Downtown Fiserv HQ parking ramp sold
New Chicago-based owner plans makeover for six-story structure
A parking ramp connected to Fiserv Inc.’s future downtown Milwaukee headquarters has been sold and will be getting a makeover.
The ramp, at 615 N. Phillips Ave., was sold for $6.25 million by an affiliate of Zilber Ltd. to a investment group led by Chicago-based North Wells Capital LLC, according to newly posted state real estate records.
North Wells Capital operates HUB640, 640 N. Plankinton Ave., where Fiserv plans to move its headquarters from Brookfield by year’s end.
The six-story, 712-space parking structure, which is connected to HUB640 with a skywalk above Phillips Avenue, will soon be renovated, said Zach Fox, North Wells Capital director of asset management.
That work will include repairs to concrete cracks, painting the interior and exterior, modernizing the elevators, renovating the elevator vestibules, adding new security measures, adding signs and replacing the storefront of the ground-level commercial space facing Phillips Avenue.
“Our goal will not only be to improve the aesthetics of the garage but to improve the overall experience of parking at the garage,” Fox said.
Fiserv, a global financial and payments technology provider, is leasing 144,200 square feet of offices on three floors at HUB640, the former Boston Store building.
HUB640 has other office tenants as well as streetlevel retail space. Kohl’s Corp. plans to open a 40,000-square-foot small format department store on the ground floor this fall.
The Common Council and Mayor Cavalier Johnson in December approved a plan to spend $7 million to help finance the building’s $37 million redevelopment to accommodate Fiserv.
The $7 million will be provided through annual payments for up to 20 years tied to HUB640’s higher property tax bills.
Fiserv must base at least 780 employees at HUB640 to obtain the full $7 million, and must keep its headquarters there for at least 16 years, according to a contract between the company and the city.
Fiserv expects to have 580 employees in its first year at the new headquarters, with that number rising to 780 by its fourth year. That includes 250 jobs that will be new to the Milwaukee area.
Also, the company is to receive up to $7 million in state tax credits in return for meeting annual job targets.
Fiserv in 2022 posted revenue of $17.7 billion and net income of $2.5 billion.