GIC and Magdalen College have signed pharmaceuticals group Novo Nordisk for 60,000 square feet of wet lab and office space at the Iversen Building in Oxford at what is understood to be a record rent for a shell and core building in the city.
Novo Nordisk, advised by Colliers, is understood to be paying around £60 per square foot for the space at the 96,695-square-foot building with the remainder thought to be under offer to another party. Rents of £80 per square foot have been achieved at Oxford Science Park, where it is located, but £60 per square foot is thought to be a record for shell and core space.
The lettings success will add to GIC and Magdalen College's confidence in their 450,000 square feet of speculative labs and offices development as part of the Daubeny Project.
The building is described in marketing material as the first speculative lab-ready space in the city.
Magdalen College announced a strategic partnership with an affiliate of GIC for the future development of The Oxford Science Park in 2021.
TOSP was founded by the College in 1991 and had been owned outright by Magdalen since 2016. It is home to more than 100 medical and life science technology firms.
Biotechnology company Novo Nordisk opened a research centre at the Innovation Building on the Old Road Campus in Oxford in 2018.
The Danish company's main product is the drug semaglutide, which is used to treat diabetes under the brand names Ozempic and Rybelsus and obesity under the brand name Wegovy.
DTRE and Cushman & Wakefield advised GIC and Magdalen College while Colliers has been advising Novo Nordisk.