Built in 1961, 685 Third Ave. has 31 floors and was renovated in 1976. The building underwent an $8-million capital-improvement program in 1996 that created a modern lobby. The building features a concierge, 24-hour/seven-day access and security, a full sprinkler system and 13 code-protected high-speed computerized elevators. The typical floor size is 21,090 sf.

Pfizer's world headquarters is located at 235 East 42nd St., where it has approximately 4,500 workers. The company also has 1,000 workers at a manufacturing facility in Williamsburg. It is expected that the move will create 2,000 new jobs for the city economy and retain the 5,500 workers Pfizer currently employs in Manhattan and Brooklyn. The addition of 1,000 Pfizer jobs over the next 12 months is expected to result in a new Pfizer payroll of about $150 million in the first year of the expansion and support about 6,000 direct and indirect jobs throughout the New York metropolitan region. In addition, Pfizer expects to create an additional 1,000 jobs from 2004 to 2009.

On April 16, Pfizer began operating on a combined basis with Pharmacia Corp., expanding its position of global leadership in pharmaceuticals. The 1,000 professional jobs to be created in the next 12 months will be filled both locally and by Pfizer relocations from around the country.

The company's job growth within New York City is the result of its merger with Warner Lambert in 2000 and acquisition of Pharmacia, as well as the need to expand its marketing and corporate service functions. With these business moves, Pfizer has a significant presence in Michigan and New Jersey. New York competed directly against these states to win this expansion project, according to Pfizer representatives.

Pfizer's New York City headquarters expansion is part of the company's overall growth in the tri-state region. Last week, the firm announced that its $3.4-billion Consumer Healthcare business would expand its headquarters in New Jersey, where the company plans to invest approximately $400 million to expand diverse operations over the next five years. Pfizer's Global Research and Development organization, headquartered in New London, CT, is the largest privately funded biomedical research organization in the world.

In consideration of its commitment to the New York State economy, Pfizer is eligible to apply for up to $1.4 million in grants from Empire State Development. The New York City Economic Development Corp. has offered an incentive package worth up to $45.8 million, if Pfizer creates 4,300 new jobs by the end of the 15-year term of the agreement.

Instant Insights /

Pfizer to Acquire 685 Third Ave.

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