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Sandro Rosell
FC Barcelona President
Saturday, September 23, 2017

Following months of deliberation, Pfizer, one of the world’s largest drug companies, has decided that it will move its downtown office to Hudson Yards. Pfizer will be the anchor to Tishman Speyer’s new office tower, the Spiral. The deal, which has not yet been signed, will empower Tishman Speyer to begin construction on the colossal $3.2 billion project. According to the NY Post, the pharmaceutical giant will occupy 800,000 square feet at the Spiral. 

The projected 65-story development, at 509 West 34th Street, will rise 1,005 feet and span 2.85 million square feet. The developer, led by Rob Speyer, purchased the site in 2014 for $438 million, spending another $108 million for additional air rights. Renowned Danish architect Bjarke Ingels is designing the tower, which is being partially financed by China’s HNA Group. The tower will have a cascading series of landscaped terraces and hanging gardens. It boasts outdoor space and meeting areas for each floor. The building will have access to the newly extended 7 train for an easy commute to the city, and unobstructed city and river views.

Back in January, Pfizer recruited Cushman & Wakefield to sell its main headquarters in Midtown, two interconnected properties at 235 and 219 East on 42nd Street, as per the Real Deal. The pharmaceutical company put off its commitment to move until the Midtown East rezoning went through. The rezoning considerably increases the value of its Midtown property, allowing a new building to be developed there.

Asset manager Blackrock has also signed a deal to move into the up and coming neighborhood on the Far West Side. It will be taking anchorage at Related Company’s 50 Hudson Yards, promising to pay $1.25 billion over 20 years for a 847,000-square-foot lease. Pfizer had also considered that lease, while shopping for an office.

By Hellen Zaboulani