Wells Fargo said Wednesday it wants to sell the city’s tallest structure.
The 40-story Wells Fargo Center, at 1300 S.W. Fifth Ave., is up for sale along with a five-story operations building at 350 S.W. Jefferson St. The bank said the strategy won’t result in any job losses.
“The decision is part of a long-term strategic real estate realignment in the Portland market that will enable the company to better serve its team members and manage future growth as customer and business needs change,” the company said in a release.
The building is 546-feet tall, or ten feet taller than the U.S. Bancorp Tower. Its square-footage of 567,830 square feet is about half that of “Big Pink.”
Wells Fargo currently leases out more than 40 percent of the building to other companies. CBRE Inc. manages the structure.
The bank said it will lease back space and continue to serve as the building’s anchor tenant after the sale. A bank museum and branch on the structure’s ground floor will remain.
“We remain committed to the Portland area and to helping our customers achieve their financial goals,” said Wells Fargo Oregon Regional President Tracy Curtis, in a release.
What’s more, the bank plans to “update its property portfolio and provide workspace and technology to match the way its team members work today.” About 900 Wells Fargo employees work in the tower. Some will move to other Wells Fargo offices in Portland and Beaverton.