Wells Fargo Bank | Operations Center

Property Description

Situated on a 17 acre site within the University Research Park Development adjacent to the intersection of Interstate 85 and Route 24 in Charlotte, North Carolina, the Property consists of a four-story, Class A office building that totals 155,579 rentable square feet of space. The Property is leased in its entirety to Wells Fargo Bank, N.A. (S&P: AA-). Wells Fargo Bank, N.A. is the principal subsidiary of Wells Fargo & Company with assets of $1.4 trillion as of December 31, 2013. Wells Fargo & Company ranks #29 on the 2014 Fortune 500 list.

Business Essential Attributes

The Property is utilized as an operations center adjacent to Wells Fargo’s two million-plus square foot corporate campus and houses professional staff that support all of the services the company offers including wealth management, residential and commercial mortgages and underwriting. Wells Fargo has a significant commitment to the area with over 2.3 million square feet within the submarket and over 5.4 million square feet in the Charlotte market. In addition, prior to the building's recent renovation, Wells Fargo occupied the Property for 15 years and signaled its long-term commitment to the Property by signing an approximately 10.5 year lease in October 2013.

Additional Property Information

The Property was originally built in 1984 and underwent extensive renovations in 2013/2014. The building was stripped down to structure and new systems were installed to reduce maintenance and increase energy efficiency and capacity. The exterior skin was replaced with a high efficiency glass curtain wall system to minimize operational costs and increase natural light. The main entry was reoriented around a new two-story lobby, two stair towers were relocated to maximize leasable area, restrooms were reoriented and enlarged, and amenities including a full-service kitchen, cafeteria, fitness center, and showers/locker rooms were added. Upgrades to the site include a new exterior patio and paved entry plaza, new parking lot with upgraded high-efficiency lighting, and high-quality landscaping. The renovation transformed the Property into a state-of-the-art office facility that will be LEED Gold Certified.

Wells Fargo Bank | Operations Center

Charlotte, North Carolina

PROPERTY AT A GLANCE

Property Type: Office
Square Footage: 155,579

Leased: 100%
Lease Expiration: December 31, 2024
Renewal Option(s):
Three, 5-year options at Fair Market Rent
Rent Increase(s):
$0.15 per square foot each June throughout the term
Tenant: Wells Fargo Bank, N.A. (S&P: AA-)
Guarantor: None
Website: www.wellsfargo.com
NYSE: WFC