Sumitomo Mitsui Banking Corp. has found its space in Charlotte, agreeing to sublease 200K SF of office space at 301 S. College St. for its second U.S. headquarters, the Charlotte Business Journal reported. 

301 S. College St. in Charlotte

Tokyo-based SMBC unveiled in April its plans to invest $50.5M in Charlotte and create 2,000 jobs in the city over the next six years. North Carolina’s Economic Investment Committee had approved a $70M Job Development Investment Grant for the project over a 12-year period. 

The financial services company will move into the building this fall, basing all new roles there. Until then, it will continue operations at its small office at 500 E. Morehead St., where 180 employees work. 

More than 70 jobs are currently posted for the Charlotte market on SMBC’s website, with more expected soon. 

News first broke in April that the company was nearing a lease at the 42-story tower, previously known as One Wells Fargo Center. SMBC will sublease the space that Wells Fargo & Co. had used until 2024. 

Another financial services company choosing Charlotte over other markets in recent months is Capital Group, which announced in March that it will open a major East Coast hub there.

The SMBC deal has the potential to be the largest single leasing activity for the city’s office market in the second quarter. 

In the first quarter of 2026, some of the biggest deals in Charlotte included JPMorgan finalizing a 145K SF lease in SouthPark and Charles Schwab leasing 51,500 SF in the South End. Demand was concentrated on top-tier Class-A office buildings with amenities and convenient locations. 

Most tenants throughout Q1 secured leases in the 20K SF range, according to a Colliers Q1 office market report.

In March, vacancy in Charlotte’s office market dropped to 16.6%, the lowest rate since 2023, “as the market enters a new phase of stability,” according to the Colliers report. “Tenants have quickly claimed the limited available trophy space,” the report said.