PharmExec Blog

Pfizer NYC Tower Up For Sale

NEW YORK - APRIL 17:  Pedestrians walk past  t...
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Pfizer’s New York tower is on the market, but the pharma giant is not planning on leaving Manhattan.

The New York Times, on Tuesday, reported that the company is willing to put millions of dollars in tax breaks on the line to consolidate its New York offices.

“We are looking [at selling] the 685 building, frankly, we are looking at our whole New York City footprint,” Kerins told Pharm Exec. According to Kerins, the company’s headquarters will remain in Manhattan at 235 E. 42nd Street.

The building in question is at 685 3rd Avenue, which encompasses nearly a city block. The headquarter houses the oncology, established products, and emerging markets divisions.

According to an unnamed government official cited in The Times story, the company is also planning on shifting or cutting up to 1,400 jobs.

Pfizer said that it is transferring some jobs to other facilities, such as Pearl River, Madison, and Collegeville, to compensate with the restructuring and creation of new divisions. But Kerins said that the figure cited by The New York Times is false.

“We have no idea where [The Times] got those numbers,” Kerins said. “I seriously do not know. We made it public during the Wyeth acquisition that 15 percent of the positions in the company would be eliminated, which is about 19,000 total jobs globally. We have been very transparent with how we’ve communicated with employees and appropriate stakeholders,” Kerins said. “This type of article is unhelpful.”

According to reports, if Pfizer cuts more than 450 jobs in New York, it will have to repay about $24 million—double the amount it received in tax breaks. The company currently has approximately 4,400 employees in New York.

“Make sure this is perfectly clear,” Kerins said. “We were born in New York City. We have been here for 150 years. We are committed to New York City, Pennsylvania, and New Jersey, but we have to have the ability to move.”

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