Hudson Valley iCampus occupies 207 acres in Rockland County. Picture courtesy of CommercialEdge
Pfizer World Provide, a division of pharmaceutical agency Pfizer Inc., has renewed and expanded its lease at Hudson Valley iCampus, bringing its whole dedication to 151,000 sq. ft, in line with Actual Property In-Depth. The leased area has manufacturing, laboratory, warehouse and workplace capabilities in a number of buildings all through the two million-square-foot property in Pearl River, N.Y.
Hudson Valley iCampus President Jamie Schwartz represented the possession, whereas Cushman & Wakefield Senior Managing Director Warren Bravermann negotiated on behalf of the tenant.
A campus with a protracted historical past
The pharma firm used to personal the Rockland County property the place it’s now an anchor tenant. Hudson Valley iCampus is definitely the section of Pfizer’s 500-acre advanced that was acquired by Industrial Realty Group for $39.5 million in 2015, CommercialEdge information reveals. The deal included 207 acres throughout 25 buildings and enabled Pfizer to retain some 23 acres for its personal use.
Inbuilt 5 phases, between 1952 and 2000, Hudson Valley iCampus contains laboratory, workplace and GMP Manufacturing areas, in addition to convention rooms, eating amenities and different work and examine environments. The mixed-use property has a tenant roster which incorporates, alongside Pfizer, corporations similar to Sanofi US Companies Inc., Momentive Efficiency Supplies, Auro Vaccines and Strides Pharma Inc.
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Pfizer now occupies 850,000 sq. ft on the 2 million-square-foot campus. In February, the agency inked one other lease of 86,243 sq. ft of workplace and laboratory area on the campus. As well as, the corporate’s Vaccine Analysis and Improvement Division at present occupies 109,652 sq. ft.
Again in 2022, the pharma firm introduced a $470 million enlargement on the 23-acre parcel it owns inside the iCampus, which would come with a 260,000-square-foot lab constructing and a number of other new facilities. The plan was nonetheless on the desk this yr, as lately as April, because the undertaking shall be topic to the required approvals over the subsequent couple of years.
The property at 401 N. Middetown Street is lower than 30 miles from Manhattan and has entry to Interstate 287, in addition to to the Mario M. Cuomo Bridge and New York State Thruway.
IRG’s portfolio
Industrial Realty Group owns greater than 100 million sq. ft throughout 31 states. The vast majority of its portfolio consists of business belongings, with solely 11 million sq. ft pertaining to workplace properties, in line with CommercialEdge information.
A significant deal for IRG closed final month when it landed Schlumberger as tenant at Shreveport Enterprise Park. The expertise firm signed a seven-year lease to occupy 1 million sq. ft on the 3.5 million-square-foot campus in Shreveport, La.
