Pfizer Expands New York Lease to 151 KSF

Hudson Valley iCampus occupies 207 acres in Rockland County. Image courtesy of CommercialEdge

Pfizer Global Supply, a division of pharmaceutical firm Pfizer Inc., has renewed and expanded its lease at Hudson Valley iCampus, bringing its total commitment to 151,000 square feet, according to Real Estate In-Depth. The leased space has manufacturing, laboratory, warehouse and office functions in multiple buildings throughout the 2 million-square-foot property in Pearl River, N.Y.

Hudson Valley iCampus President Jamie Schwartz represented the ownership, while Cushman & Wakefield Senior Managing Director Warren Bravermann negotiated on behalf of the tenant.

A campus with a long history

The pharma company used to own the Rockland County property where it’s now an anchor tenant. Hudson Valley iCampus is actually the segment of Pfizer’s 500-acre complex that was acquired by Industrial Realty Group for $39.5 million in 2015, CommercialEdge data shows. The deal included 207 acres across 25 buildings and enabled Pfizer to retain some 23 acres for its own use.

Built in five phases, between 1952 and 2000, Hudson Valley iCampus comprises laboratory, office and GMP Manufacturing spaces, as well as conference rooms, dining facilities and other work and study environments. The mixed-use property has a tenant roster which includes, alongside Pfizer, companies such as Sanofi US Services Inc., Momentive Performance Materials, Auro Vaccines and Strides Pharma Inc.

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Pfizer now occupies 850,000 square feet at the 2 million-square-foot campus. In February, the firm inked another lease of 86,243 square feet of office and laboratory space at the campus. In addition, the company’s Vaccine Research and Development Division currently occupies 109,652 square feet.

Back in 2022, the pharma company announced a $470 million expansion at the 23-acre parcel it owns within the iCampus, which would include a 260,000-square-foot lab building and several new amenities. The plan was still on the table this year, as recently as April, as the project will be subject to the necessary approvals over the next couple of years.

The property at 401 N. Middetown Road is less than 30 miles from Manhattan and has access to Interstate 287, as well as to the Mario M. Cuomo Bridge and New York State Thruway.

IRG’s portfolio

Industrial Realty Group owns more than 100 million square feet across 31 states. The majority of its portfolio consists of industrial assets, with only 11 million square feet pertaining to office properties, according to CommercialEdge data.

A major deal for IRG closed last month when it landed Schlumberger as tenant at Shreveport Business Park. The technology company signed a seven-year lease to occupy 1 million square feet at the 3.5 million-square-foot campus in Shreveport, La.