W
ells Fargo, a bank with roots dating back to the Old West stagecoaches that transported gold, is shifting its focus eastward. The San Francisco-based institution plans to sell its headquarters at 420 Montgomery Street and close its last history museum after senior executives relocated to New York. According to sources, Wells Fargo has hired Eastdil Secured, a company it previously sold but still owns a minority stake in, to market the building.

    The sale of the 409,000-square-foot Financial District property would mark a significant departure from San Francisco for Wells Fargo, which has been slowly trimming its real estate footprint in the city. The bank's senior executives are now largely based in New York or Charlotte, North Carolina, and it plans to move its official hub to 333 Market Street.

    Wells Fargo will continue to operate in San Francisco, where it has maintained a presence since the 1850s. However, the company is reassessing its real estate portfolio to manage costs and adapt to changing economic trends. The bank's decision to sell its headquarters and close its museum reflects this shift towards a more streamlined operation.

    Wells Fargo has a significant workforce in California, with 23,000 employees, but it has been expanding its presence in New York under CEO Charlie Scharf. The company plans to expand its footprint in New York's Hudson Yards and has already sold several properties in San Francisco, including the 550 California Street tower for $40.5 million last year.