Financial Tech Company Relocates to Phoenix

By Razvan Cimpean

Renaissance Square in Phoenix

Upgrade Inc., a financial tech company, has signed a 38,000-square-foot lease on the ninth and 10th floors of Renaissance Center I in Phoenix. The company will relocate its San Francisco headquarters. Ryan Bartos, executive vice president with JLL in Phoenix, in partnership with the company’s San Fransico team comprising Travis James, managing director, and Matt Aljets, vice president, represented Upgrade in its site selection and lease negotiations.

Upgrade, which was founded in 2016, plans to hire 100 employees in Phoenix this year, with 200 more expected to join the company next year. According to Renaud Laplanche, co-founder & CEO of Upgrade, the firm chose this location because it is convenient to workforce living throughout the valley and it is also surrounded by amenities, including a light rail stop right next to the building.

“A company saves 15 to 30 percent locating in downtown Phoenix,” Ryan Bartos, executive vice president of JLL Phoenix, said in prepared remarks. “Along with that savings, they gain a location where there are significant amenities available within a short walk and access to great talent.”

According to Yardi Matrix data, Cypress Office Properties acquired the building in 2016 from Hines as part of a $151.3 million portfolio sale that included more than 950,000 square feet of office space and more than 45,000 square feet of retail space. The property will undergo a $50 million renovation process that will include modernization of the lobbies and the addition of indoor-outdoor collaborative meeting spaces. “We are repositioning Renaissance Square to be Phoenix’s premier office towers,” Mark Wayne, principal at Cypress Office Properties, said in a prepared statement.

Image courtesy of JLL