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ells Fargo Advisors has expanded its presence in San Francisco, signing a lease for 46,000 square feet at the iconic 555 California Street building. The deal marks a significant rebound for high-end offices and a return to the workplace. Wells Fargo renewed its existing lease for 30,000 square feet on the 23rd floor and added an additional 16,000 square feet.

    The Financial District building, owned by Vornado Realty Trust and The Trump Organization, is outperforming San Francisco's office market. While 37.3% of workplaces in the city are vacant, 555 California Street boasts a 94.5% occupancy rate, according to Vornado's latest regulatory filing. Average rents at the building start at $110 per square foot, significantly higher than the typical asking rates for Class A offices in San Francisco.

    The strong demand for high-quality office space is driving up rental rates and occupancy levels, said Alexander Quinn of JLL. "There's a flight to quality, where tenants are seeking the best workplaces available." The market remains tight for top-tier offices with sweeping views of the city and bay, making 555 California Street an attractive option for companies like Wells Fargo Advisors.