The Wells Fargo Building

This 12-story office and retail building is located in the middle of the central business district in downtown Berkeley, California. This property was purchased from the previous lender, who acquired it through foreclosure. Seagate controlled all aspects of leasing the property during the escrow period, during which Seagate leased 20% of the property. Several factors made the investment attractive to Seagate including: the significant amount of smaller lease requirements generated by the University of California at Berkeley, the significant barriers to entry for new competition in the immediate area (including a strong “no growth” attitude), and the immediate access to BART located directly in front of the building.