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CGS3 Acts as Legal Counsel in Acquisition of High-Profile San Diego Office Tower
Philanthropic Foundation Acquires Wells Fargo Plaza in Downtown Investment
In a deal aimed at bolstering downtown San Diego’s office sector, the Prebys Foundation, a San Diego-based private foundation, has acquired an iconic San Diego office tower for $40 million from San Diego’s largest office landlord. Working closely with the law firm of Crosbie Gliner Schiffman Southard & Swanson LLP (CGS3), the foundation acquired the 24-story, 488,000 square foot class A office building known as Wells Fargo Plaza in an all-cash transaction from the seller, which originally acquired the property in 2004.
Wells Fargo Plaza is situated at 401 B Street on an acre of land at the corner of B Street and Fifth Avenue, and was constructed in the mid-1980’s.
According to Tom Crosbie and Steven Otto, the CGS3 partners involved in the deal, CGS3 partnered with the client and the client’s broker to negotiate the terms of the acquisition and to orchestrate the transaction’s diligence and closing on a substantially accelerated timeline. According to Steven Otto, the acquisition by the foundation marks an important, forward-thinking investment in San Diego’s struggling central business district: “Our client’s investment in Wells Fargo Plaza is an important first step toward the revitalization of the B street corridor and downtown San Diego in the aftermath of the COVID-19 pandemic and the subsequent trend toward remote work.”
About Crosbie Gliner Schiffman Southard & Swanson LLP (CGS3)
CGS3 is a recognized leader among a new generation of commercial real estate law firms with practice areas covering the entire commercial real estate life cycle, including finance, acquisition/disposition, entity formation, tax, development, land use, leasing, distressed asset workouts and dispute resolution. Earning a reputation as one of California’s leading commercial real estate law firms, CGS3 continues to recruit some of the state’s top real estate attorneys from both large corporate firms and senior in-house positions. For more information, visit http://www.cgs3.com