Uptown tower home to Wells Fargo under contract following pricey renovations

After its previous owner poured tens of millions of dollars into renovations, a 15-story uptown tower anchored by Wells Fargo is under contract, the broker for the property said Friday.

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Patrick Gildea, executive vice president at commercial real estate firm CBRE, declined to share the buyer or the price of the transaction for the property, at 300 South Brevard St. He said the sale will close in the fourth quarter of the year.

Stream Realty Partners, the current owner, purchased the building in 2015 for $45.5 million, the Observer has reported. Built in 1985, the high-rise was previously the AT&T Plaza building, originally home to Bell South.

Nearly $90 million has since been spent on the building, including on improvements to the “building systems and aesthetics,” according to a listing on CBRE’s website. That includes modernizing elevators, replacing the roof, electrical improvements, and upgrading the façade.

Stream did not respond to a request for comment.

Wells Fargo announced last year it would occupy all of the office space in the building. There are also two retail tenants, Middle C Jazz and The Public House Bar and Restaurant. Gildea said both will remain after the sale.

Josh Dunn, a spokesman for Wells Fargo, said though most of its workforce is still remote, the bank is preparing the space to be ready for its employees when they return. He said workers started moving in last year and the process is continuing.

Uptown office space

The novel coronavirus pandemic has raised questions about what the future of office space looks like, as companies shift to remote work. Uptown’s bank towers have sat largely empty for months now, creating challenges for restaurants and retailers uptown that rely on office workers too.

Gildea said the South Brevard Street building was first listed for sale in February, but the firm initially took it off the market in late March as COVID-19 worsened in the area.

But he said the pandemic has led to an increase in interest among buyers for single-tenant buildings with long-term leases, like the Brevard Street tower, compared to those with multiple tenants.

Wells Fargo’s lease runs until 2032, according to the listing.

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