(Adds Pfizer to lease new building)
Oct 6 Pfizer Inc, the largest U.S.
drugmaker, said on Thursday it aims to sell its world
headquarters buildings in midtown Manhattan by the end of 2017
and begin moving into more modern facilities in Manhattan no
sooner than the first half of 2019.
"This move is being driven by the significant investment
that would be required to bring the buildings to modern
standards," Pfizer said in a statement.
Pfizer spokeswoman Joan Campion said the company notified
employees of the plans on Wednesday. The drugmaker intends to
lease rather than buy a new headquarters, she told Reuters.
Pfizer's headquarters include two buildings in midtown
Manhattan with about 1 million square feet of space. Pfizer
began occupying the buildings at 235 and 219 East 42nd Street in
1961. A newer complex would have more work space and room for
collaboration, Campion said.
Pfizer, founded in 1849 in New York City's borough of
Brooklyn, said it has not yet chosen the new location.
A large majority of headquarters-based employees will move
to the more modern facility, Pfizer said. Some could be
reassigned to other sites in the metropolitan area.
Pfizer's plans follow its decision in April to abandon its
proposed $160 billion purchase of Botox-maker Allergan Plc
. The deal would have moved the company's tax address to
Dublin, thereby sharply lowering its effective tax rate.
Pfizer terminated the deal after the U.S. Treasury proposed
new regulations that would have removed many of the tax
(Reporting by Ransdell Pierson; Editing by Richard Chang and