Pfizer applies for demolition permit but still hopes to sell Groton building
Aug 08, 2012 (Menafn - The Day - McClatchy-Tribune Information Services via COMTEX) --Pfizer Inc. told employees in Groton today that the pharmaceutical giant has started the process of applying for permits to demolish the company's original former research headquarters at its Eastern Point Road campus, but officials said they still are trying to market the property.
"Pfizer continues to work toward investing in science by reducing its operating costs, including consolidating its global footprint," the company said in a statement released today. "Pfizer is aggressively pursuing the sale of the (Building) 118 Complex through its partnership with the brokerage firm Cushman & Wakefield and the State of Connecticut Department of Economic and Community Development."
No specific timeline was given for a final decision on demolition of the architecturally significant, 750,000-square-foot laboratory and office building highlighted by a glass atrium.
"Pfizer continues to aggressively market the space, and plans to make a decision regarding the future of the 118 Complex by the end of 2012," Pfizer said.
The building at one time accommodated an estimated 400 employees but has been largely vacated by Pfizer in a cost-cutting move as the New York pharmaceutical giant completed over the past year and a half a workforce reduction locally of about 1,100.
Pfizer said that if continued marketing efforts do not result in a sale, the permit process will go forward. Marian Galbraith, Groton City mayor, said Pfizer was pulling the permits now to avoid a delay if and when it makes a final decision to demolish Building 118, but officials are still working with the company to market the property.
"We understand this is a fallback for them," Galbraith said.
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