The Real Deal New York

Pfizer to move HQ to Tishman Speyer’s Spiral

Pharma giant to take 800K sf at Hudson Yards tower
August 25, 2017 08:13AM

Hudson Yards Spiral at 509 West 34th Street

After months of shopping, Pfizer will move its headquarters from Midtown to Hudson Yards, where it plans to anchor Tishman Speyer’s new office tower, the Spiral. The deal — which isn’t yet signed — enables the develiper to begin construction on its towering $3.2 billion project.

The pharmaceutical giant will take 800,000 square feet at the Spiral, the planned 65-story development, the New York Post reported.

Designed by Danish architect Bjarke Ingels, the tower at 509 West 34th Street will rise 1,005 feet and span 2.2 million square feet (the developer maintains it’s 2.85 million square feet).

The Rob Speyer-led firm paid $438 million for the Spiral site in 2014, and paid another $108 million for additional air rights. China’s HNA Group is a backer of the tower.

In January, Pfizer tapped Cushman & Wakefield to sell its Midtown headquarters, two interconnected properties at 235 and 219 East 42nd Street.

The pharmaceutical company reportedly waited until the Midtown East rezoning went through a few weeks ago before committing to the Far West Side; the rezoning significantly increases the value of its Midtown property, where a new building can be built.

Pfizer considered other locations on the Far West Side, including Related Company’s 50 Hudson Yards, where asset manager Blackrock will be the anchor tenant, having signed a deal to take 847,000 square feet. [NYP] — E.B. Solomont