The Prebys Foundation has purchased 401 B Street in downtown San Diego as part of an effort to revitalize the area and create “a vibrant civic and cultural core” in the city.
The foundation funded the acquisition of the 24-story tower, known by many as Wells Fargo Plaza, as part of its endowment.
Purchasing the building, located within the City Center Business District, according to Prebys, is part of the growing momentum to reinvest in downtown San Diego as a center “for business, the arts, creativity and community engagement.”
“We believe downtowns play a critical role in shaping the identity, reputation, and spirit of a community, and this investment is just one way in which we are signaling our commitment to helping our downtown deliver on its potential,” Grant Oliphant, CEO of the foundation, said in a news release. “Downtown San Diego stands at a pivotal moment in its story, and with the purchase of 401 B Street, we are embracing the opportunity to help write its next chapter — one defined by innovation, connection, and civic renewal.”
Future plans for 401 B Street will be developed in collaboration with tenants, community partners, stakeholders and more. That includes the Downtown San Diego Partnership, a long-time tenant.
“We are excited about this announcement in particular as both a positive indicator for the B Street corridor – especially alongside other recent sales of assets in this area and new developments – and the exciting future it presents for this building’s use as a hub for community benefit and vibrancy,” said Betsy Brennan, president & CEO of the partnership.
Matt Carlson, an executive vice president at CBRE, represented the Prebys Foundation in the acquisition. According to reports, the sale price was $40 million.
The building, at 488,000 square feet, includes small spaces starting at just under 1,200 square feet ranging up the largest, at nearly 90,000 square feet, according to the Irvine Company. It is located within blocks of SanDiego City Hall, the Gaslamp Quarter and more.
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