Novo Nordisk
Waltham, MA Premier Life Science Campus
185,000 SF
$125M Savings in Tenant Improvements & Lease Liability Costs
Challenge:
Novo Nordisk, a global pharmaceuticals company headquartered in Denmark, acquired long-time Savills client, Dicerna
Pharmaceuticals, in 2020.With a market cap of $361 billion, Novo Nordisk plans to use the Lexington, MA-based Dicerna as its launchpad for rapid North American R&D expansion, fueled by the recent success of blockbuster drugs, Ozempic and Wegovy.
Novo required highly flexible lab-capable real estate near appropriate talent concentrations while taking into consideration associated commute and transportation impacts. Additional focus was required to integrate Novo Nordisk’s global product innovation strategy and other corporate objectives, including ESG, into their real estate and workplace strategy.
Approach:
Savills developed a relationship with Dicerna's leadership team over the course of a decade, executing six transactions for over 300,000 SF.
Savills assembled a diverse team to prepare and deliver a thorough, customized real estate strategy, including site selection, talent and financial analysis, lease vs. buy, and workplace experience.
This effort, involving countless client deliverables and Board-level presentations, resulted in an overwhelmingly positive customer experience.
Results:
Savills negotiated a market-leading deal for Novo Nordisk in suburban Boston, allowing for approximately 185,000 SDF of initial state-of-the-art lab and office space and accommodating more than 200 new jobs (150 lab-based and clinical personnel), with rights for aggressive expansion.
Additionally, Savills negotiated a lease termination for another Novo-acquired company with the same landlord, resulting in over $50M in savings.
Savills was deeply involved in the redesign of the new life sciences campus, including landscape architecture, amenity center, and overall connection to nature.
