Modis Building Renamed Wells Fargo Center
In a press release issued today, Friday, May 20, 2011, a spokesperson for Wachovia/Wells Fargo announced that the building formerly known as "The Modis Building" will be renamed "The Wells Fargo Center".
The bank stated that the rebranding effort should be completed by the end of summer, and will encompass 6 floors (over 120,000 square feet) of the building. The bank has committed to a long-term lease, the details of which are undisclosed, and will not displace any of the building's current tenants.
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A recent statement released by Zillow.com (an online real estate appraisal system) notes that Jacksonville home prices have decreased by another 12% since last year. The current average price for a home in Jacksonville is less than $125,000. According to Zillow's Chief Economist, Dr. Stan Humphries, the market will not hit bottom until 2012 at the earliest.
