Development

One Wells Fargo building sold for $284 million

The One Wells Fargo Center (left) and Bank of America Corporate Center (right) on June 19, 2013.
The One Wells Fargo Center (left) and Bank of America Corporate Center (right) on June 19, 2013. dtfoster@charlotteobserver.com

One of Charlotte’s most iconic office towers has been sold in a $284 million transaction, real estate brokers said Tuesday.

The former owner, a joint venture of Starwood Capital and Vision Properties, completed the sale March 25. Real estate records show the new owner is a limited liability company tied to Dennis Troesh, a Nevada businessman who founded a successful concrete company in the 1970s that was later acquired by Tokyo-based Mitsubishi Materials Corp.

“This transaction demonstrates the strength in the Charlotte economy and the confidence investors have in its continued growth,” said Will Yowell, vice chairman with CBRE. He and Patrick Gildea, Jay O’Meara and Justin Parsonnet, all CBRE brokers, represented the sellers.

They said the acquisition is the largest price tag ever for an office building in North Carolina. Starwood and Vision purchased the building in 2013 for $245 million.

One Wells Fargo is a “trophy investment,” a prominent building that is well-known. The site includes the Charlotte Hilton Center City Hotel. One Wells Fargo is 98 percent leased and totals just over 1 million square feet.

The 42-story building at 301 S. College St., which opened in 1988, is the East Coast headquarters for Wells Fargo, and other tenants include financial, legal and real estate firms.

Ely Portillo: 704-358-5041, @ESPortillo

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