Sumitomo Mitsui Banking Corp. is finalizing plans to sublease space for its new Charlotte headquarters, the Charlotte Business Journal reports.

301 South College, formerly called One Wells Fargo Center, boasts 42 stories and 994K SF. The Japan-based financial services company will be subleasing Wells Fargo’s former East Coast headquarters spanning 200K SF.

The deal is expected to close around the beginning of May, the CBJ reports.

SMBC made headlines when it announced last week that it would be making the Queen City the home of its second headquarters in the U.S. SMBC has committed to investing more than $50M to establish the new hub, and it is eligible to receive $70M in state incentives over 12 years, approved by the North Carolina Economic Investment Committee.

The bank, which has more than 150 office locations across 40 countries, will hire employees locally and relocate workers from other offices. The company already has about 180 Charlotte-based employees who work from a small office at 500 E. Morehead St.

The office tower SMBC is moving into was built in 1988. Wells Fargo occupied much of it until 2024, when it consolidated its staff into other office space in Charlotte. The building also previously housed Wachovia National Bank.

A loan on the tower matured in May 2023 and became delinquent months later. It ultimately went into receivership in October 2023, and a third party took control.

CBRE still lists the property as available for sale.

SMBC is one of the many banking and fintech companies choosing to invest in Charlotte, largely due to its highly skilled financial services workforce. JPMorgan Chase & Co., Citigroup, Coinbase and SoFi Technologies all announced new deals in the city in the last year.