Wells Fargo plans growth in University City

Wells Fargo says it is returning to a building it previously leased in the University City area, in a move that will allow the company to grow existing lines of business in Charlotte.

In May, Wells Fargo will move into the University Research Park building at 8740 Research Drive, spokesman Josh Dunn said. Wells Fargo will occupy only a portion of the building initially and add employees as it expands a "wide variety" of businesses, he said. He did not elaborate on the lines of business.

Wells Fargo intends to use the space for new hires, he said. The bank does not plan to relocate existing employees in the Charlotte region to the building, he said.

“This is an example of Wells Fargo continuing to grow and do business in Charlotte,” he said.

He said the bank does not have yet a figure for how many employees might work in the building once it's filled.

This year, after its lease expired, Wells Fargo moved employees out of the building and into Innovation Park. Ralph Kittrell, principal with the company that owns the 1980s-era building, said Wells Fargo left it because "the space just needed major work for them to stay there."

Kittrell's company, Plymouth Meeting, Pa.-based Exeter Property Group, bought the roughly 160,000-square-foot building in April for $6 million from Raleigh-based Highwoods DLF. Exeter is spending $10 million to $15 million renovating the building, said Kittrell, who described it as "worn out." Renovation work is ongoing.

Dunn said the bank had leased space at 8740 Research Drive for approximately 15 years. Kittrell said the lender has agreed to a 10-year lease and will occupy the entire building.

Although the bank has announced layoffs in Charlotte in August and September because of declining demand from consumers to refinance mortgages, Wells' employment in the region is holding steady at about 20,700, Dunn said.