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Pfizer Sells Giralda Farms Property

Single tenant expected to sign long-term lease for 5 Giralda Farms, announcement says.

5 Giralda Farms. Credit: Jones Lang LaSalle
5 Giralda Farms. Credit: Jones Lang LaSalle

Pfizer has sold 5 Giralda Farms, according to NJBIZ.

The property on the Madison office campus was sold to Lincoln Equities Group and Lakestar Properties, the publication reported.

Jones Lang LaSalle, the real estate firm that represented Pfizer and is now the co-leasing agent for the property, announced the deal in a news release.

“This property is considered the premier corporate facility in the state of New Jersey, providing the epitome combination of quality and location,” said Jones Lang LaSalle Executive Vice President Dustin Stolly, who led the firm's team on the transaction with Vice President Aaron Niedermayer.  “The best-in-class sponsorship, along with the expectation of a single, credit tenant to sign a long-term lease at the property, made this opportunity compelling to banks and money managers, and the process was extremely competitive.”

The property previously was fully occupied by Pfizer. Pfizer's Consumer Healthcare headquarters announced plans to move several hundred employees to a news building within the Madison office campus, while hundreds of employees of Pfizer's animal health subsidiary, Zoetis, relocated to Florham Park.

J January 17, 2014 at 08:48 PM
If 5 Giralda is truly "the premier corporate facility in the State of NJ," then why has Pfizer abandoned it? Is Pfizer managed by idiots who failed to recognize what a jewel they had, or is the realtor quoted in the article an utter moron?

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