David Werner Finalizes Pfizer HQ Buy With $150M Loan From Morgan Stanley
Morgan Stanley is reportedly providing $150M to a group led by David Werner for the acquisition of Pfizer's Midtown East headquarters.
Werner, along with Deutsche Bank Asset Management and Alexandria Real Estate Equities, is paying $365M for the two buildings on East 42nd Street, The Real Deal reports.
Werner and Alexandria will acquire the fee interest on the building at 219 East 42nd St., which it will then lease back to Pfizer for five years. Deutsche’s asset management firm and Werner will then take the leasehold at the building at 235 East 42nd St. The total site spans 1.2M SF.
The group’s plans for the site are not yet clear.
The pharmaceutical giant told its employees in 2016 that it planned to sell its longtime headquarters. It has now officially signed up for 800K SF at Tishman Speyer’s building at 66 Hudson Blvd., known as The Spiral.
That is the second-biggest lease signed in the Hudson Yards District so far, after BlackRock’s 847K SF lease at 50 Hudson Yards. A Cushman & Wakefield team led by Adam Spies, Doug Harmon, Josh King and Bob Knakal is representing Pfizer in the deal to sell the headquarters.