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Pfizer, Inc. is an American multinational pharmaceutical corporation headquartered in New York City, and with research headquarters in Groton, Connecticut. It is the world's largest pharmaceutical company by revenues.
Pfizer repurchased Warner Lambert under a corporate directive to combine and integrate Pfizer and Warner Lambert. Two years remained on Pfizer’s lease, and 1 year was left on the current Warner Lambert facility. Pfizer desired to renew its lease and expand in its current location. Jones Lang LaSalle assembled a team to address each city under consideration, as the consolidation needed to occur across the country. We identified both build-to-suit and existing alternatives, and completed demographic studies of employee/client base.
Our team created leverage in the market, even with 2 years left on Pfizer’s existing lease, to effectively negotiate a renewal with the current landlord. We entered into simultaneous renewal negotiations and ultimately negotiated a below market lease with built-in flexibility to protect Pfizer’s long-term growth. The renewal further enhanced Pfizer’s rights under the existing lease by achieving rental rates and tenant improvement allowances 15% below that of recently comparable transactions in the same building.