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PORTLAND-Wells Fargo has renewed its lease for the 75,000-sf fifth floor of the Montgomery Park office building in Northwest Portland as it prepares to vacate a smaller space on the eighth floor.

The San Francisco-based financial services firm leases about 165,000 sf on three floors of the 790,000-sf class B office building for a variety of operations. Its commitments in the building will shrink by about 40,000 sf next month when it vacates space on the eighth floor for which a lease is expiring. In addition to those two leases, the company also leases about 50,000 sf on the second floor.

Among other operations, Wells Fargo uses the building for its marketing department, regional finance department, training and development department and some security personnel. Wells Fargo’s regional real estate manager Joe Weber tells GlobeSt.com the 80 people or so that work on the eighth floor will be relocating to one of its owned buildings, the 700,000-sf Wells Fargo Tower in Downtown Portland.

As for why the company decided to renew its lease for the fifth floor of Montgomery Park, Weber says the company has a considerable amount of infrastructure in place there and didn’t want to recreate it elsewhere. The lease rate and term on the transaction isn’t being released by the parties involved, but local brokers tell GlobeSt.com the banking behemoth is likely paying a full-service rate in the low-to-mid teens per sf per year. The full-service asking rate for the 190,000 sf being marketed for lease in the building is $17-$18 per sf per year.

Working through CB Richard Ellis broker Tom Fellman, Wells Fargo also is on the hunt for 70,000- to 90,000 sf for a second call center in the region. The existing call center occupies 200,000 sf at Felton Properties’ Barnhardt Center in Beaverton.

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