Wells Fargo is moving the headquarters of its wealth-management operations to downtown West Palm Beach, bringing more than 50 senior executives who oversee wealth services for one of the nation’s largest banks, the company said.
The CEO of the bank’s wealth-management arm, which generates more than $16 billion in annual revenue, told Bloomberg that his division has agreed to lease 50,000 square feet of office space in the One Flagler office tower owned by Palm Beach real estate developer Stephen Ross.
The office will house some 100 Wells Fargo employees, including the wealth division’s CEO and a majority of its operating committee, Bloomberg reported.
Ross’ company, Related Ross, confirmed the move to The Palm Beach Post and said Wells Fargo is expected to begin its lease in August.
The multinational bank currently leases office space in Related Ross’ CityPlace Tower along Okeechobee Boulevard, where it houses some commercial banking operations, Related Ross Vice President Jordan Rathlev said.
But the move to large office space in One Flagler and the arrival of senior executives represents a significant expansion of the bank’s local footprint.
“To think we’d be able to have someone like Wells put their senior leadership down here could only have been thought about for many years,” Rathlev said.
He added that “it’s just going to be the start” of major financial institutions basing more operations in Palm Beach County.
Wells Fargo told The Post in a statement that “several senior leaders are relocating to the area, strengthening our local leadership presence, and deepening engagement with clients in this high-opportunity market.”
“West Palm Beach’s strong business climate and expanding economic opportunities align well with our long-term growth priorities — both in the region and across our organization,” the statement said.
Until now, wealth management operations for the San Francisco-based bank have been primarily based in New York, wealth management CEO Barry Sommers told Bloomberg.
Sommers last year bought a home in Palm Beach County and established it as his main residence, the outlet said.
Amid the move, the company said in a statement that “numerous members” of the leadership team will continue to work out of New York, St. Louis and Charlotte, North Carolina.
Rathlev said the bank’s expansion demonstrated the increasing confidence of major financial institutions in the city as a growing financial hub
That confidence, he said, is a result of “the ecosystem we’ve created here,” referring to Related Ross’ efforts to attract amenities that make it a more attractive place to recruit and retain high-performing financial executives.
The company has played a key role in recruiting a Vanderbilt University graduate school campus and a Cleveland Clinic hospital to the city and is working to bring in an unidentified private school that Ross himself described as “highly prestigious.”
“Wells Fargo is making a bold move by bringing senior leadership and a major part of its wealth management business to One Flagler in West Palm Beach,” Rathlev said. “It’s a strong sign of long-term confidence in our city and in South Florida’s continued growth.”
The One Flagler office tower where Wells Fargo will operate is a 25-story building that opened last year on the grounds of the First Church of Christ, Scientist church at Flagler Drive and Lakeview Avenue, overlooking the Intracoastal Waterway and the Royal Park Bridge to Palm Beach.
Tenants at the building include Biohaven Pharmaceuticals, which leases the top floor space, and several financial firms. Rathlev said Wells Fargo’s move has been in the works for over a year and that the building is now fully leased.
Wells Fargo has a longstanding real-estate connection to Ross. The company’s executive headquarters is the 73-story 30 Hudson Yards in Manhattan, which was completed in 2019 by The Related Cos. while Ross was the company’s chairman.
The announcement is the latest move by a Fortune 500 company to open a major office in one of Related Ross’ commercial towers in the city center.
In September, ServiceNow, a California-based artificial intelligence company, announced it was planning to open a regional office in CityPlace, with plans to employ more than 850 people during the next five years.
Ross said last week during an event in Palm Beach that he sees Palm Beach County becoming akin to Silicon Valley, filled with technology and engineering professionals, including those fleeing California’s high taxes.
“I believe it will happen, and it will be here in Palm Beach County,” he said.
Andrew Marra is a reporter at The Palm Beach Post. Reach him at amarra@pbpost.com.
This article originally appeared on Palm Beach Post: Wells Fargo is moving its wealth management office to West Palm Beach
Reporting by Andrew Marra, Palm Beach Post / Palm Beach Post
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