Irvine Company sold the Wells Fargo Plaza in San Diego to the Prebys Foundation for $40 million, a notable loss from the $148.3 million purchase in 2004. This sale reflects a larger strategy of Irvine Company to divest its San Diego properties, including other significant sales like Symphony Towers. The recent sale price of $82 per square foot marks a stark contrast to previous valuations, indicating a declining trend in the area's commercial real estate. The Prebys Foundation aims to foster downtown San Diego as a vibrant economic and cultural hub through this investment.
Irvine Company sold the Wells Fargo Plaza for $40 million, a significant loss compared to the $148.3 million it paid in 2004.
The Prebys Foundation's purchase signifies a strategic investment in downtown San Diego, focusing on business, arts, and community engagement.
Irvine Company's divestment trend in San Diego includes the recent sale of Symphony Towers, underscoring a significant reduction in property values.
The Wells Fargo Plaza, sold at $82 per square foot, highlights the drastic drop in the San Diego commercial real estate market.
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