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Global pharmaceutical giant Pfizer is ready to move to a new, modern HQ in New York City, and it plans to sell its current Midtown digs to fund the move.
Pfizer has retained Cushman & Wakefield, led by executive vice chairman Josh Kuriloff and capital markets gurus Adam Spies and Douglas Harmon, to sell its two buildings, 235 and 219 East 42nd St, as well as to search for its next HQ. Pfizer told employees in October it was looking to sell the buildings by the end of next year, and move into leased space "no sooner than the first half of 2019," according to the Wall Street Journal.
The two buildings have a combined 1.2M SF. The larger of the two, 235 East 42nd St, was built in 1960, according to Reonomy data, while the 375k SF 219 East 42nd was built in 1905. There was no asking price given with the announcement, nor were there figures on how much space Pfizer is seeking to occupy in its lease.
Pfizer is on a disposition spree in NYC; it sold the last piece of its Brooklyn holdings last week; the former warehouses on the border of Williamsburg and Brooklyn are set to become multifamily housing.
As Pfizer looks to move into more modern offices, the safe money would be on it moving to new construction, considering the city is adding a near-unprecedented number of new office buildings over the next few years.
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