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Wells Fargo Stays Put in $55M, 116,155-SF Deal

IRVINE, CA-A fixture at 2030 Main St. for 15 years, Wells Fargo Bank drops ideas of build-to-suits in favor of a deal for another 15 years with the Ohio Teacher's Retirement System.

By Mark Ruda | Updated on October 13, 2003

IRVINE, CA-Wells Fargo Bank is staying at 2030 Main St. for another 15 years, signing a $55 million, 116,155-sf deal at the building it has called home for the last 15 years. The Koll Co. developed the 346,684-sf high-rise with the bank as an equity partner as well as a tenant, but Wells Fargo has since cashed out of the project.

Locally based SpieziaCorp., which negotiated the bank’s original lease and equity deal as well as the purchase of an 85,000-sf operations center in nearby Santa Ana, began considering build-to-suit opportunities last year. However, it ultimately decided to stay put in the Irvine Concourse asset, consolidating a regional office for commercial lending and retail banking in the process.

The lease, which is believed to be the largest Orange County deal in terms of total dollar value, averages out to $31.57 per sf.

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