Hologic is a leading developer, manufacturer and supplier of premium medical device products created for the needs of women throughout the world. In 2007, Hologic acquired Cytyc Corporation, doubling its employee base. As a rapidly growing company and operations throughout the United States and worldwide, Hologic turned to T3 to help coordinate the merger and manage their ongoing real estate strategy.
Experiencing explosive growth, Hologic recognized the need for a hands-on corporate real estate expert to help manage the real estate portfolio. T3’s Corporate Solutions Group was hired initially to implement a technology solution to assist Hologic in data management of their real estate portfolio and to review their worldwide real estate portfolio. Once the initial technology implementation project was deemed a success, T3’s role expanded to encompass a variety of aspects across the board, involving all Hologic real estate-related projects in the world.
APPLIED BUSINESS APPROACH
Beginning with the technology solutions project, T3 was tasked to identify and interview various lease administration companies as an agnostic representative of Hologic. After helping select the product that was best aligned with Hologic’s objectives, T3 manually evaluated and implemented every leased and owned facility and populated the data base, establishing an accurate and confirmed set of information that created the baseline for Hologic to begin evaluating their entire real estate portfolio. T3 identified areas of savings through the implementation phase, as well as necessary real estate changes. The most notable opportunity arose when T3 identified a tax abatement opportunity that resulted in a $400,000 savings to Hologic. Since the implementation of the lease management system, T3 has successfully completed multiple transactions in the United States and internationally. T3 continues to help Hologic identify available government incentives opportunities and consider sustainability and energy management upgrades to all of their leased and owned facilities.