Born in 2008 from a special unit of the world’s leading mobile phone vendor, Nokia Corp., Novero is a radically creative technology company, passionate about creating wireless products that integrate seamlessly into one's life with impeccable style. Novero leverages its visionary leadership team, creative design and technology prowess to deliver a new class of wireless solutions for consumers and auto manufacturers alike. The company has flourished and continues to grow behind its belief that technology and human interaction should be seamless, simple and stylish.
Entering into the Canadian market in early 2009, Novero™ approached Savills to develop a strategy that would minimize its start-up costs while providing flexibility for mid- and long-term growth. As an added challenge, the solution would have to accommodate the client’s need for product-test lab space to be housed in a traditional office building.
Savills initiated its FLOW™ process beginning with an indepth analysis to confirm the company’s actual space requirements. Given the infancy of the company, forecasting growth beyond 12 to 24 months was not realistic. With the knowledge that a solid growth plan is essential to Novero's success, Savills began to source the market for short-term opportunities in buildings capable of accommodating exponential growth and lab space.
The process worked and an ideal location was found. The 8,000-square-foot space offered a one-year sublease, 4,000 square feet of adjacent vacant space and an additional 500 square feet ideal for the product-testing lab. The location even included furniture—an unexpected bonus that provided Novero™ both in additional savings time and money.
With Savills guidance, Novero™ made the strategic decision not to commit to any future expansion, which would require the head landlord to compete for Novero’s longer-term tenancy. The strategy worked. Once Novero™ established itself in the market and its mid-term growth was determined, Savills helped it re-enter the real estate market for larger premises. Savills Project Management + Design established the budget, a feasibility plan and conducted a financial analysis to evaluate the three best market options, which included remaining and expanding within its existing building.
It was ultimately determined, based on overall economics and the projected future growth, that relocation to Allstate Parkway would be ideal. The four-building complex offered numerous amenities not available in the initial building that gave Novero an edge in terms of employee attraction and retention. In addition, the Allstate space provided significant additional expansion options for the future. Built-out premises were found and special concessions were permitted by the landlord to allow for Novero’s lab requirement, along with specific rights secured for expansion on their floor. With the assistance of Savills Project Management & Design, Novero™ moved in on time and within its budget.