Home / Business / Deluxe moves its headquarters to the center of Mpls. from Shoreview

Deluxe moves its headquarters to the center of Mpls. from Shoreview



Deluxe Corp. is moving its headquarters from Shoreview to downtown Minneapolis, one of many bold moves as the company continues to evolve from its historic check printing business to a more diverse mix of small business services.

Deluxe, which has annual sales of $ 2 billion, moves to the 801 Marquette Building, the former TCF building in the heart of the central business district. Around 525 employees could move downtown when the space is ready in the fall of 2021.

The company also announced last week that it is building a financial technology center near Atlanta. A developer has purchased his current Shoreview campus and Deluxe will rent it back until the downtown space is ready.

“Moving to downtown Minneapolis is an exciting next step, helping us accelerate our transformation while deepening our commitment to the community,”

; said Barry McCarthy, CEO of Deluxe.

Deluxe’s ​​announcement comes at a time when the center’s liveliness has been dampened in recent months due to the coronavirus pandemic and civic unrest. Public officials on Monday’s announcement pointed to Deluxe’s ​​move as a positive sign for the city.

“Today’s announcement means hundreds of jobs will not only remain in Minnesota, but will be in the heart of downtown Minneapolis,” Governor Tim Walz said. “The move will help maintain the vitality of downtown Minneapolis and help our entire state thrive.”

The number of people working in downtown Minneapolis in 2019 was 218,325, up more than 6% from 2017, according to the Minneapolis Downtown Council.

The residential population is also growing, with McCarthy among them. He and his wife have purchased a historic loft downtown and are completing renovations to the space.

Deluxe Corp., which is over 105 years old, is best known as a business check and form printer. Company founder W.R. Hotchkiss invented the personalized flat pocket checkbook.

For decades it has been synonymous with personalized check printing, but with the rise in online payments, Deluxe has adapted through a series of acquisitions. It now offers a mix of small business services and its check printing unit now accounts for 40% of overall business.

Since he was named president and chief executive officer in 2018, McCarthy has made all employees owners / shareholders by giving them options in the company and has slowed down acquisitions to build and integrate his units.

Deluxe will rent 94,000 square feet on the third and fourth floors of the 801 Marquette Building and the seventh floor of the adjacent 121 Building. The owner of the buildings, Franklin Street Properties Corp., said in a statement that Deluxe had signed a 16-year lease and that each building is rented for approximately 92%.

Deluxe officials said the company has options for more space in Building 121 if needed.

The company said the state provided some work-related incentives for Deluxe’s ​​relocation from Shoreview to Minneapolis, but didn’t disclose the amount.

The company has a sale / lease agreement for the 40-acre Shoreview campus for the interim period, although most employees work from home due to the coronavirus pandemic.

Jobs in finance, marketing, creative support and human resources are headed downtown. The new space will be designed to offer flexible working options for Deluxe employees and will reflect the company’s successful home shift work, the company said.

Deluxe is in the midst of an entire real estate overhaul. A couple of years ago, it had 84 locations and said it would close about half of them. The home shift has accelerated that review, which will be completed by the end of next year with approximately 20 locations closing this year.

Some consolidation will happen at a new 172,000-square-foot financial technology center just north of Atlanta in Sandy Springs, Georgia, where there are many other technology operations. That location will eventually house 700 workers.

Currently, 200 of Deluxe’s ​​6,300 employees work in Georgia.

“We believe there is great value in having together product management, application development, strategy, etc. Around our two real growth engines for the business: payments and the cloud,” McCarthy said.

The company’s third major hub is in Kansas City, with major manufacturing and call center operations.

McCarthy said the company did a nationwide search for a new location for the fin-tech center, but soon settled in the Atlanta area.

“Atlanta is widely known as one of the largest financial technology centers in the United States,” McCarthy said. “The state has made a huge contribution to supporting financial technology companies.”

Georgia’s Department of Economic Development has invested heavily in attracting fin-tech companies to the area.

The city of Sandy Springs will forfeit $ 255,000 in permits and building permit fees for the project, according to the Atlanta Journal Constitution, which first reported on the project. Deluxe did not disclose any other state and county economic development incentives.

“I’m not free to discuss the details, but the state and local governments have been very aggressive in courting us and this opportunity,” McCarthy said.

The refurbished offices in Georgia, such as downtown Minneapolis, will be built with COVID precautions, McCarthy said, including more flexible workspaces and more employee space.

“We feel lucky to do it now,” he said, “because we now have the opportunity to shape ourselves for the future.”

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