Wells Fargo will move its wealth management headquarters to West Palm Beach, selecting One Flagler, a 25-story office building at 180 Lakeview Avenue developed by Steve Ross’ Related Companies. The bank’s new lease covers 50,000 square feet in the recently completed tower, according to Bloomberg.
The relocation places Wells Fargo near Palm Beach, where reports indicate at least 67 billionaires now own homes. This is an increase from 43 in 2020, reflecting a trend of wealthy individuals moving to the area during and after the pandemic for tax advantages and favorable weather.
Barry Sommers, CEO of wealth and investment management at Wells Fargo, told Bloomberg that proximity to clients was key: “Florida’s a good market where clients are relocating, but more importantly, it’s a very easy market to travel.”
The office is scheduled to open in August. By year-end, about 100 employees—mainly senior wealth executives—are expected to be working at One Flagler. Sommers and his wife also moved their primary residence to Palm Beach County last December.
Sommers said he plans to expand the West Palm Beach team with financial advisers, private bankers and independent broker-dealers.
For developer Steve Ross, attracting Wells Fargo marks another significant tenant as he seeks to draw top firms into his office developments. His company has completed or planned 3.8 million square feet of office space in West Palm Beach. Related Companies has also signed leases with ServiceNow and Cleveland Clinic for offices in the city.
