Pfizer moving headquarters to Hudson YardsNews 

Pfizer moving headquarters to Hudson Yards


Pfizer moving headquarters to Hudson Yards
Tishman Speyer

Pharma giant Pfizer has clinched a momentous deal to move its Manhattan headquarters to The Spiral, a 65-story skyscraper which Tishman Speyer is building in the Hudson Yards district, the companies announced Tuesday morning.

The 800,000 square-foot lease was signed this week, eight months after The Post first reported on the plan last August. It was not a done deal until now even though Pfizer expressed its its commitment to Rob Speyer’s development company last summer.

The Post has learned, meanwhile, that Pfizer will sell its buildings at 219 and 235 East 42d St. to press-shy, Brooklyn-based investor David Werner for about $360 million. Werner, who’s a part-owner of 150 E. 42d St. and 5 Times Square, is expected to tear the old Pfizer digs down for a new tower — but lease them back to Pfizer until the company moves to The Spiral in around 2022.

Pfizer’s 20-year lease at The Spiral is for 15 floors and part of the lobby. Construction is to start in June on the tower, which will fill the block bounded by West 34th and 35th streets and by Tenth Avenue and the new Hudson Park and Boulevard. A Cushman & Wakefield team led by Josh Kuriloff represented Pfizer in negotiations.


Pfizer’s move is the latest dramatic advance for the Far West Side, the once-nowhere district between West 30th and West 34th streets that’s now home to, or soon will be, to major companies including Coach Inc., L’Oreal, Time Warner, BlackRock, the National Hockey League, Skadden Arps, and several other large law firms..

The Spiral will stand 65 stories and 1031 feet tall with 2.85 million rentable square feet. Designed by Danish starchitect Bjarke Ingels, the $3.7 billion tower takes its name from stepped, landscaped terraces on four sides that curl upward around the facade like necklaces.

It will have the address 509 W. 34th St., just west of Tenth Avenue. It will be the first office tower to rise in the Hudson Yards District not put up by Related Companies or Brookfield Property Partners, which are developing 26- and 7-acre projects respectively above the West Side rail yards.

Tishman Speyer CEO Rob Speyer called The Spiral “the world’s most connected and collaborative office environment” with “iconic design, amazing views and abundant access to outdoor amenity spaces.”

Werner will likely bring in a development partner at the old Pfizer site, where much larger new buildings can now go up thanks to recent East Midtown rezoning. “He has five years to figure it out,” one source told The Post.

Pfizer held off signing a term sheet with Tishman Speyer until the rezoning was approved, sources said — so that it could sell the old buildings for a higher price.

Pfizer was repped in the investment-sale talks by Adam Spies, Douglas Harmon and Josh King, along with Bob Knakal.


Related posts

Leave a Comment