Beacon Capital Partners acquired what will be a blank slate at 1740 Broadway, as Wells Fargo moves to new space around the corner.
Wells Fargo sold the approximately 111,300-square-foot building and atrium, where it has a retail branch and offices, to Beacon for $7.15 million. The bank will be significantly downsizing and relocating its branch to 4,500 sf in a building it owns at 1701 Lincoln St.
Once the move is completed later this year, the two-story property will be vacant. Beacon Capital plans to reposition the building and enhance the atrium at 1740 Broadway, according to Aaron Johnson of Cushman & Wakefield.
The building is adjacent to the recently renovated 1700 Broadway office tower, which Beacon also owns.
“Beacon plans to do extensive renovations to the bank building and the atrium as part of their overall renovation program for 1700 Broadway,” said Johnson, who along with Cushman & Wakefield’s Jon Hendrickson, marketed the property to a small group of buyers looking for value-add redevelopment opportunities.
“Beacon was the logical buyer at the end of the day. It was an extremely complicated deal,” he said. “There’s a shared central plant with 1700 Broadway and the bank, and with one ownership we didn’t have to go through separation of those building systems,” Johnson explained.
Beacon Capital Partners also owns the Wells Fargo Center at 1700 Lincoln St., which connects to 1700 Broadway via a skywalk.