NEW YORK CITY-In what a company spokesperson said was more of a real estate initiative than one geared at reducing corporate head count, Pfizer Inc. is consolidating operations into two contiguous buildings on East 42nd Street, while putting its 685 Third Ave. property on the market for sale.

Joan Campion, a spokesperson for Pfizer Inc., tells that as part of the consolidation program an unspecified number of employees will be laid off or relocated from 685 Third Ave., to its headquarters building at 235 East 42nd St. or to operations it maintains at 219 East 42nd St. Some workers will also be relocated to Madison, NJ, Peapack, NJ, College Hill, PA and other Pfizer properties in New York.

It is believed that CB Richard Ellis has been given the assignment to market 685 Third Ave., a 650,000-sf building, for sale.

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