Wells Fargo building up for sale in downtown Rochester
A high-value downtown property is on the market.
Wells Fargo is looking to sell its six-story building in downtown Rochester. The property is located right on Peace Plaza in the core of Destination Medical Center's Heart of the City sub-district.
The upper floors of the building bridge over First Avenue Southwest to connect with the Kahler Grand Hotel. Additionally, it is attached to the skyway and subway systems, and is in short walking distance to much of Mayo Clinic's downtown campus.
The property is valued at $14.1 million, according to 2017 county property records. That puts the property just outside the top 10 most valuable pieces of real estate in downtown Rochester.
Wells Fargo is working with Twin Cities-based TaTonka Real Estate Advisors to facilitate the sale. According to a request for proposal (RFP) sent out to prospective investors, they are "looking for a buyer who will enhance and upgrade the property to maximize the properties (sic) appearance, function, and value."
As part of any deal, Wells Fargo is requesting a leaseback option for about 20 percent of the 106,437 square-foot building. That includes 5,000 SF for a new, downsized retail branch on the first floor and lower level, as well as 15,000 SF of office space on the second floor.
Wells Fargo has not put a price tag on the building. The bank, which has four other branches in Rochester, intends to select a buyer and have a purchase agreement negotiated in the second quarter of 2017, with the sale closing by the end of the year.
The property, built in 1984, is primarily made up of office space. Its largest tenant is Mayo Clinic with 41,495 SF of leased space.
The area surrounding the building is on the cusp of dramatic transformation. A team of designers and architects are now working on an ambitious project to redesign nearby public spaces as part of plans for the Heart of the City.
The Wells Fargo building is also located adjacent to the historic Chateau Theatre and just south of the Days Inn site, where a 16-floor, mixed-used building is being proposed.
Our attempts to contact Wells Fargo were unsuccessful.
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Cover photo: Med City Beat