Wells Fargo will reportedly sell its San Francisco headquarters and move its central operations in the city to another building as it shifts its power base to New York City.
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The banking giant could put the 409K SF office at 420 Montgomery St. on the market this month, sources told The Wall Street Journal, which reported Wells Fargo has already begun informal discussions with possible buyers.
Wells Fargo hired the real estate investment bank Eastdil Secured as an adviser on the sale. A spokesperson told the WSJ the bank routinely evaluates its real estate portfolio “to ensure we are best meeting the needs of employees and customers, responding to consumer and economic trends, and managing our costs responsibly.”
The bank is set to move its headquarters to 333 Market St., where it recently renewed its lease.
The sale would further a steady shift away from San Francisco to the East Coast over the past several years.
Wells Fargo has grown its footprint in New York City since it hired CEO Charlie Scharf in 2019. Scharf is based in the city and has built out the bank there, announcing plans to expand its Hudson Yards footprint in late 2023.
The bank also has a substantial presence in Charlotte, which has featured its biggest employee base since it bought Wachovia in 2008.
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