Wells Fargo Tower in Birmingham Sells for $68.5M

Commonwealth REIT (NYSE: CWH), an office and industrial real estate investment trust, purchased Wells Fargo Tower in Birmingham, AL, for $ 68.5 million, or approximately $ 130 per square foot. AREA Property Partners sold the trophy office building on behalf of one of its funds in one of the biggest office sales in the market so far this quarter.

The property last traded seven years ago for $ 55 million or $ 107 per square foot, according to CoStar…
National Commercial Real Estate News From CoStar Group