Mystery entity buying Wells Fargo's downtown campus
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The sale of these five buildings owned by Wells Fargo Financial is expected to closed next month. Photos: Courtesy of the Polk County Assessor
Wells Fargo Financial has identified a new — and still undisclosed — buyer for its downtown Des Moines campus, with the sale expected to finalize in July, according to a city document.
Why it matters: The company owns a substantial portion of downtown's real estate. The sale could be crucial in shaping the city's future development and workforce footprint.
Catch up quick: After eliminating hundreds of positions, Wells Fargo announced in early 2023 that it would move most of its downtown employees to West Des Moines — consolidating operations and leaving much of its once-bustling downtown presence vacant.
- The decision left nearly 900,000 square feet of office space largely vacant, making city leaders concerned about downtown's vibrancy.
- A buyer was under contract in 2024 to purchase the five-building campus, but the deal fell through.
Driving the news: City Council will vote Monday on a termination agreement with Wells Fargo involving prior incentives or assessments.
What they're saying: The sale is an opportunity to bring new businesses downtown, Carrie Kruse, the city's economic development administrator, tells Axios.
- Wells Fargo declined Axios' request for comment about the impending sale and Kruse also declined to name the buyer.
By the numbers: The sale will include four office buildings and a 1,625-space parking garage — among the most expansive office real estate downtown.
- According to city records, the overall property assessment for the buildings exceeds $100 million.
State of play: The largest and most notable buildings are the company's former Iowa headquarters, located across the street from each other at 800 and 801 Walnut St. The buildings opened in 2002 and 2005, respectively.
- They cost over $100 million combined to build and received millions of dollars in state and local incentives, according to newspaper articles at the time.
Also, the company is also selling its 11-story Tower Building at 206 8th St., its three-story Founders Building at 207 9th St., and its eight-story garage at 800 Mulberry St.
- The Tower and Founders buildings are proposed to become hotel space run by Hyatt, Kruse says.
What we're watching: How city leaders might utilize tax incentives or zoning changes to promote redevelopment goals.
- The hotel developments might include city incentives, but the main office buildings are expected to remain offices and are less likely to receive them, Kruse said.