Trepp: Foreclosure for Former Fiserv HQ
The current Peachtree Corners home for Fiserv is about to head to “monetary default” and special servicing.
Fiserv, which is moving to Alpharetta, will soon empty out its 221k SF wooded campus, where it has been for years in the heart of Peachtree Corners at 4411 E Jones Bridge Rd. And that move is forcing its $30M CMBS loan (with $27.2M remaining in balance) into foreclosure, according to Trepp. The loan is being managed by special servicer C-III Asset Management.
Last year, Fiserv announced its plan to move to Cobalt Center, a 376k SF office complex in Alpharetta. It's a trend that's seen other suburban tech companies pack up from the suburbs for a move toward the city's center, including NCR, which is moving to both Midtown and Alpharetta. Fiserv, formerly CheckFree before the Wisconsin-based software payment system maker bought that company in 2007, has been a longtime presence in the Norcross city. Its lease expires this December. One challenge to potentially releasing the campus has to do with rental rates. According to Trepp, Fiserv was paying more than $25/SF on rent there last year, and average Northeast Atlanta (which encompasses all of Gwinnett County's office market) rents were $10/SF less for all class types and just under $20/SF for Class-A, according to Colliers International.
