C'MON WELLS FARGO, STOP ALREADY. YOU ARE SO SILLY. WELLS FARGO'S OWNERSHIP WILL MOST LIKELY EMPTY THIS BUILDING OF ALL TENANTS SO FAST YOU'LL THINK IT CAUGHT ON FIRE. THIS BUILDING WILL ONLY LOSE VALUE AND IT'S REPUTATION JUST FLEW OUT EVERY WINDOW WHEN WELLS FARGO FORECLOSED ON IT, FORECLOSED AGAIN, AND THEN BOUGHT IT FOR THE VALUE OF ONE OF THOSE MERS WET INK ASSIGNMENTS YOU SEEM TO LIKE SO MUCH.

Monday, May 3, 2010, 4:09pm EDT

Wells Fargo Repossesses
Las Olas Centre [GOOD OLD WELLS FARGO!
YOU HAVE THE NERVE TO CONTINUE TO STEAL
TAXPAYER BAILOUT FUNDS MEANT TO SAVE
HOMEOWNERS FROM LOSING THEIR HOMES
AND YOU DECIDE INSTEAD TO BUY UP SOME
BUILDINGS.

ok, I think homeowners
have given you
all the time
we can afford to give you,
and now were going to
have to show you,
.....sometimes it's
the only way
companies learn....

ALL WELLS FARGO CUSTOMERS
STOP SENDING
WELLS FARGO'S PAYMENTS

NOW!!!!

The Las Olas Centre, one of downtown Fort Lauderdale’s trophy office properties, has a new owner: Wells Fargo Bank.

The bank filed a foreclosure lawsuit against building owner BF Las Olas and BentleyForbes Holdings in August over a $166 million first mortgage.

In April, the bank filed another action, seeking to foreclose on the interest in the company that owns the building, based on a $49.4 million mezzanine loan.

That mezzanine loan auction was scheduled for Monday, but the parties reached an out-of-court settlement.

In an e-mailed statement, Wells Fargo said it is now the owner of the buildings at 350 and 450 Las Olas Blvd., a total of 468,814 square feet.

“We are carefully evaluating our long-term options for the buildings, including marketing them for sale,” Wells Fargo said. “In the interim, we have engaged a professional property management firm to ensure both the tenants' needs are served and the buildings’ reputation and value are preserved."

New York-based attorney Stephen B. Meister, who represents Los Angeles-based BentleyForbes, could not immediately be reached for comment.

In 2007, Las Olas Centre sold for $230.9 million – a then-South Florida record at $492 a square foot. Ninety-three percent of that purchase price came from the lenders. The mortgage matured in April 2009.

Tenants include Wachovia Bank, Morgan Stanley, Citigroup, KPMG and Huizenga Holdings.

Read more: Wells Fargo repossesses Las Olas Centre - South Florida Business Journal: