CHICAGO, IL – HFF announced that it has been named to market for sale Wells Fargo Center (top left photo), a 549,065-square-foot, Class A office tower in Winston-Salem, North Carolina.
HFF is marketing the property on behalf of the seller, 601W Companies. The property is listed without a formal asking price free and clear of debt.
Wells Fargo Center is a 29-story office tower that is 95.8 percent leased to tenants including Wells Fargo, Deutsche Bank Securities, Morgan Stanley Smith Barney, the Department of Veterans Affairs and Wake Forest University Health Sciences.
Wells Fargo (S&P AA-) leases 60 percent of the property with 12.75 years of remaining lease term providing safety and security of income. Completed in 1995, the property also features an 1,015-space adjacent parking garage.
Wells Fargo Center is located at 100 North Main Street in Winston-Salem’s central business district.
The HFF investment sales team representing the seller is led by senior managing directors Jaime Fink (top right photo), Jeff Bramson (middle left photo), and Jeff Hollinden.
“This Cesar Pelli-designed trophy office tower is a truly unique landmark on the Winston-Salem skyline, transcends the local market, and features an exceptional first class tenancy that is on par with the institutional quality of the property,” said Fink.
“The property’s long term credit tenancy embodies the essential characteristics of a highly secured investment grade bond, with the added benefit of residual value appreciation. Wells Fargo Center provides an investor a steady, secure annually increasing income stream with 10.4 years of average lease term remaining and investment grade caliber tenancy,” added Bramson.
Contacts:
JEFFREY M. BRAMSON JAIME M. FINK
HFF Senior Managing Director HFF Senior Managing Director
(312) 528-3650 (312) 528-3650
KRISTEN M. MURPHY
HFF Associate Director, Marketing
(713) 852-3500
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