Lagoas Park

- PFIZER

Brief
Following the merger of Pfizer and Pharmacia Cushman & Wakefield asked by Pfizer to acquire a new head quarter building and dispose of their existing obsolete facility. Pfizer aims were to

• bring the 2 companies together under one roof as quickly as possible with minimal disruption.

• purchase rather than lease an office property

• to acquire a property that could be adapted to their stringent health and safety standards

Solution
Our solution maybe summarised as follows:
• Provided a realistic open market valuation of Pfizer's Coina property. Our valuation team clearly set out how our value was arrived at and supported it with an industrial market commentary.
• Advised on market conditions to enable Pfizer to take an informed decision to buy rather than lease their new HQ.
• Identified 11 and inspected 6 relocation options located in the preferred search area identified from the study completed of Pfizer employee living patterns.
• Used Pfizer's profile and our market knowledge to persuade landlords/developers to sell rather than lease their properties, therefore, maximising the options that fit Pfizer's preferred property holding structure.
• Conducted property analysis comparing the short-listed properties to Pfizer's occupation preferences. The results of this analysis were then used to support the choice of the preferred relocation option.
• Completed financial analyses of the short-listed properties that were incorporated into the Pfizer internal report together with collated sets of plans for the short-listed properties.
• Created interest in the purchase of Coina with the owners of the short-listed properties, arranging and controlling visits to limit disruption to day-to-day business.
• Coordinated with Pfizer's environmental, legal and project management teams, providing support in terms of real estate information whenever required.

Conclusion
• Through logical and reasoned argument, backed up by market knowledge, comparable evidence and cash flow analysis, we negotiated, with an unwilling seller, to reduce their asking price to market levels and in the process agreed the trade of the Coina property for a value in excess of our opinion of it’s open market value.

For more information contact:

Services:

Printer Friendly Version