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<\/p>\nOne of Miami’s most prominent office towers will soon have a new name after its anchor tenant has dramatically shrunk its space in a shift to West Palm Beach.<\/p>\n
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\n Wells Fargo Center at 333 SE Second Ave.\n <\/p>\n
Wells Fargo & Co<\/a>. relinquished\u00a0the naming and signage rights to the 750K SF, 47-story\u00a0Wells Fargo Center<\/a>\u00a0in Downtown Miami,\u00a0Bisnow has learned.<\/p>\n The San Francisco-based bank signed a deal with building owner MetLife Investment Management to reduce its square footage in the building to 25K SF,\u00a0Cushman & Wakefield<\/a> broker Brian Gale<\/a>\u00a0said in an interview Friday.<\/p>\n The tower, one of Miami’s tallest office buildings at 647 feet, was\u00a0named after the financial giant shortly after it opened in 2010, when Wells Fargo\u00a0signed a 20-year lease for more than 250K SF across four floors.<\/p>\n Its presence at the\u00a0Wells Fargo Center has fluctuated since then. Its footprint at its eponymous skyscraper was down to 96K SF by 2016, but then\u00a0it\u00a0signed a $32M lease<\/a> to expand to 151K SF in a consolidation of its Miami offices.<\/p>\n It\u00a0then started\u00a0downsizing its presence at the building again, starting four years ago when the company gave back the 46th and 47th floors, Gale said. Those spaces were filled almost immediately, he added.<\/p>\n It isn\u2019t clear if another company will step in to take the naming and signage rights to the building at\u00a0333 SE Second Ave. Wells Fargo declined to comment, and MetLife didn’t respond to a request for comment.<\/p>\n An 1800s carriage evoking the company\u2019s logo, which had sat in the lobby of the building, was also removed, Gale said.<\/p>\n Gale said some of the bank’s\u00a0Miami employees are being relocated to Wells Fargo\u2019s new headquarters for\u00a0its wealth and investment management business, which signed for the remaining 50K SF<\/a> at Related Ross<\/a>\u2019 One Flagler.\u00a0<\/p>\n The change comes as the bank\u00a0has been shrinking its workforce, laying off 5,600 employees last year,\u00a0the New York Post reported<\/a>.<\/p>\n A Cushman & Wakefield team of Gale, Ryan Holtzman<\/a>, Edward Quinon and Andrew Trench<\/a> has already leased\u00a0some of the vacated space on behalf of MetLife,\u00a0leaving a floor and a half available, Gale said. The building’s office space\u00a0is 85% leased.<\/p>\n \u201cWe have enough activity to lease up most of this space anyway,\u201d Gale said in a text message.<\/p>\n Developed as Met 2 Financial Center,\u00a0Wells Fargo Center is\u00a0connected to the\u00a0JW Marriott Marquis<\/a>\u00a0Miami via a 19-story podium with shared parking and amenities.<\/p>\n The building was completed\u00a0in 2010 as the second phase of Metropolitan Miami in a joint venture between MDM Development and MetLife. Basketball legend Shaquille O’Neal was also involved in the project during his\u00a0stint\u00a0with the Miami Heat, The Associated Press reported in 2006<\/a>. MetLife gained full ownership of the building\u00a0in 2011, Miami\u00a0Today reported<\/a>.<\/p>\n