View Full Version : Pfizer to add 1,000 jobs in NYC, buy building - Huh, no 1,00

May 5th, 2003, 01:06 PM
by Steve Justice

Pharmaceutical company Pfizer said Monday it will add 1,000 jobs in Manhattan over the next year and spend about $400 million to buy a new office building and renovate its existing property in the city.

The company said it would buy 685 Third Avenue, where it currently sublets space from Aon Consulting. The building is owned by Clarion Partners for the California Teacher Retirement System.

Most of the 1,000 jobs will be filled by employees and colleagues transferring from other Pfizer locations around the country, the company said. The new jobs are expected to add about $150 million to the payroll in the first year.

Last month, the company completed the $58 billion purchase of Pharmacia Corp., which has headquarters in New Jersey. Analysts expect thousands of jobs to be slashed. Pfizer said it wants to cut $2.5 billion in costs from the combined company this year, and analysts expect more cost savings in the future.

"Today's announcement marks another important milestone in our 154 years of operation in New York City," Pfizer Chairman and CEO Hank McKinnell said in a statement. "We are pleased to add good jobs in New York and launch a capital investment program that will bring substantial returns to both the city and the state."

The company said it would invest a total of $1 billion in these projects over the next 15 years.

Pfizer currently owns a building at 235 E. 42nd St. and has a manufacturing plant in Williamsburg, Brooklyn.
Copyright 2003, Crain Communications, Inc

May 5th, 2003, 01:48 PM
That's a good sign.
The rebirth of NYC is about to happen.

May 5th, 2003, 04:08 PM
Damn right! *I wish more NYC companies would do that - too many out of town offices, etc. *Even Pfizer, why are all their R & D facilites in CT, CA, outside the USA, etc - why not have one in NYC!!

May 6th, 2003, 09:24 AM
Pfizer to Acquire 685 Third Ave.
By Barbara Jarvie
Last updated: May 6, 2003 *08:16AM

NEW YORK CITY-In what is being dubbed the largest corporate expansion in the city in the past two years and the largest expansion project in the state since November of 2000, pharmaceuticals giant Pfizer will invest up to $560 million to purchase and renovate the 634,000-sf 685 Third Ave. building and other facilities at its 42nd Street corporate headquarters campus. In addition, Pfizer expects to invest a total of $1 billion in New York over the next 15 years. According to sources, Cushman & Wakefield is representing Pfizer in the transaction. Executives from Insignia/ESG, listed as the building's leasing agent, could not comment at this time. The acquisition is expected to close in June.
Built in 1961, 685 Third Ave. has 31 floors and was renovated in 1976. The building underwent an $8-million capital-improvement program in 1996 that created a modern lobby. The building features a concierge, 24-hour/seven-day access and security, a full sprinkler system and 13 code-protected high-speed computerized elevators. The typical floor size is 21,090 sf.

Pfizer's world headquarters is located at 235 East 42nd St., where it has approximately 4,500 workers. The company also has 1,000 workers at a manufacturing facility in Williamsburg. It is expected that the move will create 2,000 new jobs for the city economy and retain the 5,500 workers Pfizer currently employs in Manhattan and Brooklyn. The addition of 1,000 Pfizer jobs over the next 12 months is expected to result in a new Pfizer payroll of about $150 million in the first year of the expansion and support about 6,000 direct and indirect jobs throughout the New York metropolitan region. In addition, Pfizer expects to create an additional 1,000 jobs from 2004 to 2009.

On April 16, Pfizer began operating on a combined basis with Pharmacia Corp., expanding its position of global leadership in pharmaceuticals. The 1,000 professional jobs to be created in the next 12 months will be filled both locally and by Pfizer relocations from around the country.

The company's job growth within New York City is the result of its merger with Warner Lambert in 2000 and acquisition of Pharmacia, as well as the need to expand its marketing and corporate service functions. With these business moves, Pfizer has a significant presence in Michigan and New Jersey. New York competed directly against these states to win this expansion project, according to Pfizer representatives.

Pfizer’s New York City headquarters expansion is part of the company’s overall growth in the tri-state region. Last week, the firm announced that its $3.4-billion Consumer Healthcare business would expand its headquarters in New Jersey, where the company plans to invest approximately $400 million to expand diverse operations over the next five years. Pfizer’s Global Research and Development organization, headquartered in New London, CT, is the largest privately funded biomedical research organization in the world.

In consideration of its commitment to the New York State economy, Pfizer is eligible to apply for up to $1.4 million in grants from Empire State Development. The New York City Economic Development Corp. has offered an incentive package worth up to $45.8 million, if Pfizer creates 4,300 new jobs by the end of the 15-year term of the agreement.

May 6th, 2003, 02:22 PM
I wonder howthis will impactthe FSM Development next to the U.N. *The reported 80-storey tower was allegedly going to be built for Pfizer.