Wells Fargo Leases New Space for Growing Mortgage Lending Division

CHARLOTTE-The acquisition of six mortgage-servicing portfolios this year is squeezing Wells Fargo Home Mortgage Inc.’s office space. To alleviate that situation, the company is leasing 40,000 sf in a four-building complex near the Charlotte Coliseum to house 200 workers expected to move in during December.

The firm will continue to occupy 60,000 sf at nearby Parkway Plaza. Area rents are $20 per sf. The new space is on the first floor of Building C in the $40 million complex at LakePoint office park. Wells Fargo has an option to lease an additional 16,000 sf.

This year, First Union Corp. of Charlotte sold its mortgage servicing business to Wells Fargo and it’s been rumored that a merger could be in the works. Wells Fargo says its mortgage servicing volume and customer base has grown 55% with the addition of the First Union mortgage unit and five other acquisitions.

The expansion will place about 400 Wells Fargo workers in 100,000 sf of space. These new white-collar jobs are typical of the employment growth Charlotte has been experiencing. A Charlotte Chamber business report states that through the third quarter, employers expect to generate about 14,000 jobs countrywide, a record for a nine-month period. The chamber expects to see 4,000 more new jobs before the end of the year.