Prebys Foundation buys Wells Fargo downtown building as part of ‘civic renewal’ effort

Wells Fargo Plaza in downtown San Diego Photo courtesy of Google Street View The Prebys Foundation has purchased 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 -story tower known by a great number of 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 population engagement We believe downtowns play a critical role in shaping the identity reputation and spirit of a society and this resources is just one way in which we are signaling our commitment to helping our downtown deliver on its prospective Grant Oliphant CEO of the foundation announced in a news release Downtown San Diego stands at a pivotal moment in its story and with the purchase of B Street we are embracing the opportunity to help write its next chapter one defined by innovation connection and civic renewal Future plans for B Street will be developed in collaboration with tenants region 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 latest sales of assets in this area and new developments and the exciting future it presents for this building s use as a hub for neighborhood benefit and vibrancy noted 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 million The building at square feet includes small spaces starting at just under square feet ranging up the largest at nearly square feet according to the Irvine Company It is located within blocks of SanDiego City Hall the Gaslamp Quarter and more