Wells Fargo Tower Sold

[simms3]

http://www.bizjournals.com/jacksonville/news/2014/06/24/wells-fargo-center-in-downtown-jacksonville-sold.html

A New York buyer has acquired the Wells Fargo Center and its parking garage for $79 million.
CBRE Group Inc. on Tuesday confirmed the sale of the marquee skyline tower to Allegiance Capital.

...

The price breaks down to about $90 per square foot.

...

The Aetna Building, a nearly-100 percent occupied 18-story office tower on Downtown's Southbank, sold for $55 million in late 2013, or about $90 per square foot. Two suburban office parks, trophy properties Deerwood North and Deerwood South, sold for $130 per square foot in early 2013.

The original article mentioning its status on the market back in November of 2013:

http://m.bizjournals.com/jacksonville/news/2013/11/11/cbre-marketing-wells-fargo-center-in.html?ana=e_du_pub&s=article_du&ed=2013-11-11&r=full

It said that it would likely trade for much more than $130psf, which is where the suburban buildings owned by Flagler traded.  I'd be more interested in the cap rate for this tower, as well as 5 year yields, and for the suburban buildings.

In another thread responding to the 2nd link above (in November of last year), I refuted the idea that this would sell for way more than $130psf, as claimed by the article.  I actually went on a rant, deleted my posts, and then somehow they are still up (I don't like that).

Any mod who un-deletes my posts should PM me first.  In fact, it's sketchy posting on this site sometimes the way mods tinker with people's posts, shuffling them around, or otherwise.

FYI

[coredumped]

So is it going to be the allegiance capital building now? Sewns like the WF sign just went up!

[edjax]

Wells Fargo did not own the building before, simply had naming rights so no need to believe the sell will change the signage.

[coredumped]

Ah I didn't know that, thanks!