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ells Fargo is reportedly considering selling its San Francisco headquarters at 420 Montgomery St., with a potential sale as early as this month. The move comes after the bank announced plans to streamline its mortgage division and sell most of its commercial real estate loan servicing to nonbank firm Trimont.

    This development may be seen as part of a broader trend de-emphasizing the West Coast, given Wells Fargo's CEO Charlie Scharf is based in New York City and the bank has built up a presence in Charlotte, North Carolina. However, if the sale goes through, the bank's headquarters would only shift six blocks to 333 Market St.

    Wells Fargo spokesperson stated that bringing employees together at the new location will create a more collaborative work environment with modern workspaces, enhanced technology, and amenities. The bank has hired Eastdil Secured as an adviser on the transaction and begun informal talks with potential buyers.

    Valley National Bank is also offloading its commercial real estate holdings, selling $925 million in loans to Brookfield Asset Management. Valley's CEO Ira Robbins said this move helps accelerate progress toward their strategic balance sheet goals.

    JPMorgan Chase, on the other hand, is doubling down on its presence in Orlando, Florida. The bank plans to launch a renovation of its 250,000-square-foot campus early next year and add 300 jobs, a 12% boost to its workforce in the region. This move comes as part of JPMorgan's larger effort to open 500 new locations by 2027.

    The trend of banks offloading commercial real estate holdings is becoming more apparent, with WaFd selling $2.9 billion in loans to Bank of America and NYCB selling its residential mortgage servicing business to Mr. Cooper for $1.4 billion.