The real estate arm of a large insurer has made a big investment on the West Coast.

Principal Real Estate Investors, a unit of Principal Financial Group Inc., Des Moines, Iowa, says it has acquired 333 Market St., a 33-story building in San Francisco, from Wells Fargo & Company, San Francisco, for $370 million.

The building is not Wells Fargo’s headquarters building, but Wells Fargo has leased all of the 655,398 square feet and a 5-story annex for a 20-year term.