Wells Fargo Inks Decade-Long Renewal Deal With MPG Office Trust
- Sep 22, 2012
Wells Fargo recently completed a deal to keep it at its current Los Angeles home. The banking giant has finalized a lease renewal with landlord MPG Office Trust, Inc. for space at the Bunker Hill-located Wells Fargo tower. The financial entity will stay on the building’s tenant roster for another 10 years, according to a press statement MPG recently released.
Wells Fargo agreed to extend its stay at the property named after the company for another decade. The decision was made to retain the entire footprint the bank currently occupies at the Wells Fargo Tower building, part of the Wells Fargo Center in downtown Los Angeles. The 291,000 square feet make the company one of the property’s anchor tenants. Between the Wells Fargo Tower and the KPMG Tower, the complex features a tenant roster boasting high profile names such as Oaktree Capital Management, KPMG, Latham & Watkins and Gibson, Dunn & Crutcher.
The 1982-built, twin tower skyscraper complex was originally dubbed the Crocker Center, after the Crocker National Bank, a financial entity that merged with Wells Fargo in 1986. Wells Fargo has since then kept a strong presence at the property. The renewal deal includes an option that would allow Wells Fargo to reduce the amount of office space it occupies by 89,000 square feet, while also being able to expand its footprint by 25,000 square feet.
MPG Office Trust currently holds the title of the largest owner and operator of Class A office properties in the Los Angeles Central Business District. In addition to owning the two towers that form the Wells Fargo Center, the company also owns the US Bank Tower, Gas Company Tower and 777 Tower.
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