Thank you for sharing!

Your article was successfully shared with the contacts you provided.

PHOENIX-Fiserv Inc. has extended a stay in its current 100,000-square-foot location through a lease renewal. The financial services technology provider signed a 5.5-year lease with landlord Principal Equity to keep its regional headquarters in the same spot.

Tenant representative and Transwestern vice president Vince Femiano tells GlobeSt.com that Fiserv’s initial medium-term lease for space at 4801 E. Thistle Landing Dr. was due to expire in 2010. In response, Femiano and Transwestern tenant advisory specialists Phillip McCarthy and Keith Foery decided to take a careful look at the market to determine other options, and spent several months researching potential scenarios.

“We toured half-a-dozen good options that could have worked for us, and spent a few months doing this,” Femiano tells GlobeSt.com. “We looked at even purchasing a building at one point. Ultimately, we ended up renewing.”

He explains that Principal Equity offered what he termed an “aggressive economic package,” and worked hard to keep Fiserv in place. Though Femiano declined to discuss the exact deal consideration, he says deals in the submarket can go for an annual rate of between $14 per square foot to $19 per square foot, triple net.

Another advantage was that the building’s floorplate allowed for the addition of 15 employees. “Because of efficiencies and economics, the location worked well for us,” Femiano comments.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.