Industrial Realty Group, a nationwide real estate development and investment firm, purchased more than 2 million sq. ft. and 200 acres of the Pfizer campus, located 20 miles north of Manhattan, in Pearl River, New York.
According to the firm, IRG will be purchasing approximately 38 buildings of laboratory, manufacturing, office and support buildings. Pfizer will retain and operate 500,000 sq. ft. and lease back approximately 1.2 million sq. ft. from IRG. Pfizer will continue its presence in Pearl River. The early stages of IRG's plan for the site envisions a dynamic mixed use, multi-tenant campus, which will bring businesses and job opportunities to Rockland County.
"We are thrilled to redevelop this impressive campus into an environment where businesses can prosper in Rockland County," said Stuart Lichter, President of IRG. "Our goal is to replicate the same type of success we have created at properties across the country in the community of Pearl River. We look forward to working with the County to develop a renewed vision."
"IRG will pursue redevelopment with opportunities for retail, office, industrial and other commercial users. We have already had a wide range of tenants show interest in the project, building momentum and setting the stage for an exciting future unfolding at the property," said John Mase, CEO of IRG.
As local community and business supporters, IRG's goal is to encourage economic growth in Rockland County and the neighboring communities, retaining the historical value of the property and laying out a new vision for the campus in the months ahead, company officials said.