Wells Fargo tower in uptown Charlotte faces possible foreclosure, reports say
A Tampa, Fla.-based real estate firm is delinquent on making payments for a Wells Fargo tower in uptown Charlotte, which may lead to foreclosure.
Vision Properties owes about $157 million on the One Wells Fargo Center property, according to a Charlotte Business Journal report base on commercial mortgage-backed securities (CMBS) filings. A final payment for a loan was due in May and became delinquent in July. CMBS filings show a third party took control of the property because of the debt and possible foreclosure.
Wells Fargo made plans to move out of the One Wells Fargo Center this year. Located at 301 S. College St., the 42-story tower was the East Coast hub for the San Francisco-based bank and its predecessor for almost four decades.
The bank is moving its Charlotte operations at One and Two Wells Fargo Center to Three Wells Fargo Center and the former Duke Energy Building at 550 S. Tyron St.
One Wells Fargo Center is home to the Childress Klein YMCA and other businesses. It’s connected to Overstreet Mall. It’s about half vacant and the number of empty offices is expected to increase with Wells Fargo leaving. According to a listing from LoopNet there are 24 spaces available as of Monday.
Vision Properties, which owns several other office buildings in Charlotte, was established in 2009 with assets valued over $1 billion in North Carolina and seven other states. Officials from the firm did not return calls and emails Monday.
The Observer reported in June that about 20 percent of uptown office space was vacant, the highest in at least 25 years, driven in large part by changes in work habits after the pandemic. That was a main reason roughly a dozen office properties across Charlotte were confronting troubled mortgage loans.
This story was originally published October 23, 2023 at 6:49 PM.
