Wells Fargo vacated the four-story Arcadia office building in West Des Moines during the third quarter of 2023, adding over 272,000 square feet of vacant office space to the Greater Des Moines market, according to Marketbeat, Cushman & Wakefield’s third-quarter office report.

The Arcadia, at 7000 Vista Drive in Country Club Plaza, is owned and managed by R&R Realty Group. The property is valued at $24.4 million, according to the Dallas County assessor.
Early this year, Wells Fargo announced that it was relocating a large number of people who worked in downtown Des Moines and other parts of the metro area to the company’s Jordan Creek campus in West Des Moines. The company is selling properties it owns downtown and not staying in spaces it had leased.

The Arcadia “is the first of several Wells Fargo buildings coming back to the market over the next several years,” according to Marketbeat. Wells Fargo is vacating about 1.5 million square feet of mostly office space, according to the report.

The vacant space in Arcadia contributed to pushing the vacancy rate of office space in the metro area to 16.9% in the third quarter, which ended Sept. 30. The vacancy rate in the second quarter was 16.5%, according to Marketbeat.

To read the report, click here.

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