ANDOVER, MA – 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.
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.