Pfizer has put its 340-acre Collegeville campus up for sale as it transitions to more flexible work routines in preparation for the post-pandemic era, writes Natalie Kostelni for the Philadelphia Business Journal.
The New-York based company is contemplating its next move in a post-pandemic world as more and more people get vaccinated and return to the office, or will they?
The pharmaceutical company uses 962,857 square feet of the 1.89-million-square-foot property at 400-500 Arcola Road. The remaining 927,826 square feet are occupied by Dow Chemical.
The space consists of one million square feet of office space in eight buildings and 729,370 square feet of lab space across three buildings. There are also 104,895 square feet of amenities.
If the company manages to sell the property, it will seek to continue to lease the same amount of space for at least another two years at $10 per square foot. This rental rate is about half the current market rate.
Dow would continue to occupy the remaining space under a lease that runs for an additional six years, with six-year renewal options available.
“Pfizer is currently in the process of exploring several options for our Collegeville site as we seek to provide more modern and flexible workspaces for our colleagues,” said Pfizer spokeswoman Pamela Eisele.
In addition to a potential sale, options include consolidating and renovating the existing space.
Pfizer developed one of the FDA-approved COVID-19 vaccines currently used in Montgomery County and across the United States.
Read more about Pfizer and the Collegeville campus sale in the Philadelphia Business Journal.