A Wells Fargo spokesperson responded April 30 to questions about its Downtown Jacksonville downsizing with a statement.
“As part of our multiyear initiative to build a stronger, more efficient Wells Fargo, we regularly assess our real estate portfolio in an effort to ensure that we are best meeting the needs of our employees and customers, responding to consumer and economic trends, and responsibly managing costs.”
The San Francisco-based bank did not say which operations or how many employees would be affected, or how much space it will vacate in the 37-story Wells Fargo Center.
Wells Fargo has had its name on the Northbank tower at 1 Independent Drive since 2011 and has been leasing more than 100,000 square feet of space among seven floors. It is expected to downsize to two floors.
Wells Fargo Center now is marketed as 1 Independent as owners negotiate for a new anchor tenant after they took over the property April 22 in a deed-in-lieu of foreclosure.
An entity managed by Argentic Investment Management LLC of New York City said April 26 it acquired Wells Fargo Center and that the building’s former owner, Banyan Street Capital, was retained as the exclusive owner’s agent.
The owners said they will continue the capital improvement plan for the nearly 50-year-old signature tower that began under previous ownership.
The group also indicated there could be a new name, which would be the fifth, on the tower that was built in 1975 for Jacksonville-based insurance company Independent Life.
The owners said they will “market the tower’s building-top signage opportunity and is already in discussions with two financial institutions.” They did not identify the companies nor confirm whether Wells Fargo was one of them.
“This comes as Wells Fargo plans to downsize and extend its lease at the property, which will take place in October 2024,” the owners said in a news release.
Market sources say Wells Fargo occupies from 105,000 to about 110,000 square feet of space in the high-rise but will drop to less than 50,000 square feet in October.
Wells Fargo closed its branch bank office in the lobby in 2022.
The building now is about 88% leased. The Wells Fargo space reduction would provide more than 100,000 square feet of available space to a tenant that might be interested in naming rights.
The tower was built as the headquarters for Jacksonville-based Independent Life & Accident Insurance Co. and was known as the Independent Life Building.
It became the AccuStaff Building starting in 1998 and later the Modis Building before Wells Fargo became the anchor tenant in 2011.
Wells Fargo moved in after Adecco Group North America moved its operations to the Southside, vacating space in what was then the Modis Building and opening up the opportunity for a name on top of the tower.
Adecco bought Modis’ parent company.
The Daily Record reported in October 2010 that Wells Fargo, which bought Wachovia more than two years earlier, was considering a move from the One Enterprise Center Building at 225 W. Water St. Downtown to the former Modis Building.
At the time, Wells Fargo said it would open a bank branch on the ground floor and would move into 120,000 square feet that included six full floors – six, eight, nine, 10, 20, 25 – and part of 24.
It vacated 155,000 square feet in the 21-story One Enterprise Center building.
It said it would move 375 employees.
Wachovia had occupied the One Enterprise Center Building Downtown from the building’s beginning, first as Florida National Bank and then as First Union before mergers.
Wells Fargo also is shown on the San Marco East Plaza business park as a tenant in one of the buildings for operations functions. The company has not commented about that lease, which is about 100,000 square feet. The center is at Philips Highway and Emerson Street off Interstate 95 south of Downtown.
Wells Fargo said it currently does "not have any exit activity of this location in process."
The branch offices do not appear to be affected by the downsizing in the tower.
Wells Fargo issued a statement May 1 that it has 26 retail branches in Duval County.
“Wells Fargo remains committed to the city of Jacksonville and branches continue to play an important role in the way we serve our customers in combination with our online and mobile channels and ATMs."