Interview with Jean-Luc Moreau, Administrative and Financial Director – June 2008
Belgian company UCB Pharma is among the global leaders in pharmaceuticals, and specializes in the central nervous system, allergy and inflammatory disease. In January 2007, UCB Pharma chose Mobilitis to support its corporate relocation project and tap into the value of its heritage French headquarters
What was the context when you began thinking about your real estate assets?
JLM: In 2006, UCB Pharma acquired Schwartz and the business had to be reorganized internally. Schwartz offices and facilities were too small, and UCB’s were hard to reorganise and fit everyone in. Major works were required. We would in any case have faced limitations, if we needed to expand. It also seemed a poor choice for a pharmaceutical company to leave its money tied up in a building, which we would rather sell to generate cash for R&D. Quite simply, we wanted to cash in on our assets, and rent a facility better suited to our needs.Why did you work with Mobilitis?
JLM: In fact, there were two different projects. But they were interrelated—the sale of our headquarters and the intended move. We were comfortable with our contact with the people from Mobilitis. They were a fully independent company with no private financial angle on the actual sale side. That was key. We had already commissioned valuations of our assets, but we needed to check out what the market was really doing. Mobilitis's approach was all-inclusive. The sale of the headquarters and our choice of alternative was optimized. We wanted, and think we got, the best price and best location in current market conditions. The relationship of trust we forged, meant we subcontracted the whole mission to Mobilitis, who had all the skills we needed. First the sale, and second when it came to defining our needs, searching for a new building and managing our installation.How did the relocation take place?
JLM: We wanted to stay in an area close by the old offices and facilities, yet have real flexibility in the fit-out. The floor area should be large enough, and we hoped to enjoy better services, with restaurant facilities and ample meeting rooms. We went into the active search phase in the second quarter of 2008. Mobilitis showed us a short list of possible sites. The building in West Défense was the closest to our specifications.Mobilitis were really efficient when it came to negotiating the lease. The technical aspects and the contract finalization were no easy thing for us, as we're not real estate professionals. The rejection of certain clauses, setting minimum rents and guarantees, were all new to us. We also benefited from excellent consultancy services for the interior design and fit-out, and from top-class technical support for the drawings and feasibility studies. The result is in line with our expectations.
How was the plan to move greeted by the staff?
JLM: They were both happy to leave their old offices, and concerned about what they were moving into. They were worried about the shared workspaces. But three weeks after the move, things were humming. People were pleasantly surprised by the space. The design is so roomy, they love the quality of the fit-out and got down to work with real zest. They're delighted by the services in the new building, including cafeteria, sports facilities, reception and security staff.People's final feelings about the move?
JLM: The feed back's been very positive on the relocation. We're tremendously satisfied with the support we received, the assistance we had in searching for new locations, the proposed fit-out options, the overall handling of the project and the actual move.Selling the old headquarters is going ahead fine, as we move toward signing the commitment to sell.