The San Francisco-based financial services company is also oneof Phoenix's largest employers and private-sector tenants. Italready plans to build at least two office buildings with 250,000sf each within the next two years, says Leo Bauman, vice presidentof corporate properties for Wells Fargo.

The new campus would house some of the 8,700 employees that arenow spread in buildings throughout the Valley. The bank, whichmerged with First Interstate Bank and then Norwest two years ago,has loan processing and customer service sites in severallocations, most in leased space.

Wells Fargo has increased the amount of space it rents in theValley by 500,000 sf during the past several years and now leases acollective 2.5 million sf across the state. The bank recentlydecided that that it makes more economic sense to owns its ownbuildings rather than continue to lease, Bauman says.