Wells Fargo to leave, sell South Minneapolis Home Mortgage building

Wells Fargo plans to close and sell its Home Mortgage campus along I-35 in South Minneapolis as it consolidates operations to three offices across the Twin Cities.

Driving the news: The bank announced Monday that it plans to move all non-customer-facing employees to offices in downtown Minneapolis and Shoreview.

• The company will also close its leased offices in St. Louis Park as part of the consolidation plan. Bank branch employees will not be impacted.

The big picture: Wells Fargo is the Twin Cities' largest occupier of office space, per the Minneapolis/St. Paul Business Journal, using 3.86 million square feet as of fall 2022. .

Between the lines: The switch to a hybrid work model, with employees in the office just a few days a week, combined with some downsizing in the mortgage division meant the bank needed less local office space, according to the Star Tribune.

Of note: A company spokesperson declined to specify to Axios how many employees will be impacted.

Zoom in: The consolidation will concentrate non-customer-facing employees at the following locations:

• East Town Campus buildings at 600 S. 4th St. and 550 S. 4th St. in downtown Minneapolis.
• Shoreview Operations Center at 1801 Park View Drive in Shoreview.
• Wells Fargo Center at 90 S. 7th St. in downtown Minneapolis.

What's next: The transitions, expected to start this quarter, should be complete by mid-2024.