Sale closed at $55M with plans to rebrand property, add amenities
Redco Development’s Chris and Jason Freise with 420 Montgomery Street (Getty, Redco Development)
https://therealdeal.com/san-francisco/2025/10/01/wells-fargo-headquarters-sells-to-redco-for-55-million/
Key Points
Redco Development has purchased the former Wells Fargo headquarters at 420 Montgomery Street in San Francisco for $55 million, a significant discount from its pre-pandemic value.
Redco plans to rebrand the property as "450 California" and transform the building with public-facing spaces, food and beverage tenants, and amenities like a speakeasy bar in the historic bank vault.
This acquisition expands Redco's control of the California Street corridor, adding to previous purchases at 400 Montgomery Street and 300 California Street, and a recent acquisition in Showplace Square.
Redco Development has closed its purchase of a downtown San Francisco office building home to Wells Fargo’s former headquarters.
San Francisco-based Redco has acquired 420 Montgomery Street for $55 million, the San Francisco Standard reported. The sale price of approximately $150 per square foot for the part of the complex excluding the museum is more than 85 percent below the building’s pre-pandemic value of $370 million, or about $1,000 per square foot.
The 409,000-square-foot property contains the former Wells Fargo History Museum on Montgomery Street and a 12-story office building on California Street. The offices are mostly vacant after Wells Fargo moved much of its operations to a 620,000-square-foot lease at 333 Market Street last year.
The purchase comes after housing developer Forge Development Partners neared a deal to buy 420 Montgomery Street for a similar price with plans to convert the building into housing. The deal ended up falling through, leaving an opening for Redco.
Wells Fargo sunk more than $90 million in renovations on the property over the past decade. The office tower comes with a penthouse with a kitchen, dining hall, garden and rooftop deck that can be used for events.
Redco has big plans to remake the building, starting with rebranding the property as “450 California.” The company is looking to transform the lobby into a public-facing space with various food and beverage tenants including a coffee shop, bar and restauranAt the top of the building, Redco is hoping to bring in a single tenant to lease the upper four floors, including the penthouse. Each floor has about 27,000 square feet of offices that can be occupied by one tenant or divided between multiple.
Meanwhile, under the building, Redco plans to convert Wells Fargo’s historic bank vault with a speakeasy bar, fitness center, bowling alley and other amenities. The former Wells Fargo History Museum on the ground floor will turn into a dedicated entrance for a large tenant.
Redco’s acquisition gives the firm control of nearly two blocks on the California Street corridor. Last year, the company bought 400 Montgomery Street next door to the Wells Fargo building for $25 million and 300 California Street for $28.5 million.
Further south in Showplace Square, in May, Redco bought a 78,000-square-foot office building at 208 Utah Street for $15 million. That property was previously owned by Shorenstein and was vacant after anchor tenant Strava left for new offices downtown this year.