Scoop: Wells Fargo closing in on sale of downtown campus

Wells Fargo's 1.4 million-square-foot downtown campus is under contract with an undisclosed, out-of-state buyer, Axios has learned.

Why it matters: The sale could accelerate Des Moines' business district's transformation beyond its traditional role as a 9-to-5 financial hub.

• The buyer plans to redevelop the property into office and retail space, with the potential for residences and a hotel, says Justin Lossner, a senior managing director in JLL's Des Moines office, which listed the property.
• He declined to confirm the buyer's identity.

Flashback: In 2023, Wells Fargo announced it was moving most of its downtown employees to its Jordan Creek campus in West Des Moines.

• At the time former Des Moines Mayor Frank Cownie described the news as "disappointing and frustrating."

State of play: The buyer plans to take over all four Wells Fargo office buildings, an eight-story parking garage and the parking lots along MLK Jr. Parkway, Lossner says.

• Wells Fargo has noted that even after a sale, it would lease a portion of its 801 Walnut St. building for the company's remaining downtown workers, the Business Record reported . The bank declined to comment.

Zoom in: Unique redevelopment potential exists that may not be obvious from the outside, Lossner says.

• For example: Wells Fargo's 300,000 square-foot Skyview Building has a rooftop with an auditorium and a two-story open area that would be prime for retail, he says.
• "Those are now going to be opportunities for creative people," he says.

Plus: The large parking lots are also redevelopment opportunities, Lossner says, as rare downtown spaces without structures.

• He envisions them as an area for more retail or multifamily housing.

What's next: Watch what happens over the next 12 to 24 months, Lossner says.

• "There's going to be some really cool announcements that happen within that campus."