It had been known as the Wasatch Plaza building for only two days when Wells Fargo announced its plans Wednesday to lease 255,000 square feet, or nearly half of the building's 24 floors.
Now the former American Stores office tower has a new owner, a new tenant and a new name — all in one week.
"I got my name on it two days," said building owner Dell Loy Hansen, whose Logan-based Wasatch Property Management finalized the $78.5 million purchase of the tower from Albertson's Inc. Monday.
"But when someone like Wells Fargo shows up and you get a gold-plated name, you say, 'I can do that.' "
Against the backdrop of a stagecoach trucked in from Durango, Colo., Spencer Eccles, Wells Fargo chairman for the Intermountain Region, unveiled the tower's new designation — the Wells Fargo Center.
"I couldn't be happier about this agreement," Eccles said. "I surely believe this building is the best of class in this city."
The building originally was designed as the headquarters for the American Stores Co. but largely sat empty until the Salt Lake Organizing Committee occupied nine of its floors.
Wells Fargo will lease part of the space on the first, second and third floors and all space on floors four through 13.
In October, the move from Wells Fargo's three other downtown buildings to the tower will begin.
The bank's buildings at 100 South and Main and 400 South and Main will be sold, but the branches in both locations will remain open. The branch at 200 South and Main, which is leased space, will be moved into the new headquarters.
Because SLOC occupies some of the floors that Wells Fargo will lease, the balance of employees will move in August 2002, well after the end of the 2002 Olympic Winter Games.
"We felt a building of this stature will likely not be duplicated in this city," said Scott Nelson, Wells Fargo president for the Utah and southwest Wyoming region. "So we saw this as an opportunity to confirm our longstanding commitment to our team members, customers and shareholders."
Utah Gov. Mike Leavitt said the name change would create a new landmark for the state and city.
"You can hear the conversations, 'I'll meet you downtown, at the Wells Fargo Center,' " Leavitt said.
Salt Lake City Mayor Rocky Anderson also praised the move, calling the company a great new corporate partner and resident in the community.
"They (Wells Fargo) make a commitment in every community where they do business to contributing a certain percentage of their revenues," he said. "They have made the same commitment in this community."
Anderson said the health of a downtown business district often follows the vitality of its cornerstone buildings.
"When key buildings, like the American Stores building, are filled to capacity developers are encouraged to pursue more investment and expansion and new businesses are attracted to our area," he said.
In fact, Chicago-based Hamilton Partners is planning its own office tower on the west side of Main Street, south of the Hotel Monaco.
Hansen, whose company owns more properties in California and Arizona than Utah, said Salt Lake is the center of a great place to be an investor.
"If there is another office building for sale in town, we are going to find it," Hansen said. "You've got our full attention out here."
E-MAIL: danderton@desnews.com