Wells Fargo To Sell Wells Fargo Center Building, Operations Facility Downtown

PORTLAND, OR — Wells Fargo officials on Wednesday announced the company's plan to sell its 40-story Wells Fargo Center building and a five-story operations building across the street in downtown Portland.

Located at 1300 S.W. Fifth Ave. and 350 S.W. Jefferson St., respectively, the sale of the two buildings will not result in any job losses, according to an official company statement. Instead, an undisclosed number employees from both locations (estimated around 900) will transfer to other Wells Fargo locations in Portland and Beaverton, officials said.

"We remain committed to the Portland area and to helping our customers achieve their financial goals," Wells Fargo Oregon Regional President Tracy Curtis said in the statement.

The sale, officials said, is part of the company's "long-term strategic real estate realignment" in Portland, and is expected to help the company "better serve its team members and mange future growth as customer and business needs change."

"This initiative is about simplifying and right-sizing our real estate footprint in Portland, and providing great space for our team members to serve clients," Richard Henderson, head of Wells Fargo's Corporate Properties Group, said in the statement.

Well Fargo leases more than 40 percent of the Well Fargo Center to other companies, officials said, noting that Well Fargo administrators plan to remain in the building, leasing space and remaining the anchor tenant of the building — which will retain the Wells Fargo name. The company will also keep its history museum in the building, officials said.

Photo Courtesy: Wells Fargo