Wells Fargo has decided to sell its 40-story Wells Fargo Center building at 1300 S.W. Fifth Ave. in downtown Portland and a five-story operations building across the street from the center at 350 S.W. Jefferson St. The sale will not result in any job losses.
The decision is part of a long-term strategic real estate realignment in the Portland market that will enable the company to better serve its team members and manage future growth as customer and business needs change.
Wells Fargo currently leases out more than 40 percent of the building to other companies.
After the sale, the company plans to lease back space and continue to be the anchor tenant in the Wells Fargo Center building, which will retain its name. The company will continue to keep its branch and history museum in the building.
"We remain committed to the Portland area and to helping our customers achieve their financial goals," said Wells Fargo Oregon Regional President Tracy Curtis of Portland.
The realignment will also see the company upgrade its Portland-area administrative workspaces as part of a long-term real estate initiative. This will enable the company to update its property portfolio and provide workspace and technology to match the way its team members work today.
"This initiative is about simplifying and right-sizing our real estate footprint in Portland, and providing great space for our team members to serve clients," said Richard Henderson, head of Wells Fargo's Corporate Properties Group.
Some of the approximate 900 Wells Fargo team members currently working in the tower and operations building will move to other Wells Fargo offices in Portland and Beaverton. The company's managers are in the process of determining their office needs.