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

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 401 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 24-story tower, known by many as Wells Fargo Plaza, as part of its endowment. Purchasing the building, located within the City Center Business Distri…

Prebys Foundation buys Wells Fargo Plaza tower to uplift downtown San Diego

A San Diego-based private foundation with more than a billion dollars in assets is putting its financial weight behind buoying the most troubled sector of the downtown real estate market. Friday, Prebys Foundation purchased the 24-story office building at 401 B St., better known as Wells Fargo Plaza, for $40 million from longtime owner Irvine Company in an all-cash deal, Grant Oliphant, CEO of the Prebys Foundation, told the Union-Tribune. Irvin…