Wells Fargo to take 40K sf in Menlo Park office complex

Wells Fargo & Company, which has shed hundreds of thousands of square feet of office space its headquarters in San Francisco, will take a piece of a new office building in Menlo Park.

The national bank has committed to 40,000 square feet at Presidio Bay Ventures’ Springline mixed-use development at 1300-1302 El Camino Real, the Silicon Valley Business Journal reported.

Its new offices will open next year in Springline’s 100,000-square-foot North office building. Springline also has a 100,000-square-foot South building at 550 Oak Grove Avenue.

Springline tenants include Norwest Venture Partners, a venture capital and growth equity firm; Cornerstone Research, a litigation consulting firm; and

Genesys Telecommunications Laboratories, which leased 23,000 square feet to move its headquarters from Daly City.

Springline also includes 183 apartments and 25,000 square feet of fully leased shops and restaurants.

Greenheart Land broke ground on Springline in 2017. Presidio Bay, based in San Francisco, took over the project in late 2020 and sought to create a “city within a city” to meet residents’ living and working needs.

The transit-oriented development, located steps away from Menlo Park’s Caltrain station, is envisioned to serve as a “catalyst and a central focal point for the financial community,” Cyrus Sanandaji, managing director for Presidio Bay Ventures, told the Business Journal. “Everyone talks about ‘live, work, play,’ and you can literally do that within the six-and-a-half acres of this campus.”

Sanandaji said the project reached a major milestone this year when Presidio Bay Ventures was issued temporary certificates of occupancy.

The next milestone will be completion of the ongoing buildouts of tenants’ commercial spaces, which are expected to finish next summer.

In June, Wells Fargo renewed its lease on its 622,300 square-foot headquarters in the Financial District, after moving out of a 45-foot skyscraper on Fremont Street and listing a 13-story office tower on California Street.

In July, Presidio Bay paid $34 million for an industrial complex in San Carlos it aims to turn into a 410,000-square-foot life sciences campus.

— Dana Bartholomew