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Pfizer to Move Its Global Headquarters to Hudson Yards Tower

Pfizer to Move Its Global Headquarters to Hudson Yards Tower

(Bloomberg) -- Pfizer Inc. will move its global headquarters from Midtown to an office tower being built in the Hudson Yards area on Manhattan’s far west side.

The pharmaceutical company will occupy 15 floors at the Spiral, a building being developed by Tishman Speyer, under a 20-year lease agreement, according to a statement Tuesday. Pfizer will begin relocating to the building from its current headquarters at 235 E. 42nd St. starting in 2022, the company said.

New skyscrapers rising near the far west side train yards have been luring companies away from Midtown as the area develops into an extension of Manhattan’s traditional core. Related Cos. is leading construction, with its $25 billion Hudson Yards project, which has attracted companies seeking more-modern offices including BlackRock Inc. and KKR & Co.

Work on the 65-story Spiral will start in June, according to a separate statement from Tishman Speyer. The 2.8 million-square-foot (260,000-square-meter) building, designed by Bjarke Ingels Group, will rise 1,031 feet (315 meters) and have a cascading series of landscaped terraces and hanging gardens.

Pfizer, the largest U.S. pharmaceutical company by sales, is selling both 235 E. 42nd, where it’s been for more than half a century, and a separate building at 219 E. 42nd to New York real estate investor David Werner for about $365 million, according to a person with knowledge of the deal. The buildings total 1.1 million square feet, and Pfizer will lease back its current headquarters for five years, the person said.

A Pfizer spokeswoman didn’t immediately respond to a request for comment. A voicemail left at Werner’s office wasn’t immediately returned. Pfizer had hired a Cushman & Wakefield team that includes brokers Adam Spies, Doug Harmon and Josh King to market the properties.

--With assistance from Cynthia Koons

To contact the reporter on this story: David M. Levitt in New York at dlevitt@bloomberg.net.

To contact the editors responsible for this story: Daniel Taub at dtaub@bloomberg.net, Christine Maurus

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