Development

Wells Fargo expands into another uptown tower as Charlotte employment grows

Wells Fargo will occupy all the office space at the recently-renovated 300 South Brevard Street building.
Wells Fargo will occupy all the office space at the recently-renovated 300 South Brevard Street building. Courtesy of Stream Realty Partners

Wells Fargo is expanding into another uptown tower as the bank outgrows its existing office space in Charlotte.

The bank will take up eight floors at 300 South Brevard Street, formerly the AT&T Plaza Building. It already occupies one floor but will move into the rest of the space by the end of this year.

The move will help accommodate Wells Fargo’s growth in Charlotte, said Bob Bertges, director of Wells Fargo’s corporate properties group. The bank’s headcount in the area is currently around 25,700 — an increase of around 1,200 from the previous year. He said the bank will be able to house around 2,500 people in the South Brevard building.

“We didn’t take the additional space just to have more space and let it lie fallow,” Tim Sloan, former Wells Fargo CEO, said at a World Affairs Council of Charlotte event Thursday. “We’re going to put people in there, because this is a state and a city that we want to continue to expand in.”

The larger floors in the building will allow for a more collaborative workspace, Bertges said, a trend growing in popularity with employers.

Bertges said the bank’s lease on One Wells Fargo Center, at 301 South College St., is up in 2021, and the company plans to remain in but reduce its presence in that tower, which houses its East Coast headquarters.

The bank is also expanding its footprint in two other buildings that it occupies — Three Wells Fargo and the Duke Energy Center, both on South Tryon Street.

The bank will grow its real estate footprint from about 6.2 million square feet to 6.5 million over the next few years, Bertges said.

“We’re just trying to be more efficient with the space we have, and then we just had so much growth that we had to go out and get more space,” Bertges said.

AT&T vacated the building on South Brevard Street in 2015, and Dallas-based commercial real estate firm Stream Realty Partners purchased it for $45 million. Bob Boykin, Stream Realty’s vice president, said the company spent around $17 million renovating the 15-story building.

The building will also house a restaurant, bar and jazz venue.

Reporter Deon Roberts contributed.

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Danielle Chemtob covers economic growth and development for the Observer. She’s a 2018 graduate of the journalism school at UNC-Chapel Hill and a California transplant.
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