AREA Property Partners has sold the Wells Fargo Tower, located in Birmingham, Alabama, Citybiz Real Estate reports. The property was sold by the Value Enhancement Fund V to an affiliate of Commonwealth REIT for $68.5 million. Wells Fargo Tower is a class A office tower, 76% occupied by key tenants, including Wells Fargo, Burr & Forman, Baker Donelson, Merrill Lynch, Deloitte and KPMG. On the transaction, the buyer was represented by Adam Spies, Michael McDonald and Kennedy Hicks of Eastdil Secured.
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