Skip Ribbon Commands
Skip to main content

Case Study

Downtown consolidation allows for future flexibility

Scope of services
Wells Fargo occupied 1,561,836 square feet in the Minneapolis Central Business District (CBD) spread across 10 buildings. All of the space is leased and has varying expirations between 2014 – 2018. Wells Fargo engaged JLL to develop a long-range occupancy strategy for the CDB employees that allowed for flexibility, cost reductions, business unit alignment, and a cohesive, consolidated, and collaborative environment.

Wells Fargo’s numerous leases in multiple buildings with staggering lease expirations posed a challenge. The opportunity was to develop a plan that incorporated lease consolidations and extension, vacating certain buildings, and a new development on the east side of the city coined Wells Fargo Village. This long range plan would allow Wells Fargo to reduce costs, increase efficiencies, and allow for greater flexibility to meet the dynamic business needs of each business unit.

Success delivered
After a lengthy process, JLL came to the conclusion that Wells Fargo could consolidate out of certain class B/C properties in the CBD into a new 1,000,000 square foot east campus, Wells Fargo Village. In conjunction, we renegotiated and extended the Wells Fargo Center 455,000 square foot lease through 2028. The lease restructure reduced cost dramatically and allowed for Wells Fargo to further consolidate out of the tower slowly via three (3) scheduled multi-floor contraction options.

Moving forward
JLL’s successful renegotiation of the Wells Fargo Center lease restructure, saved the bank $30 Million between 9/1/2013 and 8/31/2018. In addition, JLL also assisted in the below market-rate purchase of adjacent land to make way for future development.

All case studies

 

 

Orange Regional Medical Center/united-states/en-us/case-studies/510/orange-regional-medical-centerOrange Regional Medical CenterA campus expansion plan that encompasses an owner constructed and financed, new physician office building incorporating an ambulatory care center, along with an attached but separate cancer center addition and renovation. A consolidation and enhancement of outpatient care services on the Main Campus, for a collaborative and interdisciplinary approach for outpatient diagnostic and treatment services.
UCSF Benioff Children’s Hospital Oakland/united-states/en-us/case-studies/511/ucsf-benioff-childrens-hospital-oaklandUCSF Benioff Children’s Hospital OaklandUCSF Benioff Children's Hospital was designed in 3 separate zones: patient, caregiver and family, ensuring that “family centered” concepts were followed.
NetScout/united-states/en-us/case-studies/512/netscoutNetScoutNetScout was dealing with surplus space in their corporate office and interested in finding a more efficient solution. So JLL's Tenant Representation team jumped into action.