Fintech Firm Opens Downtown Milwaukee HQ
This company committed to nearly 170,000 square feet for at least 16 years.
Fintech company Fiserv has opened its global headquarters at HUB640, a 298,000-square-foot mixed-use building in downtown Milwaukee. Urban Innovations acquired the asset in 2017 for $25 million from WEC Energy Group, according to CommercialEdge information.
Fiserv will occupy nearly 170,000 square feet at HUB640 for at least 16 years—extendable to 20 years—public records show. The firm relocated from 255 Fiserv Drive in Brookfield, Wis., its home since 1992.
The company invested $37 million in the Milwaukee building to better accommodate its headquarters. In addition, the Common Council and Mayor Cavalier Johnson committed to granting Fiserv $7 million through annual payments for up to 20 years if the firm will base at least 780 employees at the new headquarters and respect the lease term, the Milwaukee Journal Sentinel reported.
HUB640, from retail to office space
The 1895-completed HUB640 went through multiple conversions, from storage and shipping hub to retail center and then to mixed use in 2002. The six-story building features floorplates averaging 57,976 square feet, four passenger elevators and around 670 car parking spaces, along with some 66,000 square feet of retail space. The property also includes 74 residential units.
Fiserv’s new space comprises a client experience center, a high-tech conference room, a café and a dining area dubbed The Point Downtown, as well as collaborative workspaces and custom artwork. The firm intends to pursue LEED certification for the building.
READ ALSO: LEED Certification Stats for the Office Sector in 2023
The property’s amenities also include a rooftop patio, clubroom, fitness center, kitchenette and tenant lounge. The tenant roster comprises North Shore Healthcare, Abacus Architects and Calculated Hire, according to CommercialEdge.
HUB640 is at 640 Vel R. Phillips Ave., close to a host of dining and retail options and less than 8 miles from Milwaukee Mitchell International Airport. The building is also 1 mile from North Office Building, a 540,000-square-foot office property that is currently being redeveloped.
Milwaukee’s office sector shows signs of improvement
The Milwaukee metro’s vacancy rate clocked in at 22.9 percent in the third quarter of last year, a Cushman & Wakefield office report shows, registering a 60-basis-point decrease over the quarter. The overall average asking rate was $20.1 during the same period.
In November, The Marcus Corp. has signed a 52,000-square-foot agreement to expand and relocate its Milwaukee headquarters. The company will occupy the space at the Associated Bank River Center later this year.
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