Wells Fargo Bank renewed its lease for nearly 291,000 square feet at 333 S. Grand Ave., a 54-story office building
in the Bunker Hill area of downtown Los Angeles. The 10-year lease covers its current office, museum and retail space
at Wells Fargo Tower. The bank's new deal includes two options: one to contract its office space
by 89,000 square feet by 2015, and another to expand by 25,000 square feet by 2014.
MPG Office Trust owns Wells Fargo Center, a 2.5 million-square-foot complex consisting of Wells Fargo Tower and KPMG Tower. The Wells Fargo property was renovated in 2007 and is Energy Star-rated. MPG also manages and leases the towers.
Wells Fargo has been a tenant at 333 S. Grand since it was completed in 1982. Other major tenants include Gibson, Dunn & Crutcher, Oaktree Capital Management, Payden & Rygel and City Club on Bunker Hill.
Wells Fargo Tower is more than 90 percent leased, with an average asking rent per year of approximately $25 per square foot, according to CoStar Group information.
Cushman & Wakefield brokers Steve Walbridge (now with Studley), Eric Duncanson and Gideon Orion represented Wells.