Wells Fargo pushes forward with new downtown San Jose branch

SAN JOSE — Wells Fargo is moving forward with plans to
relocate a downtown San Jose branch to an office tower at a choice
location next to the Fairmont Hotel.

The new branch for the banking giant will be at the 50 West
office tower at the corner of West San Fernando Street and South
First Street and will be a block away from its long-time location
on South Market Street.

“We have submitted our plans to the City of San Jose for a
branch and four ATMs at 50 W. San Fernando St.,” said Edith
Robles, a spokesperson for Wells Fargo.

Wells Fargo expects to occupy about 5,000 square feet in the 50
West office tower, which is owned by an affiliate headed by Jay
Paul Co., one of the Bay Area’s top development firms.

“This is a phenomenal site for Wells Fargo’s relocation,”
said Bob Staedler, principal executive with Silicon Valley Synergy,
a land-use and planning consultancy.

Wells Fargo’s primary downtown San Jose branch is now on the
ground floor of an office tower at 121 S. Market St., a long-time
location.

Jay Paul Co. in April 2020 paid $42 million in cash for the
Market Street tower, which is one of the properties the developer
intends to bulldoze starting as soon as this year to clear the way
for a huge tech campus on a key block bounded by South Market
Street, Park Avenue, Almaden Boulevard, and West San Fernando
Street.

With the redevelopment of CityView Plaza in the works, Jay Paul
and Wells Fargo worked to find a new location for the downtown San
Jose branch, which wound up being at the 50 West tower about a
block away.

The design of the financial center is expected to make the new
bank branch visible from one of downtown San Jose’s busy
intersections.

The new branch will be accompanied by four ATM machines and a
night deposit.

The Wells Fargo logo or at least two of the ATM machines will be
visible on all four sides of the 50 West tower, the bank’s
proposal to the city shows.

“The 50 West San Fernando building adjacencies to the
Fairmont, Cesar Chavez Park, and Jay Paul’s project is key for
the success of a banking location,” Staedler said.

Source: FS – All – Real Estate News 1
Wells Fargo pushes forward with new downtown San Jose
branch