, it has a distinctive curved copper roof caps the building, with a cleft in its middle as a postmodern architectural style. Inside the building there is a five-story clear glass atrium with granite and marble walls with a Wells Fargo history museum is located in the lobby and Il Fornaio Restaurant.

Wells Fargo Center under construction in 1991

The architect Hellmuth, Obata and Kassenbaum (HOK) designed the tower which also won the BOMA Building of the Year Award for 1994. This 502,000 sf. building occupies an entire 2.3 acre city block with a masonry & granite exterior. There are a total of 33 floors (30 on ground, 3 below), 13 elevators count and an adjoining 6-story parking garage.

Wells Fargo Center under construction in 1991

The tower was originally constructed for $120 million in 1992 and sold in 2000 for $130 million. The building was later resold again to to Hines’ Core Fund in 2007 for $237,250,000 million.

Wells Fargo Center 2008

Wells Fargo Center, 400 Capitol Mall, Sacramento, CA 95814, California, USA.