Wells Fargo Stays Put in $55M, 116,155-SF Deal

IRVINE, CA-Wells Fargo Bank is staying at 2030 Main St. for another 15 years, signing a $55 million, 116,155-sf deal at the building it has called home for the last 15 years. The Koll Co. developed the 346,684-sf high-rise with the bank as an equity partner as well as a tenant, but Wells Fargo has since cashed out of the project.

Locally based SpieziaCorp., which negotiated the bank’s original lease and equity deal as well as the purchase of an 85,000-sf operations center in nearby Santa Ana, began considering build-to-suit opportunities last year. However, it ultimately decided to stay put in the Irvine Concourse asset, consolidating a regional office for commercial lending and retail banking in the process.

The lease, which is believed to be the largest Orange County deal in terms of total dollar value, averages out to $31.57 per sf.

John Weiner of CB Richard Ellis, leasing agent and manager of the building, represented the Ohio Teacher’s Retirement System, owner of 2030 Main St. since 1998.

The 2.3-million-sf Irvine Concourse mixed-used project includes the Embassy Suites and Crowne Plaza, Sports Club/Irvine as well as office assets owned by Equity Office Properties Trust, Opus Southwest and LBA.