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Merck, known as MSD outside the United States and Canada, is an innovative, global healthcare leader that is committed to improving health and well-being around the world. Merck is one of the largest pharmaceutical companies in the world. Merck engaged JLL to locate a site for a new Massachusetts research center with specific demographics.
The site needed to accommodate up to 350,000rentable s.f., and needed to be located within walking distance to Harvard Medical School and/or MIT. In addition, Merck wanted to obtain ownership control of the site. With little developable land in this particular area in MA, JLL performed extensive market research and identified several alternatives. JLL secured a long-term land lease with Emmanuel College Endowment Campus, a site immediately adjacent to both the Harvard Medical School and Beth Israel Hospital.
We negotiated a transaction for a 350,000 s.f. state-of-the-art research facility that was 30% below market rates, as well as rights to acquire additional development rights up to 400,000 s.f. should Merck require future expansion space.