Fiserv Moving Headquarters, More Than 750 Employees Downtown

Fiserv, the Brookfield-based financial technology services company, will move its headquarters to downtown Milwaukee.

As part of a $40 million investment, the company will lease 160,000 square feet in the HUB640 building, 640 N. Vel R. Phillips Ave. The former Boston Store Building is located along the resurgent W. Wisconsin Ave. and a Kohl’s department store was announced in July for its first floor.

A state subsidy agreement is contingent on Fiserv adding 250 jobs, but a company spokesperson said more than 750 employees are eventually expected to be based in the downtown office. Fiserv reports having more than 500 employees in Brookfield currently.

“Fiserv roots run deep in Wisconsin, and we’re proud to be expanding our presence and investment in the state and the local workforce. 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, as we lead the industry forward on behalf of our clients,” said Frank Bisignano, Fiserv CEO and chairman, in a press release announcing the deal. “As part of our investment in this new Fiserv global headquarters, 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.”

The Wisconsin Economic Development Corporation must still approve the agreement. “Fiserv is precisely the type of innovation-driven company we want and can well support in our state. The company’s decision to expand here says volumes about our talented and plentiful tech workforce known for its next-level skills, nimbleness and work ethic. I am grateful to Mr. Bisignano and the entire Fiserv team for the company’s investment in Wisconsin,” said Governor Tony Evers in a statement.

In 2017 the Fortune 500 company confirmed it was considering multiple sites in Milwaukee, but never moved. In 2019 it acquired First Data Corporation for $22 billion and set about restructuring or closing several dozen of its offices spread across the country. It now reports approximately 44,000 employees, with major offices in Brookfield, suburban New Jersey, Georgia, Nebraska, Florida and an executive office in New York City. Wisconsin, in 2017, awarded Fiserv up to $10 million in tax credits to maintain its headquarters in state.

Fiserv previously considered a site in the Deer District, a downtown location that would place the company next to Fiserv Forum, the arena for which it holds the naming rights. It also considered another Brookfield location, the UW-Milwaukee campus area in Wauwatosa, Schlitz Park and Reed Street Yards. The latter site is now off the market as Rite-Hite Holding Corporation is moving its headquarters there.

“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 our city,” said Mayor Cavalier Johnson. “This is what the power of partnerships is all about. I welcome Fiserv and the hundreds of employees coming to Westown.”

The company’s announcement is just the latest major move for the neighborhood. To the southwest, Brookfield-based Milwaukee Tool is redeveloping a vacant office building, bringing with it hundreds of jobs. A $456 million expansion of the Wisconsin Center is underway to the northwest. To the northeast, the Milwaukee Symphony Orchestra anchors the $90 million Bradley Symphony Center project. Directly east of HUB640, the former Grand Avenue Mall was successfully redeveloped into an office-focused complex with 3rd Street Market Hall on the first floor. The East-West Bus Rapid Transit line is slated to begin service on Wisconsin Avenue next year, with a planned north-south streetcar extension slated to eventually run down N. Vel R. Phillips Ave.

Fiserv, in July, was reported to be “seriously considering” the HUB640 building. It retained Bill Bonifas of CBRE to help with its search.

A WEDC representative declined further comment on the subsidy agreement.

The eight-story Boston Store Building was acquired by Chicago-based North Wells Capital in 2017 and fully redeveloped as HUB640 following the department store chain’s 2018 bankruptcy and subsequent liquidation. North Wells planned to strategically redevelop the former Boston Store Building, but that work was expedited when Bon-Ton went from downsizing to liquidation. In 2021, the company gutted and rehabbed each of the former Bon-Ton floors. The approximately 232,000 square feet of space on the upper floors, including the former second level of the Boston Store, are now designed to house office tenants, while the 66,125-square-foot first floor is reserved for commercial tenants. New common spaces were developed and a portion of the parking structure was converted to a rooftop deck. Working with Founders 3, North Wells successfully attracted North Shore Healthcare, Eight Eleven Group and Abacus Architects to the building. Engberg Anderson Architects and Kelly Construction & Design led the design and construction on the redevelopment.

HUB640 Redevelopment Photos

Aerial Photos

Former Boston Store