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| Ryan Bartos |
The move is the latest
example of a Silicon Valley company expanding its essential business functions
in Phoenix instead of taking more space in the Bay Area.
Upgrade – a new consumer
credit platform that combines marketplace lending with tools that help
consumers understand and monitor their credit – is in the process of hiring 100
customer service, credit operations and collections professionals in Phoenix,
and expects to add an additional 200 employees by the end of 2018.
“Downtown Phoenix offered
everything we were looking for in a new office location, both for our company
and our employees,” said Renaud
Laplanche, Upgrade Co-founder and CEO.
“It is at the center of a
dynamic business environment, is convenient to workforce living throughout the
Valley and is surrounded by amenities, including a light rail stop right at the
building. This is going to help us recruit talent who want to work in a
fast-growing company that also cares about offering a great work environment.”
Executive Vice President Ryan Bartos from the JLL Phoenix office,
along with Managing Director Travis James and Vice President Matt Aljets from
the JLL San Francisco office, represented Upgrade in its site selection and
lease negotiations.
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| Sandra Watson |
“We’ve reached a point where there are more than 70,000 jobs within one mile of downtown,” said Bartos. “That makes it an extremely attractive destination for a company.”
He adds that Tempe is an equally dynamic
location, but with an approximate 5 percent vacancy rate, finding the amount of
space a company like Upgrade needs is challenging and expensive. He says that
Old Town Scottsdale has large blocks of space as well, but its lease rates are
also still high.
“A company saves 15
percent to 30 percent locating in downtown Phoenix,” said Bartos. “Along with
that savings, they gain a location where there are significant amenities
available within a short walk and access to great talent.”
“Phoenix is rapidly
becoming a recognized destination for tech companies looking to expand
operations,” said Phoenix Mayor Greg
Stanton. “Upgrade is a significant addition to our Downtown tech hub – a
Silicon Valley-based online lender that will add 300 employees to the thriving
innovation culture that is growing in our high rise-office space and historic
warehouses.”
"After a competitive
process, I'm pleased that Upgrade has selected Arizona to scale their
operation," said Sandra Watson,
President and CEO of the Arizona Commerce Authority. "Upgrade’s arrival is
a significant addition to Arizona’s already thriving advanced business services
sector, and further evidence of the fact that Arizona’s value proposition
continues to resonate with companies seeking a location to scale their success
rapidly."
Upgrade is the fourth
major technology company—the third from San Francisco—to make a Phoenix
expansion. A major consideration for Upgrade is the $50 million in renovations
underway by new Renaissance owners Cypress Office Properties and Oaktree
Capital Management.
For a complete copy of the company’s news release,
please contact:
Stacey Hershauer
focusAZ
Marketing & Public
Relations
(480) 600-0195
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