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Electronic Merchant Systems to move HQ, 180 jobs to downtown Cleveland from Independence

January 5, 2018 GMT

Electronic Merchant Systems to move HQ, 180 jobs to downtown Cleveland from Independence

CLEVELAND, Ohio -- Electronic Merchant Systems, a payment-processing business based in Independence, will move its headquarters to downtown Cleveland in mid-2018, bringing more than 180 jobs to the central business district.

In a news release early Friday, the company announced that it has signed a lease on 48,000 square feet at the 250 Huron office building at Tower City.

The space, beneath the Ritz-Carlton Cleveland hotel, is owed by Bedrock, the Detroit-based real estate firm whose affiliates and sister businesses control much of the Tower City mixed-use complex. Bedrock is part of the Quicken Loans family of companies.

Daniel Neistadt, EMS’s chief executive officer, said the new offices will help the 30-year-old company attract and keep employees.

“Our growth has been significant,” he said in the news release, “and we were drawn to the 250 West Huron building because of its central location, which will enable our employees to fully experience the city of Cleveland and what it has to offer, as well as Bedrock’s reputation for outstanding management and tenant relations.”

It wasn’t immediately clear whether the company will receive incentives - such as tax credits - to assist with the move. In the news release, Cleveland Mayor Frank Jackson said the relocation will bring upwards of 180 jobs downtown and provide EMS with opportunities to grow.

The company, founded in 1988, serves more than 35,000 merchants from 40-plus offices nationwide. EMS provides and manages customizable applications that handle credit cards, debit cards, electronic checks and other forms of electronic payments for retailers, e-commerce companies and start-up businesses.

Dan Gilbert, Bedrock’s chairman, described EMS as a leader in the burgeoning “Fintech” sector, the innovative arena that applies technology to personal and commercial finance.

“As more and more people choose downtown to live, work and play, we are looking forward to helping meet the growing demand for modern, tech-friendly office space and building Cleveland’s profile as a true destination for flourishing new economy businesses,” Gilbert said in the news release.

Bedrock and related companies also own the Avenue shopping mall at Tower City, the Ritz-Carlton, the Higbee Building and parking behind and beneath the Tower City complex.