The San Francisco-based financial services firm leases about165,000 sf on three floors of the 790,000-sf class B officebuilding for a variety of operations. Its commitments in thebuilding will shrink by about 40,000 sf next month when it vacatesspace on the eighth floor for which a lease is expiring. Inaddition to those two leases, the company also leases about 50,000sf on the second floor.

Among other operations, Wells Fargo uses the building for itsmarketing department, regional finance department, training anddevelopment department and some security personnel. Wells Fargo'sregional real estate manager Joe Weber tells the 80people or so that work on the eighth floor will be relocating toone of its owned buildings, the 700,000-sf Wells Fargo Tower inDowntown Portland.

As for why the company decided to renew its lease for the fifthfloor of Montgomery Park, Weber says the company has a considerableamount of infrastructure in place there and didn't want to recreateit elsewhere. The lease rate and term on the transaction isn'tbeing released by the parties involved, but local brokers the banking behemoth is likely paying a full-servicerate in the low-to-mid teens per sf per year. The full-serviceasking rate for the 190,000 sf being marketed for lease in thebuilding is $17-$18 per sf per year.

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