Pfizer doesn’t want to waste time in signing huge lease deal with Tishman Speyer

Company is taking 800K sf at the Spiral in Hudson Yards
August 29, 2017 08:00AM

Rendering of Tishman Speyer’s “Spiral”

Pfizer is aiming to ink a lease at Tishman Speyer’s Spiral tower by early 2018.

The pharmaceutical giant plans to take 800,000 square feet at 509 West 34th Street, the 2.8-million-square-foot office building designed by Danish starchitect Bjarke Ingels, the New York Post reported. The company also considered Related Companies’ 50 Hudson Yards and SL Green Realty’s One Vanderbilt for its new headquarters. If the deal with Tishman Speyer is finalized, Pfizer expects to move in by the second half of 2022.

Pfizer waited until the City Council approved the rezoning of Midtown East before committing to the Far West Side. The rezoning increases the value of the company’s properties at 235 and 219 East 42nd Street. The property is uniquely impacted by the rezoning, in that a new overbuilt office tower could be constructed on the site without triggering a required contribution to public infrastructure projects.

Tishman Speyer still has some 2 million square feet to fill in the Spiral, but if the Pfizer lease is finalized, the anchor tenant should pave the way for construction on the tower to start. [NYP]Kathryn Brenzel