Boston, MA 12/23/2013 (wallstreetpr) – Wells Fargo & Co (NYSE:WFC) is one of the four largest vendors in the United States. The company has recently signed a deal, according to which, the company will own and occupy a new office complex in Minneapolis. Two buildings will be acquired by the company having a net floor space of office of about 1.1 million square feet. This office complex will be acquired from the complex developer, Ryan Cos, at a cost of about $300 million.
Approval
Minneapolis City Council, under mixed-use plan, has agreed to accord approval for the two buildings. Mixed-use plan means that the area can be used as an office by the bank officials, once the company gets the approval from the government. This deal of office acquisition is expected to be closed by early 2014. Wells Fargo & Co (NYSE:WFC) plans to move about 5000 employees out of their 7000 total employees into the newly acquired office complex, after the Government grants the final approval for the deal. These employees are presently working in fourteen different buildings in downtown.
New office complex
In a press release, Wells Fargo & Co (NYSE:WFC) stated that the newly signed office complexes will offer much needed space for its future growth plans. Once all the clearances are received by the company, it will start relocating the staff into the new offices immediately. The new office buildings that are signed by the company for acquisition are in compliance with LEED (Leadership in Energy and Environment Design).
LEED is the highest ranking standard and in downtown Minneapolis, the new offices of Wells Fargo & Co (NYSE:WFC) would be the first ones to catch up to this standard. The company is planning to terminate its existing lease arrangements for the currently occupied 14 different office buildings in Minneapolis, after it relocates its offices.
Recovery
Wells Fargo & Co (NYSE:WFC) is struggling to recover from the financial crisis that it experienced recently. There are some signs of its recovery as its stock has hit new highs this year.
