Abbott – sale and lease in maidenhead

Posted: 11/01/2006

US pharmaceutical company Abbott have completed the simultaneous sale of their office campus site in Maidenhead and entered into an agreement to lease on a 76,500 sq ft office building on the Vanwall Business Park in a deal advised by BABi members Cyril Leonard. Abbott has exchanged contracts with Terrace Hill plc to sell the freehold interest in their 3.7-acre office campus on Norden Road, Maidenhead, which adjoins the Vanwall Business Park. Terrace Hill plc will be completing the purchase when Abbott vacates in July 2006 and will be redeveloping the site to provide 120,000 sq ft of new air-conditioned offices.

Simultaneously, Abbott has entered into a new lease on Building 2, Vanwall Business Park with Morley Fund Management. The building provides approximately 76,600 sq ft of net lettable office accommodation, together with 318 car parking spaces.

Abbott will join neighbouring tenants Wyeth, Business Objects and Group 4 on Vanwall just leaving Building 3 to let, which provides approximately 36,500 sq ft.

Headquartered in Chicago, Abbott serves customers in more than 130 countries with a staff of 60,000 at more than 100 different locations worldwide. Andrew Hogge at Cyril Leonard who advised Abbott on both transactions commented:
‘We were very pleased to conclude a back to back sale of Abbott’s existing site and acquire a first-class headquarters building at Vanwall, thus maintaining Abbott’s presence as a major corporate occupier in Maidenhead.’

Jon Ashcroft, Fund Manager at Morley, says:
‘We are delighted that we have been able to complete the transaction with such a world class tenant. We now have the only HQ space left in Maidenhead and are confident that this will attract good interest.’

Cyril Leonard advised Abbott Laboratories on both transactions and Lambert Smith Hampton advised Morley together with CBRE and Jones Lang. Terrace Hill was advised by Parkinson Brown.