Immunogen
COMPANY SYNOPSIS
ImmunoGen is a publicly traded life science company that develops targeted anticancer therapeutics.
BUSINESS QUESTION
Over the course of approximately ten years, ImmunoGen had grown their headquarters research operations into three separate buildings which created significant inefficiencies. In addition many of ImmunoGen’s labs were old and in need of renovation. With two years of term remaining on two of the three leased premises, ImmunoGen decided it was time to engage a real estate firm to strategize what the appropriate course of action would be.
APPLIED BUSINESS APPROACH
ImmunoGen hired T3’s Life Science Sector Team to manage the real estate strategy, market analysis and deal negotiation. ImmunoGen was particularly concerned about conflicts of interest and wanted a real estate advisor who only represents tenants. They wanted their interests aggressively represented. Beginning with the real estate strategy, T3 spearheaded an in-depth analysis of ImmunoGen’s existing infrastructure. Through data and pricing models it was determined that between the cost of upgrading their buildings and the continued inefficiencies, the optimal solution would be to consolidate and relocate. T3 then conducted a detailed market analysis and review. The site was identified and after months of intense and detailed lease negotiations a deal was struck for a long term 90,000 square foot lease. The new facility significantly upgraded the company’s operation and saved over $40MM versus alternative locations.
“T3 advised ImmunoGen on a long term 95,000 square foot lease for ImmunoGen's headquarters and research labs. As tenant advisors, T3 was always negotiating on our behalf. Because T3 never represents landlords we felt as though they were an extension of our team. I would highly recommend T3 to any company in need of real estate and facilities services and advice.”
~Dan Junius, CEO, ImmunoGen
