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Case Study

Pfizer, Inc.

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.

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