North Wells Capital, the owner of the HUB640 office building in downtown Milwaukee that will soon serve as Fiserv’s new global headquarters, has purchased the parking ramp across the street from the building, with plans to update the structure to better serve its tenants.
A limited liability company affiliated with the Chicago-based real estate investment firm purchased the seven-level, 750-space structure at 615 Vel R. Phillips Ave. from a limited liability company affiliated with Milwaukee-based Interstate Parking for $6.25 million. Interstate Parking itself purchased the parking ramp from the parent company of Boston Store in 2012 for $2.65 million, according to city records.
Constructed in 1967 the ramp originally served as parking for the Boston Store, located in what is now the HUB640 building. Since then, the parking structure has mostly served as event parking for the Wisconsin Center. Tony Lindsay, principal at North Wells Capital, said it made sense to acquire the structure, which has a skywalk over Vel R. Phillips Avenue connecting it to the HUB640 building, since it’s where most Fiserv employees and the building’s other tenants will park.
“It just made sense to control it, since we will be filling it primarily with HUB640 tenants and employees. We are going to modernize the elevators, update the lobbies, repaint and re-stripe it, and just make it so it is more of a compliment to the building,” Lindsay said Friday.
Once the updates are completed, which should happen when Fiserv moves into HUB640 later this year, the ramp will primarily be reserved for building tenants and guests. Some public use might be allowed on the weekends, but that must still be determined, Lindsay said.
It’s been about four months since Fiserv announced it would be moving its global headquarters to the 128-year-old former Boston Store building.
Since that announcement, North Wells Capital, which purchased the building in 2017, has filed paperwork to undertake a bevy of improvement projects at the historic building.
In addition to extensive interior alterations planned for the new office spaces, North Wells is planning to construct two private elevators at the building. Located on the southeast side of the building, the elevators would solely be used by Fiserv employees, customers, and guests, Linsday said. The elevators, as well as a stairwell addition, would serve Fiserv’s offices on the building’s third, fourth and fifth floors, Lindsay said, as well as a private lobby on the first floor.
Fiserv is expected to start moving into its new digs sometime in the fourth quarter of this year, Lindsay said last month.
“We provided Fiserv with a tenant improvement allowance and so they will be running their own construction,” Lindsay said. “They are going to be substantially improving the space.”
The company plans to add 250 jobs there over five years and invest $40 million into the historic building as part of incentives is slated to receive from the city of Milwaukee and the Wisconsin Economic Development Corp.
Milwaukee aldermen approved an $11.6 million tax incremental financing package to support the corporate headquarters project and nearby public infrastructure. As part of the deal, the city will reimburse Fiserv $7 million of the roughly $37 million the company plans to spend in renovating its new headquarters.
North Wells Capital is also slated to receive a cash grant of $1 million for streetscape and sidewalk improvements around the perimeter of the building.
