Thermo Fisher extends two leases in Middleton

Boston-based Thermo Fisher Scientific extended two leases at laboratory buildings totaling 233,694 square feet in Middleton.

The life sciences company negotiated two 20-year lease extensions with its landlord, New York City-based global investment manager Nuveen, for its pharmaceutical product development clinical research business at 8500-8551 Research Way in Middleton, real estate officials said in a news release.

Commercial real estate firm CBRE represented Nuveen in lease negotiations, real estate officials said. Chase Brieman and James West of CBRE represented the landlord and the CBRE team worked with Nuveen, the city of Middleton and the state of Wisconsin on the deal.

Terms of the new leases weren’t shared.

The PPD clinical research laboratories occupy more than 500,000 square feet of laboratory space in the Middleton region and employ more than 2,000 people, Thermo Fisher officials said in a news release.

In 2024, Thermo Fisher opened a new 72,500-square-foot facility at its good manufacturing practice laboratory, company officials said. The project added 300 more jobs to the region, they added.

That year, Gov. Tony Evers announced that Thermo Fisher would invest $58 million in an expansion of its PPD clinical research business. The Wisconsin Economic Development Corporation awarded $2.15 million in performance-based tax credits to support the project.

In February’s transaction, John Boyle and Roger Williams of Cushman & Wakefield and Craig Stanley and Deana Porter of Broadwing Advisors represented Thermo Fisher, real estate officials said.

“This lease represents one of the largest life science lease deals in the U.S. this year and reflects Thermo Fisher’s confidence in the Madison market as a hub for life sciences and clinical research,” said Chase Brieman, senior vice president of CBRE, in a statement. “Our team is proud to have partnered with Nuveen, the city of Middleton, and the state of Wisconsin, whose combined investment and incentive packages were pivotal to delivering a solution that meets the tenant’s long-term objectives of growth and innovation, while strengthening the region’s innovation economy.”