In August 2025, Wells Fargo offloaded seven buildings in a $32 million deal. Now, a couple of the buildings included in the sale are being renovated and redeveloped to breathe new life into downtown Des Moines, Iowa.
JLL completed the sale of the downtown Des Moines properties to DMCRE1 LLC. The transaction came following Wells Fargo's January 2023 decision to consolidate operations at its West Des Moines campus. The project has earned a 2026 CoStar Impact Award for Sale/Acquisition of the Year for Des Moines, as judged by real estate professionals familiar with the market.
Included in the sale was the Towers Building at 206 Eighth St., an 11‑story, 188,769-square-foot property that is slated for conversion into a 170‑room JdV by Hyatt hotel with a top‑floor restaurant.
Another building in the portfolio sale was the Founders Building at 207 Ninth St. The historic three‑floor, 53,868-square-foot property is planned for redevelopment into meeting space, office space and a spa.
The sale also includes core assets of the former Wells Fargo downtown campus: the Northstar Building (801 Walnut St.), a 10‑story, 298,882-square-foot office building; the Skyview Building (800 Walnut St.), a nine‑story, 326,495-square-foot structure; the Mulberry Garage (800 Mulberry St.), an eight‑story parking facility with 1,625 stalls; and land parcels at 80 Eighth St. (1.8 acres) and 900 Vine St. (3.3 acres).
As part of the deal, Wells Fargo leased back space to house its legal department and other functions remaining downtown, and the Skyview Building at 800 Walnut St. is now available for lease.
Marketing this nearly 900,000‑square‑foot office portfolio was challenging, particularly in a central business district still recovering from post‑2020 pandemic impacts. After an initial deal fell through, success depended on creating a compelling narrative emphasizing downtown revitalization and the long‑term potential of the properties, ultimately attracting a new buyer and securing the sale.
This transaction reinforces positive momentum in Des Moines’ central business district, which has recently experienced significant activity, including major building sales and adaptive reuse projects.
About the transaction: The seven-building sale includes over 860,000 square feet of space as well as parking structures and undeveloped land. Two buildings in the sale will be renovated and redeveloped.
What the judges said: "The Walnut Corporate Campus Sale/Acquisition will benefit more people, more community and hopefully more for the city of Des Moines. I personally live downtown and love to see these old buildings being repurposed to attract new residents and visitors to our great city," said Sommer Walton of Denny Elwell Co.
"This was an incredible transaction to revitalize downtown DM. Congrats to all involved," Maria Davis of R&R Realty said.
"The sale of the Walnut Corporate Campus portfolio in Des Moines was more than a standard investment sale. Because of the size of the portfolio and the amount of vacancy, this transaction had a meaningful impact on the community and the downtown market. A large amount of empty office space can weigh heavily on surrounding businesses, property values and overall market confidence," Angie Glick-Martin of GLD Commercial said.
They made it happen: Justin Lossner, Lucas Hedstrom and Aaron Hyde of JLL represented the seller. Matt Connolly and Chris Fultz of NAI Iowa Realty Commercial represented the buyer, DMCRE1 LLC.