Financial technology and payments firm Fiserv Inc. is moving its global headquarters and hundreds of jobs from Brookfield to downtown Milwaukee, the company announced Thursday.
The global headquarters project, which will include the addition of 250 jobs over five years and a $40 million investment, is contingent upon incentives currently being considered by the Wisconsin Economic Development Corp. (WEDC) and the city of Milwaukee, according to the announcement.
All of the new jobs will be based at the new Fiserv campus in downtown Milwaukee, according to the announcement. The company is leasing 160,000 square feet over four floors.
Fiserv (Nasdaq: FISV) currently has more than 700 associates in the Milwaukee area, Fiserv vice president of external communications Ann Cave said earlier this week.
"Our new world headquarters location will be a dynamic hub of collaboration and innovation, bringing our people together in an inspiring workplace to create opportunity for energizing and career growth experiences,” Fiserv CEO Frank Bisignano said in a statement. “We look forward to being a force for good, as we create positive and meaningful impact and grow our presence in the increasingly vibrant downtown Milwaukee community.”
Hub640 has about 300,000 square feet of retail and commercial space on its lower five floors. Two upper levels on the south side of the building are filled with apartments.
"Milwaukee is an ideal location for Fiserv's global headquarters, which will be a prominent showcase and physical manifestation of the company's brand experience, and Fiserv will add significantly to the positive energy in the center of the city," said Milwaukee Mayor Cavalier Johnson. "This is what the power of partnerships is all about. I welcome Fiserv and the hundreds of employees coming to Westown."
Lindsay said Fiserv’s lease is for 10 years with options to extend beyond that. That represents a major lease in terms of both size and duration after the Covid-19 pandemic starting in 2020 caused many companies to seek only short-term renewals.
“We were in an advantage of Westown has become an extremely hot submarket to move into,” Lindsay said. “To capture and retain the best talent is still the name of the game.”
Chicago-based North Wells Capital acquired the downtown building in spring 2017 when it was still the corporate headquarters of The Bon Ton Stores Inc. Bon-Ton went out of business in 2018, prompting a re-investment into the building by North Wells to become multi-tenant offices. Since that time, it has attracted office leases with Eight Eleven Group and North Shore Healthcare, and an agreement to bring a Kohl’s store to refill retail space on the ground floor.
Bisignano mentioned the new headquarters location during the company's earnings call Thursday morning. He will be the featured speaker at the Milwaukee Business Journal's Power Breakfast event on Nov. 17.
A number of investments around Hub640, 640 N. Vel R. Phillips Ave., likely make it more attractive for Fiserv.
The Wisconsin Center convention space is expanding across the street, apartments continue to be built in the neighborhood, and Milwaukee Tool is opening an office to house hundreds of jobs on nearby West Michigan Street. The former Shops of Grand Avenue connected to Hub640 is attracting traffic through its 3rd St. Market Hall that opened in January, and also is leasing its office space to bring daytime workers back to the neighborhood.
Founded in Brookfield in 1984, Fiserv is a $16 billion company providing financial services and technology worldwide. It has 44,000 total employees and, besides its Milwaukee-area headquarters, includes a large U.S. presence in the Atlanta area with about 4,000 employees.
https://www.bizjournals.com/milwaukee/news/2022/10/27/fiserv-hq-downtown-milwaukee.html