PEARL RIVER—A division of pharmaceutical firm Pfizer Inc. has signed a lease renewal and expansion totaling more than 151,000 square feet of space at the Hudson Valley iCampus here.
The deal announced by the ownership of the Hudson Valley iCampus involves PGS (Pfizer Global Supply) Division, which has expanded and renewed space at the property totaling approximately 151,065 square feet. The space will house manufacturing, laboratory, warehouse and office functions in multiple buildings throughout the 207 acre, 2 million-square-foot campus. The combined rents have a value in excess of $16 million.
Jamie Schwartz, President of Hudson Valley iCampus, represented ownership. Warren Bravermann, Senior Managing Director of Cushman & Wakefield, represented Pfizer.
Schwartz said that Pfizer’s PGS Division renewed 147,543 square feet and expanded by 3,522 square feet. In addition, Pfizer Vaccine Research and Development Division currently leases 109,652 square feet of lab and office space in multiple buildings on the campus.
Schwartz said “We are pleased that Pfizer PGS has committed to Hudson Valley iCampus. Their decision to expand and renew in multiple buildings throughout the campus is a real vote of confidence in our hard work to create a high-level management team that provides best-in-class management services to our tenants, as well as ownership’s substantial capital investment into the property over the past two years.”
Pfizer’s PGS division produces commercial antibody-drug conjugates for Pfizer’s Oncology business with clinical scale capabilities. Today, Pfizer Oncology has an industry-leading portfolio of 24 approved innovative cancer medicines that generated $12.1 billion in 2022 revenues, including the best-selling therapies for metastatic breast cancer and prostate cancer. Pfizer’s in-line portfolio is focused on four broad, key areas: breast cancer, genitourinary cancer, hematology, and precision medicine, complemented by an extensive pipeline of 33 programs in clinical development.
In March of this year, Pfizer announced that it has entered into a definitive merger agreement to acquire Seagen, Inc., a global biotechnology company that discovers, develops, and commercializes transformative cancer medicines, for $229 in cash per Seagen share for a total enterprise value of $43 billion. Dr. Albert Bourla, Pfizer Chairman and Chief Executive Officer stated, “Together, Pfizer and Seagen seek to accelerate the next generation of cancer breakthroughs and bring new solutions to patients by combining the power of Seagen’s antibody-drug conjugate (ADC) technology with the scale and strength of Pfizer’s capabilities and expertise. Oncology continues to be the largest growth driver in global medicine, and this acquisition will enhance Pfizer’s position in this important space and contribute meaningfully to the achievement of Pfizer’s near- and long-term financial goals.”
Last year Pfizer announced that it will invest $470 million to build a state-of-the-art laboratory and office building on a portion of the 23-acre parcel it owns for its Vaccine Research and Development Division. That parcel is contiguous to the Hudson Valley iCampus and will be an expansion of the existing laboratory, office and meeting spaces that is currently located there.
The Hudson Valley iCampus is a 2 million-square-foot, mixed-use, multi-tenanted property that sits on 207 acres located at 401 North Middletown Road in Pearl River, New York. The property is centrally located in the Hudson Valley and close to dining, shopping, and entertainment options, with easy access to train stations, the Mario M. Cuomo Bridge, New York State Thruway, and is within 24 miles of Manhattan. The property has a long history of breakthrough vaccines developed on its grounds including vaccines for smallpox, typhoid, polio and more. Its current tenant roster includes: Pfizer, Inc., Sanofi US Services, Inc., Momentive Performance Materials, Auro Vaccines LLC and Strides Pharma, Inc.
Hudson Valley iCampus is owned by Industrial Realty Group, LLC, which owns more than 100 million square feet in 31 states. The property is managed by IRG’s wholly-owned affiliate, IRG Realty Advisors, LLC.
The complex was formerly owned by Pfizer, which sold the property to IRG in 2015.
Rackenberg will oversee the day-to-day operations of Houlihan Lawrence's Commercial Division and its 45 agents that offer boutique service for a broad range of clients locally and globally.
“The struggle to create housing that is affordable for people across the entire spectrum of income will be the defining civic issue for this generation of leaders in the Hudson Valley,” Pattern CEO Adam Bosch said.
Data shows that from 1996-2021, the Hudson Valley region lost a net total of 146,763 people to out migration, which calculates out to 5% of the Hudson Valley’s population.
Receive original business news about real estate and the REALTORS® who serve the lower Hudson Valley, delivered straight to your inbox. No credit card required.
