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CHICAGO-Wells Fargo & Co. has signed a lease renewal, expansion and partial relocation within its current location at 123 N. Wacker Dr. At 540,676 sf, the building owned by Triple Net Properties LLC is 97.5% leased.

The financial services firm intends to exchange 2,975 sf it leases on the 20th floor for 10,262 sf on the 24th floor, which has been occupied by Morton International. Effective Friday, Morton will vacate the space. Wells Fargo has been a tenant in the building since March 2002, is the fourth largest tenant at 123 N. Wacker. Currently, the company leases 36,553 sf with an expiration of September 2013.

According to a letter from Triple Net to investors, the financial company is paying $19.50 per sf on the 2,975 sf they currently lease on the 20th floor. According to the document obtained by GlobeSt.com, the high-rise portion of the building--which includes the 24th floor--has a rental rate of $20.50 per sf annually. Under the terms of Wells Fargo's new lease, the company would take the 24th-floor space from Jan. 1, 2007 through Sept. 30, 2013. The terms also allow for seven months of free rent.