Real Estate In-Depth / July 22, 2022
Pfizer to Spend $470 Million to Expand Vaccine Operations in Rockland County
PEARL RIVER—Global pharmaceutical firm Pfizer Inc. reports that it will spend $470 million to expand its vaccine research and development operations here.
As Bloomberg first reported, Pfizer confirmed to Real Estate In-Depth that it plans over the next three years to secure necessary approvals and expand and modernize its campus with a new 260,000-square-foot lab building. The project will feature a total of 55,000 square feet of lab space. The new space is expected to be operational in 2026.
The plan by the Manhattan-headquartered firm, also calls for the addition of amenities such as a modern café, fitness center, parking garage and functional outdoor plaza, according to Jerica Pitts, Senior Director, Global Media Relations for Pfizer. “The rejuvenated campus will feature connected buildings and a prominent main entrance,” she said.
“Discussions about expanding Pearl River began before the pandemic, and Pfizer’s COVID research put more strain on its facilities,” Pitts said. “The additional space will allow more room and capabilities to expand ongoing work. The new design will have space for up to 370 workers and we plan to hire up to 150 more employees.”
The campus was formerly owned by Pfizer, which sold most of the property to Industrial Realty Group in 2015. The IRG campus, now known as Hudson Valley iCampus totals approximately 2 million square feet. Pfizer, which leases space at the Hudson Valley iCampus, occupies approximately 850,000 square feet of space on 33 contiguous acres it owns.
At press time it is unclear if the expansion space will be built on Pfizer owned or leased property.Read full article