These company headquarters moved to Milwaukee. You know about Fiserv--but there are others

Three companies have moved their headquarters to Milwaukee so far this year − with other office relocations in the works.

Most people probably know Fiserv Inc. is now based with hundreds of employees just a few blocks from downtown's Fiserv Forum − after leaving its decades-long home in Brookfield.

But they may not realize Regal Ware Inc. and Mayville Engineering Co. also have moved to Milwaukee. They're among a trend of outstate companies joining Milwaukee-area businesses drawn to Wisconsin's largest city.

Since 2020, companies relocating or opening new offices are bringing more than 7,000 jobs to the downtown area, according to the Milwaukee Downtown Business Improvement District.

Here's what to know.

Fiserv brings hundreds of workers downtown

Fiserv, a financial and payments technology provider, is the biggest company to relocate to Milwaukee this year.

It began moving employees in January to HUB640, the former Boston Store building, 640 N. Phillips Ave. The company is leasing 168,000 square feet and is to eventually house nearly 800 employees.

Chair, Chief Executive Officer and President Frank Bisignano spoke at a March media event to celebrate the new offices. He said the downtown site will help attract and retain employees and provide an unparalleled ability to entertain clients.

Regal Ware, Mayville Engineering also move to Milwaukee

Two smaller companies, Regal Ware and Mayville Engineering, moved their headquarters to the city this year.

Cookware maker Regal Ware relocated from its longtime Kewaskum home to One Park Plaza, 12700 W. Park Place, at Park Place business park near Interstate 41 and West Good Hope Road. The company is leasing around 15,100 square feet, according to city Department of Neighborhood Services records.

More recently, vehicle parts manufacturer Mayville Engineering moved from its namesake Dodge County community to an office building at 135 S. 84th St., at Honey Creek Corporate Center east of Interstate 94's Zoo Interchange. The company is leasing 14,500 square feet.

Both firms still operate manufacturing facilities in Washington County and Dodge County, respectively.

Veolia, Enerpac moving to same downtown building

Boston-based Veolia North America is leasing 30,000 square at ASQ Center, 600-648 N. Plankinton Ave., for its Milwaukee office.

The firm, which operates wastewater and water treatment centers, will move 150 employees by late summer from Honey Creek Corporate Center.

Also, manufacturer Enerpac Tool Group Corp. will move its headquarters, with around 130 employees, from Menomonee Falls to 56,000 square feet at ASQ Center by early 2025 − with the building changing its name to Enerpac Center.

Another early 2025 move will be Allspring Global Investments shifting its regional operations from Menomonee Falls to 417 E. Chicago St., in the Historic Third Ward.

Charlotte, North Carolina-based Allspring will base around 300 employees at that 42,000-square-foot building.

Milwaukee Tool landed last year with Northwestern Mutual coming

Milwaukee Tool and Northwestern Mutual are two other high-profile deals.

Brookfield-based Milwaukee Tool last summer opened a five-story, 350,000-square-foot office at 551 N. Fifth St. That $40 million development will house more than 1,200 employees.

Northwestern Mutual has started work on a $500 million expansion of its downtown campus and plans to relocate its Franklin operations there with around 2,000 employees beginning in 2027.

The project centers on redeveloping an 18-story, 540,000-square-foot building at 818 E. Mason St.

City financing plays a role

Fiserv, Milwaukee Tool and Northwestern Mutual are receiving city funding through tax incremental financing districts.

The cash comes from the developments' higher property tax revenue − if the companies meet job growth requirements.

Milwaukee Tool will receive $12.1 million in city funds in return for having at least 1,210 downtown employees by the end of 2026, according to its development agreement with the city.

After that debt is repaid a second grant of up to $7.9 million would be provided for potentially 790 more workers housed in an addition.

Fiserv must base at least 780 employees at HUB640 to obtain the full $7 million in TIF district funding, and must keep its headquarters there for at least 16 years.

For $30 million, Northwestern Mutual must have at least 5,750 full-time employees at the downtown campus by 2030, not counting consultants and contractors. The company a year ago had 4,480 employees, consultants and contractors based downtown.

Recruiting and retaining young talent drives deals

Executives from Milwaukee Tool, Fiserv, Northwestern Mutual and other companies sound a similar theme behind these investments.

Milwaukee Tool's downtown office will help the company recruit a diverse workforce as well as "the best and brightest out of the best universities as well as other companies," Steve Richman, Milwaukee Tool group president, said in 2021.

"Encouraging people to live in a suburban community is less attractive to young, diverse, dynamic, tech-focused individuals," Ryan Smith, Fiserv senior vice president of global tax and incentives, said in 2022.

Northwestern Mutual's downtown campus allows the company to "create a relationship-based culture" and to better attract and retain "our top talent," Rebecca Villegas, Northwestern Mutual vice president of enterprise compliance, said in 2023.

Downtown is losing a major employer: Johnson Controls

To be sure, downtown will lose a major employer when Johnson Controls shifts operations from 507 E. Michigan St. to its Glendale corporate campus. That cost-savings move, announced in 2021, is to be completed by summer and involves around 1,300 employees.

The company's downtown buildings were sold to an affiliate of Kenosha-based Bear Development LLC, which is considering housing and other new uses. Other downtown office buildings have been converted to apartments − part of a national trend.

Also, Madison-based American Family Insurance Co. in 2022 dropped plans to develop an office at 1311-1325 N. King Drive that was to house up to 400 workers.

The company changed course after evaluating its real estate portfolio in the wake of the COVID-19 pandemic and the rise of remote work.

WTMJ-AM, Rexnord, Komatsu also make investments

Other companies that have invested heavily in downtown and its nearby neighborhoods since 2020 include engineering, planning and design firm Graef USA Inc., moving to The Avenue, 275 W. Wisconsin Ave., from Honey Creek Corporate Center; WTMJ-AM operator Good Karma Brands LLC, relocating to The Avenue from 720 E. Capitol Drive; manufacturer Regal Rexnord Corp., which moved its West Milwaukee offices (and later its Beloit headquarters) to 105-111 W. Michigan St.; Komatsu Mining Corp., which moved West Milwaukee manufacturing operations and a Honey Creek Corporate Center office to its new corporate campus at 401 E. Greenfield Ave., in the Harbor District; Brownsville-based infrastructure contractor Michels Corp.'s new regional office at the River 1 mixed-use development, 210 W. Becher St., in the Harbor District, and dock equipment maker Rite-Hite Holding Corp. relocating from Brown Deer to a new corporate campus at 195 S. Rite-Hite Way, in Walker's Point.

Tom Daykin can be emailed at tdaykin@jrn.com and followed on Instagram, X and Facebook.

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This article originally appeared on Milwaukee Journal Sentinel: Company headquarters keep moving to Milwaukee. Here's what to know