Bidders vying for Pfizer building

More than a dozen offers came in — many in the $150 million range — during the first round of bidding yesterday for 685 Third Avenue, the 33-floor office tower that belongs to pharmaceutical giant Pfizer, sources told the Wall Street Journal. Pfizer, which picked up the 650,000-square-foot property for $250 million in 2003, is selling it off with the help of CB Richard Ellis as part of a restructuring of its real estate portfolio and was expected to get around $130 million for the building, or $200 per square foot. With yesterday’s showing a possible sign that the commercial property sales market is on the way to a revival, a second round of bidding is slated for mid-July. [WSJ]