While the site brochure includes renderings with the top of the tower labeled “Your Logo Here,” the former Wells Fargo Center Downtown is now marketed as 1 Independent Square.
In April, owners of the 37-story Downtown tower began marketing the high-rise as 1 Independent as they began negotiating for a new anchor tenant after taking over the property April 22 in a deed-in-lieu of foreclosure.
Wells Fargo, a San Francisco-based banking institution, had its name on the Northbank tower at 1 Independent Drive since 2011 but has been downsizing its leased space this year.
“Downtown Jacksonville, like many cities around the country, is working through challenges related to both demand and supply side in the office market – in many cases driven by liquidity issues from the impact on interest rates,” said Zac Gruber, president of the Office Division of Miami-based Banyan Street Capital, in an email April 29.
“With this transaction now final, Wells Fargo Center (to be known going forward as 1 Independent) will have the capitalization to be able to deliver on necessary expenditures to successfully secure new leases and renew existing tenants,” Gruber said.
On July 14, after more than 12 years at the top, the Wells Fargo signage came down.
It took about two hours for a helicopter to remove the 20 “Wells Fargo” letters from the tower along the Northbank of the St. Johns River and west of the Main Street Bridge.
Banyan Street Capital and real estate firm CBRE are marketing the building as 1 Independent Square: “A New Era for Jacksonville’s Most Iconic Tower.”
Saying it is “the address that defines downtown excellence,” the brochure says it has “unparalleled naming rights with one of the largest signs on the eastern seaboard.”
It says the “iconic landmark building has been the focal point of the Jacksonville skyline for decades.”
The brochure says the building has a newly renovated atrium lobby, 24/7 security, a gourmet deli/coffee shop and “unencumbered views of the St. Johns River.”
It says it has a dynamic tenant roster featuring the area’s top companies.
“With six full floors available, this represents a once-in-a-generation opportunity to assume the most visible and recognizable signage and naming rights in all of Jacksonville.”
The top two floors feature The River Club, a membership club that offers dining and conference space.
“Originally founded as a business club in 1954 to rival similar private clubs in New York, Chicago and Washington, D.C.,” the growth mirrored Jacksonville’s expansion.
The River Club is part of Jacksonville-based Gate Hospitality.
The CBRE leasing team for the building comprises Senior Vice President Lou Nutter and Vice President Billy Kuntz.
Ownership
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 new 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 on the tower, which would be the fifth name since the high-rise was built in 1975 for Jacksonville-based insurance company Independent Life.
Argentic said then it will “market the tower’s building-top signage opportunity and is already in discussions with two financial institutions.”
“This comes as Wells Fargo plans to downsize and extend its lease at the property, which will take place in October 2024,” the release said.
Gruber said April 29 he could not comment on whether Wells Fargo is in talks to continue its signage. He also had no comment on the size of the bank’s lease before and after downsizing, the location of the two financial institutions he is speaking with, or when a signage decision will be made.
Market sources said Wells Fargo occupied 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.
Market sources say Wells Fargo will reduce its lease from space among seven floors, which includes a branch office in the lobby, to two floors.
Location
Wells Fargo Center fills a full city block in Downtown Jacksonville.
Argentic said it also purchased two parking garages as part of the acquisition. The nine-level and three-level garages are nearby.
“The team overseeing the property will remain in place, providing continuity and reliability for all tenants, employees and guests of Wells Fargo Center,” said a representative of Argentic in the news release.
Encompassing an entire block next to the Riverwalk, “Wells Fargo Tower spans 655,000 square feet with striking architecture that stands out as an icon in the Jacksonville skyline.”
The ownership leases the land beneath the tower and the two parking garages.
The building was about 88% leased in April. The downsize in the Wells Fargo lease would provide more than 100,000 square feet of available space to a tenant that might be interested in naming rights.
Building history
The tower was built in 1975 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 saw its chance for a signature move Downtown when Adecco Group North America moved its operations to the Southside, vacating space in the former Modis Building and, importantly, space 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.