by Karen Brune Mathis
Managing Editor
Wells Fargo saw its chance for a signature move Downtown when Adecco Group North America moved its operations to the Southside, vacating space in the former Modis Building and, importantly, space for a name on top of the tower.
“Our brand is very important. With that being such an iconic building and Wells Fargo being such an iconic bank, for that opportunity to exist at the same time we are converting the Wachovia brand to Wells Fargo, I think it’s very important,” said Wells Fargo negotiator Timothy McKinney on Friday.
Wells Fargo intends to move by the end of the year into the building at 1 Independent Drive on the Downtown Northbank and put its name at the top of the 37-story tower. The property will be known as Wells Fargo Center, said McKinney, vice president and senior negotiator for the Southeast Region in Wells Fargo’s Corporate Properties Group.
The Daily Record reported in October that Wells Fargo, which bought Wachovia more than two years ago, was considering a move from the One Enterprise Center Building at 225 W. Water St. Downtown to the former Modis Building and reported on www.jaxdailyrecord.com Friday morning that the lease would be signed this week.
McKinney said the move, even though from one Downtown building to another, is significant.
“It will, at the very least, show that there is a company of that strength committed to Downtown, because that is a real decision we had to make. Why not move to the suburbs?” said McKinney.
“We had to actively discuss that, and it was an easy decision that we wanted to be Downtown. At the very least, I hope it’s a psychological boost. It shows you have another solid anchor to Downtown,” he said.
Mayor-elect Alvin Brown said Friday afternoon that the move fits with his vision of Downtown as a vibrant, active part of the city. “This is the start of a new beginning to make the case for Downtown as a place to live and work,” he said.
The Wells Fargo Center, historically known as Independent Square, is near both the SunTrust Building and the city’s tallest building, the 42-story Bank of America Tower. However, there is no tower-top signage on that building.
Wells Fargo spokeswoman Kathy Harrison said Friday morning that the lease is expected to be signed Tuesday or Wednesday. McKinney said Wells Fargo will open a bank branch, which Wells Fargo calls a store, on the ground floor that will be renovated for street-level access from Laura Street as well as from inside the building. He said the SunTrust branch there now will move across the street to the SunTrust building.
Wells Fargo will move into 120,000 square feet that includes six full floors – six, eight, nine, 10, 20, 25 – and part of 24.
It will vacate 155,000 square feet in the 21-story One Enterprise Center building.
McKinney said the floor sizes in the Modis Building are more efficient than the space in One Enterprise Center.
Harrison said 375 employees will move. The company had 400 employees in One Enterprise Center, but she said the 25 other employees had been previously scheduled to move elsewhere with their business units.
The conversion of Wachovia offices around Northeast Florida to Wells Fargo will take place the weekend of June 11.
San Francisco-based Wells Fargo & Co. was founded in 1852 and has more than 9,000 stores nationwide with about 280,000 employees. It merged with North Carolina-based Wachovia Corp. two years ago and has been considering where to operate its Downtown administrative offices.
Wachovia has occupied the One Enterprise Center Building Downtown from the building’s beginning, first as Florida National Bank and then as First Union before it merged into Wachovia.
The move will not greatly affect real estate occupancy rates Downtown because Wells Fargo will relocate from one Downtown building to another. According to the Cushman & Wakefield of Florida Inc. first quarter market report, the overall office vacancy rate Downtown is 25.7 percent rate on the Northbank.
Interest in what happens with the signature Modis Building began when Zurich-based Adecco bought Jacksonville-based MPS Group Inc. in January 2010 and said in July that it would leave the building in the following spring. Modis is a subsidiary of MPS Group and occupied 115,000 square feet of space among about five floors.
Duval County Property Appraiser records show that One Enterprise Center is a 21-story, 365,800-square-foot building constructed in 1986. Records show Independent Square as a 37-floor, 992,501-square-foot structure built in 1975. The building is often shown in skyline videos and photos of Downtown.
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