The Wells Fargo Bank Building in Newport Beach has traded hands, the first big local office sale of the year.
The 117,440-square-foot, six-floor Wells Fargo building was bought by Europe’s Ferrado Group, a real estate investor that has an office in Newport Beach. The seller was Newport Beach’s KBS Realty Advisors LLC, which bought the building in 2004.
Terms of the sale weren’t disclosed. Real estate sources familiar with the deal put the likely selling price in the range of $400 per square foot, or about $47 million.
Whether more deals are on the way remains to be seen. Brokers who handle the sale of big commercial buildings are anxious to see how Orange County sales will be in 2008, with continued shakiness in the credit markets.
The Wells Fargo building is at 4590 MacArthur Blvd. and is part of the Koll Center Newport complex near John Wayne Airport.
The mid-rise tower, built in 1978, counts Wells Fargo as its main tenant. It’s about 94% full. Monthly rents run about $2.92 per square foot, according to real estate tracker CoStar Group Inc.
For more on this story, see the Jan. 21 issue of the Business Journal.
