Cushman & Wakefield represents Draeger in largest Andover deal in over 24 months.
Leading international MedTech company Dräger Medical Systems and Novaya Real Estate Ventures in partnership with Wheelock Street Capital have signed a 128,000 sf renewal deal to keep Dräger’s North American headquarters at 6 Tech Drive in Andover, Mass.
“With its leading academic and research institutions and prominent population of Science, Technology, Engineering and Mathematics (STEM) talent, the Commonwealth of Massachusetts offers Dräger the ideal environment for innovation and growth,” said Bill Nicholson, director of operations for Dräger. “Over the past 10 years we have thrived with our corporate headquarters based in Andover and the Greater Merrimack Valley, having access to these resources that are critical to MedTech companies such as ours. We look forward to advancing our company, our people and our products alongside the continued growth of the tech sector in this region.”
The following parties took part in the renewal agreement: Bill Nicholson, Cecil Wright, Florian Kluge and Kai Rentz from Dräger. Michael Dalton, Blake Baldwin, Sharon Joyce, Deanne Munger and Joel Schur from Cushman & Wakefield; Torin Taylor, Rory Walsh and Rich Ruggerio from Novaya; and Matt Adams from Newmark Knight Frank.
“This was a great win for all involved,” stated Shawn Hawthorne, vice president of Novaya. “The proactivity and creativity allowed us to make a significant update to our building and our campus, which supports Tech Drive’s position as a market maker”.
Over the next 18 months, Dräger will complete a full refurbishment of the facility.
“The results of our renovations will be a new benchmark for the medical device world,” said Nicholson.
Dräger. Technology for Life®
Dräger is an international leader in the fields of medical and safety technology. Our products protect, support and save lives. Founded in 1889, Dräger generated revenues of around EUR 2.6 billion in 2018. The Dräger Group is currently present in more than 190 countries and has more than 14,000 employees worldwide. Please visit www.draeger.com for more information.
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About Novaya Real Estate Ventures
Novaya Real Estate Ventures (www.novayaventures.com) was founded in 2011 by Jim Alden, Peter Carbone, Jeff Theobald and Scott Tully. To date, Novaya has transacted on over 9 million square feet of industrial, flex, office, residential and urban retail product with gross asset value in excess of $1B in partnership with several of the premier institutional and family office investors worldwide
About Wheelock Street Capital
Wheelock Street Capital (www.wheelockst.com) was formed in 2008 by Rick Kleeman and Jonathan Paul, two veteran real estate private equity investors, each with over 25 years of broad real estate transaction experience across all major asset classes. Wheelock has since raised over $2 billion in capital commitments and is currently investing its fifth fund comprising $725 million of commitments from leading pension funds, endowments and foundations. Wheelock will invest in a broad range of real estate assets throughout the United States. The fund may invest directly or with high quality joint venture partners through a variety of capital structures and transaction types, including acquisitions, restructurings, and recapitalizations.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
About Newmark Knight Frank
Newmark Knight Frank (NKF), operated by Newmark Group, Inc. (Newmark), is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently owned offices, NKF’s 15,000 professionals operate from more than 400 offices in 61 countries in established and emerging property markets on six continents. With roots dating back to 1929, NKF’s strong foundation makes it one of the most trusted names in commercial real estate. We offer a complete suite of services and products for both owners and occupiers across the entire commercial real estate industry.
