Wells Fargo & Co. WFC plans to sell its San Francisco headquarters building and relocate to offices less than half a mile away.
The Wall Street Journal reported that Wells Fargo’s property at 420 Montgomery St. could be listed for sale later this month. While the bank will retain its headquarters in San Francisco, it has engaged Eastdil Secured, its former real estate investment bank, to manage the transaction, according to a source familiar with the matter.
Wells Fargo spokesperson stated that consolidating more employees at its 333 Market St. location is intended to foster a collaborative work environment supported by modern workspaces, advanced technology, and improved amenities.
Wells Fargo’s decision adds to the challenges facing San Francisco’s struggling downtown real estate market. Founded in 1852, the bank is reshaping its presence in the city under CEO Charlie Scharf.
Price Action: WFC shares are trading lower by 1.2% at $73.18 at last check Wednesday.
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