Cresa has consistently advised Wells Fargo with their corporate real estate in various markets across the California over the last 25 years. In 2019, Wells Fargo once again turned to Cresa to assist in the organization’s goals of “right-sizing” their offices and reducing their occupancy costs. With more than 8 offices in the greater Sacramento area and varying lease expirations from 2020-2022, Wells Fargo wanted to evaluate and realign their staffing with overall long-term real estate strategy.
Cresa was able to successfully accomplish Wells Fargo’s goals by working hand in hand with their real estate team to evaluate the different business groups, efficiency opportunities, employee roles and location strategy to determine which offices to retain and to identify the opportunities to reduce their footprint. Wells Fargo was able to consolidate their offices in the area and secure favorable lease terms on about 100,000 square feet (sf) in various locations, including their CBD location at 400 Capitol Mall, downsizing them from 40,000 sf to 30,000 sf. Cresa was able to advise Wells Fargo with their real estate pursuits while, most importantly, creating a work environment that allowed the organization to continue recruiting and retaining top talent.