Pfizer to Leave Giralda Farms

Madison's largest employer moving 1,000 employees from office campus, plans to sell property.

Pfizer Inc., Madison's largest employer, plans to sell its office space at 5 Giralda Farms and will relocate all of the 1,000 employees who work there by the end of the year, the company said Tuesday.

Four hundred employees at the site who work for Pfizer's animal health subsidiary, Zoetis, will be moving to an office building off Park Avenue in Florham Park by June, Zoetis said Tuesday.

And around 300 employees who work for Pfizer's consumer healthcare business are expected to move to newly leased space close to the Madison campus by October, Pfizer spokeswoman Joan Campion said. She said the move has not been finalized.

Employees who worked in Pfizer's nutrition division, which was sold to Nestle last year, will move to Nestle HealthCare Nutrition's headquarters on Vreeland Road in Florham Park. Remaining Pfizer employees will move to the Pfizer campus in Peapack, Campion said.

Zoetis headquarters

Zoetis is moving into a four-story office at 100 Campus Drive in Florham Park, next to the Park Avenue Club. The building served as BASF's headquarters until the chemical company moved into its newly-built headquarters near the New York Jets practice facility. Zoetis, formerly Pfizer Animal Health, recently became a stand-alone company and raised more than $2 billion in an initial public offering last month. Pfizer still owns about 80 percent of the company.

Madison's tax base and utilities revenue could be negatively affected if 5 Giralda Farms winds up unused for an extended period of time. The 50-acre property has an assessed value of $75 million and the company paid $1,389,500 in property taxes to Madison in 2012. The property generates additional revenue because Pfizer uses Madison's borough-owned electric and water utilities.

If Pfizer or another property owner files a tax appeal and successfully argues the property has less value because the site is vacant, its property tax bill could be reduced and the rest of Madison's tax base would shoulder the difference.

Madison is gaining employees in other ways: Prudential Real Estate Investors moved its corporate headquarters from Parsippany to 7 Giralda Farms in June. Realogy to its future headquarters under construction on Park Avenue in Madison. And Madison is awaiting bids from developers who hope to redevelop the former Green Village Road School property.

"We are certainly sad to see some of our corporate neighbors move, though happy to know that they will be just down the street from Madison," Mayor Bob Conley said in a statement. "We will do whatever we can to help Pfizer sell Giralda 5 and to attract another world class organization to our borough."

Pfizer acquired Wyeth in 2009 and decided at the time to house certain divisions at Wyeth's Giralda Farms headquarters. Wyeth, when it was still known as American Home Products, announced in 1991 it would be leaving Manhattan and building its new headquarters at Giralda Farms, which used to be the estate of Geraldine Rockefeller Dodge and currently houses other major corporations. American Home Products changed its name to Wyeth in 2002.

Mikey D March 06, 2013 at 12:11 PM
Maybe the gun buy-back will generate enough $$$ to make up for the lost tax revenue from Pfizer's move?
The Good Guy March 06, 2013 at 01:47 PM
Captialism at its finest. Oh, and please don't confuse captialism with democracy. They are not the same thing.
Monty Capuletti March 06, 2013 at 02:25 PM
Well done, Mayor. I am sure while our leaders were enjoying the "Sustainable Lawn Workshop" to ensure our pets have a better place to go to the bathroom, our competing neighbors were negotiating with Pfizer to take our tax revenue. But we will "Go Green" while Florham Park takes our "Green" from our Wallets
Mikey J March 06, 2013 at 04:24 PM
Monty, Well said, the going green initiatives usually means more green coming out of our pockets to pay for the "green".
Slip March 06, 2013 at 04:54 PM
Then that settles it, in addition to boycotting Advil & Robitussin I'm not running in their 5K anymore
Mikey D March 06, 2013 at 09:33 PM
What's the over/under for how long it is before the mayor is asking us if we "see any companies that might want to relocate to Madison" like the DDC and Council asked about the vacancies in town? Two weeks. I'll take the under.
I plead the 2nd tchk tchk March 06, 2013 at 11:02 PM
don't confuse our current system for capitalism. We are a fascist state. which means government controlled capitalism. That is why it is and will fail.
mark herman March 07, 2013 at 03:28 PM
Folks, no one has a parade out of town when they leave. Imagine if Pfizer said they were off to Texas? His royal fatness would be here tomorrow to offer goodies and then our hooker loving senator would start in with threats... Just moving down the street? Give them two years and half these 1000 jobs will be out of NJ..... --- We cost too much......and Pfizer is just the start.... I heard Maersk was off to Va...
I plead the 2nd tchk tchk March 07, 2013 at 06:18 PM
I can tell you I see it happening. My company moved in Morristown and a in less than a year moved out. This was an international large company too. There is nothing here of advantage for companies to be based here. The employee pool have become nothing but a bunch of privileged cry babies that are afraid to produce too much for their employer. They want all there benefits but no risks. They think just showing up to work on time is 90% of the battle. I see all these companies slipping out the back door as quietly as they can and i see a huge glut in commercial space and a huge drop in housing prices. Basically NJ going down the economic tubes. I would sell your house and put it in gold and rent. When you company lays you off or relocates, you will be better prepared. As for all these local politicians, i have nothing to say to retards.


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