Mendota Heights, Minnesota-based financial services firm EQ plans to open a 116,000-square-foot office on Milwaukee’s northwest side and create 180 new jobs.
The Wisconsin Economic Development Corp. on Monday announced the company’s plans to locate in the Parkland Center building at 11200 W. Parkland Ave., which was among sites the company considered in at least three other states. WEDC authorized up to $1.25 million in tax credits for EQ as an incentive to locate in Milwaukee, which it would receive based on job creation and capital investment over the next three years.
EQ, a subsidiary of U.K.-based firm Equiniti Group plc, was formerly called Wells Fargo Shareowner Services. Founded in 1929, EQ offers transfer agent services for about 1,200 global clients and 23 million shareholders. Transfer agents provide management of share registers, shareholder communications and aid in significant corporate actions.
EQ will have client services operations and a data center at the new office, which will be a “redundant site” that can handle all operations of its headquarters if needed.
Wells Fargo Home Mortgage previously occupied the entire Parkland Center building, until it ceased operations there in 2015 and laid off 1,000 employees who worked there.
In August, Jacksonville-based banking and payment technologies firm FIS leased 124,500 square feet at the Parkland Center building, which brought its occupancy rate to 67 percent. The three-story, 245,266-square-foot building was built in 1990. It underwent extensive renovations in late 2016, which included an updated lobby, a new fitness center and a new cafeteria operated by Davian’s.
WEDC says another 347 indirect jobs could be created in southeastern Wisconsin as a result of EQ’s decision.
“Milwaukee is a fabulous city with a talented and diverse workforce. We know that this facility, along with the future staff, will become a strategic asset to our organization as we support our clients in exceeding their goals. We look forward to becoming an integral part of the community,” said Todd May, chief executive officer of EQ.
“As a global company, EQ had numerous options for this investment and we thank company leaders for their commitment to Wisconsin and for creating 180 family-supporting jobs in Milwaukee,” said Mark Hogan, secretary and CEO of WEDC, the state’s lead economic development organization. “EQ is the latest company to establish or expand operations in Wisconsin because of the state’s outstanding business climate and dedicated workforce.”
“EQ is a welcome addition to this city’s business community. The company conducted a thorough evaluation of sites outside of this region, and in the end selected Milwaukee,” said Milwaukee Mayor Tom Barrett. “EQ knows it will find a capable workforce, a reasonable cost of conducting business and a great quality of life here in Milwaukee.”
