Savills Relocates Both the Executive Offices and Data Center for Clearing House Payments Company
The Clearing House Payments Company LLC (“Clearing House”) clears and settles more than 65 million transactions with a total value of $2 trillion each day, which is nearly half of the daily fund transfers and check image payments in the United States. Clearing House’s executive office and data center were in a building about to undergo a major renovation, which would be disruptive and potentially dangerous to their critical infrastructure and technology systems. In addition, the renovations and upgrades to the building would have priced Clearing House out of the building upon their lease expiration several years later.
Savills was retained to analyze the market and find a way to relocate both the executive offices and data center currently within their space. After examining both the downtown and midtown markets, Savills uncovered a strategy to keep Clearing House within the Brookfield Properties portfolio and to achieve the most favorable exit scenario.
Savills ultimately arranged for the headquarters/executive offices to relocate to the prestigious Grace Building. At the same time, the operations, personnel and network data center would relocate downtown to the new Brookfield Place at 200 Liberty Street (formerly known as the World Financial Center). The alternative would have been that Clearing House remained in its then current space, which they did not want to do, prohibiting the landlord from completing its major renovations. The landlord ultimately blinked. Savills convinced the landlord to build the space at the landlord’s cost per the exact specifications required by Clearing House, which was twice the value of a typical market construction allowance.