Fiserv Inc. announced Thursday that it will move its global headquarters from Brookfield to Downtown, where it will take over a spot in the former Boston Store building.
The move to space at 640 Vel R. Phillips Ave. is the latest boost for Westown. The property is located just a few blocks from the Deer District, the site of the Fiserv Forum, home of the Milwaukee Bucks. The company signed an exclusive naming rights agreement for the arena in 2018.
Fiserv’s Downtown project will include the addition of 250 jobs over five years and a $40 million investment, contingent upon incentives currently being considered by the Wisconsin Economic Development Corp. and the City of Milwaukee.
“Fiserv roots run deep in Wisconsin and we’re proud to be expanding our presence and investment in the state and the local workforce,” Fiserv President, Chairman and Chief Executive Officer Frank Bisignano said.
“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.”
Fiserv will lease 160,000 square feet at HUB640, the redeveloped property that housed the Boston Store until its closure in 2018 after operating there for nearly 125 years.
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The space will feature a client meeting and conference center, social and collaboration spaces and culinary programming to “create a superior workplace experience,” according to the company.
The location will include a dedicated employee entrance and covered parking. Fiserv will invest in enhancements and pursue Leadership in Energy and Environmental Design (LEED) certification for the building.
Fiserv’s current corporate headquarters site is at 255 Fiserv Drive in Brookfield, where it has been located since 1992.
“I am pleased that Fiserv has chosen to deepen its roots in Wisconsin,” Wisconsin Gov. Tony Evers said. “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.”
Fiserv is a publicly traded global technology company and provider of payments and financial services products.
“Fiserv’s extraordinary growth is driven by innovation,” WEDC Secretary and CEO Missy Hughes said. “Wisconsin is firmly planting its flag in the digital economy of the future. Fiserv’s products and solutions are emblematic of Wisconsin’s important role in the global economy. Companies like Fiserv are driving job growth and prosperity statewide.”
The Fiserv project will mark the latest investment in Westown. It’s the location of the new home of the Milwaukee Symphony Orchestra, the 3rd Street Market Hall and Milwaukee Tool’s Downtown offices.
“Fiserv adds the forward momentum of Downtown Milwaukee, where their name already boasts a rich presence at Fiserv Forum, the home of the Milwaukee Bucks,” City Development Commissioner Lafayette Crump said. “The city is looking forward to Fiserv and its employees bringing talent, commitment and investment to Milwaukee.”
In July, Menomonee Falls-based retailer Kohl’s announced that it would open a store on the ground level of former Boston Store space. The store is expected to open in fall 2023.
A pair of music halls planned for the Deer District could, if granted final approval, further add to Westown’s momentum, as would a plan for an ambitious, multi-purpose project east of the Marquette University campus that also calls for yet another music hall.
The centerpiece of the project near Marquette would be an 8,000-seat soccer stadium that would be home to an expansion team in the USL Championship, the second-highest tier of professional soccer in the United States.
In addition, an East-West Bus Rapid Transit line along Wisconsin Avenue will also soon begin operating to provide expanded public transit options.
“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,” Milwaukee Mayor Cavalier Johnson said. “This is what the power of partnerships is all about.”
Fiserv formed in 1984 with the merger of First Data Processing and Sunshine State Systems. The merger created a national data processing organization focused on the financial services industry. Fiserv became a public company two years later and is listed on Nasdaq.
In 2019, Fiserv engaged in a $22 billion merger with New York-based First Data Corp., after which it began consolidating offices across the country.
Fiserv management said it is focused on recruiting a diverse, tech-savvy workforce. The company recently was named a top performer on the American Opportunity Index, which ranks large companies by how well they create economic mobility for workers.
The company also has touted its commitment to furthering diversity and inclusion where it has a presence. This includes a commitment to help minority-owned small businesses as part of the Fiserv Back2Business program. To date, the company has awarded nearly 1,500 grants to local small businesses, more than 130 of which have been presented to small businesses in the Milwaukee community.
