Cushman & Wakefield announced today the firm has been selected to advise Pfizer on its global headquarters relocation, along with the sale of its current head office space at 235 and 219 East 42nd Street.
Pfizer, one of the world’s largest bio-pharmaceutical companies, decided to sell the properties on 42nd Street in favor of a new headquarters “more reflective of its culture of collaboration and innovation with best-in-class technology to support its workforce,” C&W said in a press release.
“Cushman & Wakefield provides the partnership, experience and expertise to execute on Pfizer’s vision for their workplace,” said Josh Kuriloff, executive vice chairman and lead on the Pfizer account team. “A transaction with this complexity requires innovative thinking and a strong team to convert ideas into action.”
In addition to Kuriloff, representing Pfizer from Cushman & Wakefield are: Adam Spies, Chairman Capital Markets; Doug Harmon, Chairman Capital Markets; Debra Moritz, Executive Managing Director, Global Business Consulting; Peyton Horn, Managing Director, Corporate Finance & Investment Banking; with executive oversight by John Santora, President, TriState Region. Warren Braverman, Senior Managing Director, will work as the relationship manager for the account.
235 East 42nd and 219 East 42nd Street represent in excess of one million square feet of prime New York real estate. It is Pfizer’s intent to sell both assets and relocate its world headquarters to a modern workspace in Manhattan.
“There is nothing more strategic, complex, or difficult in real estate than a headquarters decision,” said Moritz. “A holistic, integrated solution allows progressive clients to drive cultural transformation – attracting and retaining the best talent. This creates a new way of looking at real estate – from a facility to a key performance enabler.”
“We are extremely proud to represent Pfizer, a global leader in their industry,” said Santora. “When an assignment of this complexity and scale comes along, it gives us an opportunity to demonstrate the value in our full platform.”