Wells Fargo Building


#1

Just and FYI. At the end of July Kane Realty will be taking over the leasing and management of the Wells Fargo Building. 150 Fayetteville:grinning Street. For all those who you care about these sorts of things. :slightly_smiling_face:


#2

Actually I find this interesting and possibly telling…thank you!


#3

Has anyone heard what may go in the old Cafe Carolina space? Or what they plan on doing with the plaza right out side of it? I seem to recall some updates that were planned.


#4

hmm…Kane is also on the team pitching for HQ2 and they would need to assemble the necessary space to get them out of the gate should Amazon pick Raleigh. I have to wonder if that is in the back of Kane’s mind? I wonder both what the vacancy is in the building, and what is the possible vacancy in the upcoming year.


#5

True, but according to John Kane himself, he was not part of any actual group that would be in the loop…just a developer making a great pitch! :blush:


#6

Well didn’t Duke just buy Piedmont? I know Piedmont had some employees in there and they’d likely be moved down to the Duke building. I also feel like I read somewhere that this building in particular needed some updates to be considered tap rate class A space for much longer and it’s vacancy was increasing slowly, but I cannot say for certain I did read that and my anecdotes are correct. Old man memory here!


#7

@Mark, your memory is pretty good. HighBrook Investors of NYC bought the property in January of 2017. They revealed plans to renovate the lobby and the 13th floor amenity area.


#8

I was in the building a few years ago and was surprised how dumpy it felt. It really needs an update from head to toe!


#9

I wonder if a facelift is coming soon. Within the last 3 or so years, One City Plaza was updated. Two Hannover just finished their lobby reno. (or almost done) Duke Energy updated sometime in the early 2010s. Maybe it’s just needed with the spike in office rents.


#10

Also, maybe having the building renovated will allow the possible move of some of the employees from Red Hat to move over?


#11

I wish that there was something that they could do to update the exterior of that building as well. Talk about an expense! While not completely “awful”, that exterior really dates the building to the 80s with its stripped down post modern architecture with the illusion or hint of details that don’t really exist.


#12

My gripes are 1) the curb cut pull off on Salisbury 2) cafe courtyard not even facing Fayetteville St 3) the stepped back entrances on all three block frontages. All, also 80’s, ‘we’re only downtown for the image, not the function’, constructs.


#13

The street level could be reworked. The courtyard is a very expensive courtyard when you consider the loss of unleasable space. One City Plaza had a significant modification.


#14

I work for a law firm in the building and this email was sent a few days ago.

As many of you know, 150 Fayetteville and the Alexander Square parking deck are under contract to be sold with closing expected at the end of July. While Spectrum will remain a tenant in the building for a period of time, unfortunately, we will not be retaining leasing or management of either of these properties. Kane Realty will be assuming the leasing and management at closing and we will work closely with them to ensure a seamless transition. Kane will be reaching out in the next couple of weeks to tour your space and meet each of you.


Spectrum has thoroughly enjoyed our tenure in these buildings under a variety of owners since 1995. Most importantly, we value and appreciate the business and personal relationships we have developed with all of you. We wish each of you the best and hope our paths will cross again.


#15

From what I have heard this building will get tons of modernizations. So far it’s been more infrastructure changes like safety, weather-proofing (windows) and fire prevention etc.


#16

Not 80’s, more like early 90’s. Built in 1991.


#17

It was designed in the 80s. It opened in June of 90, and took , I don’t know, a couple of years to construct? Designing such a tower probably takes another year as well. So, if we back up 3 years from its delivery, you’ve got at least 1987, if not earlier. That’s where its aesthetics come from.


#18

Hmm. My money says Kane is buying that building.


#19

So true. My firm moved in here in 1991 so yes, probably designed 5 years earlier.

I hope the upgrades they plan inside are nice.


#20

I’m pretty sure Pendo moved in this building recently and is leasing 2-3 floors that were remodeled. Hopefully they’re helping bring some life down at that end of Fayetteville.