The California-based banker's new holding is a 138,000 sf, two-story building situated on 10.2 acres. And, the bottom line to the negotiations not only is a purchase, but a decision to occupy the entire site plus take the deed to an adjacent lot, which will be used for more parking. Wells Fargo uses the office location for its Home Equity Internet Services division.

Wells Fargo's decision adds 500 jobs to the metro area. The financial services company is a $312-billion operation specializing in banking, insurance, investments, mortgage and consumer finance services.

Brad Anderson of the Phoenix office of CB Richard Ellis Inc. represented Well Fargo. Kitchell Development, the developer, used in-house brokers to negotiate the sale. Anderson could not be reached by press time for comment. Kitchell Development is the real estate development arm of employee-owned Kitchell Corp. Under Kitchell's ownership, the building's leasing duties were assigned to Mike Beall and Tim Whittemore, a Cushman & Wakefield of Arizona Inc. team in Phoenix.

The property is strategically positioned with visibility along Interstate 17, an artery used by 160,000 vehicles a day. Situated just south of Cactus Road, the office building is within close proximity to the Metrocenter regional mall, lodging and restaurants and abuts a park.