Pfizer Division Renews, Expands Lease at Hudson Valley iCampus in Rockland
PEARL RIVER, NY—A division of pharmaceutical giant Pfizer Inc. has signed a lease renewal and expansion totaling more than 151,000 square feet of space at the Hudson Valley iCampus here in Rockland County.
The deal, announced Aug. 17 by the ownership of the Hudson Valley iCampus (Pfizer Global Supply Division), will house manufacturing, laboratory, warehouse and office functions in multiple buildings throughout the 207-acre campus. The site contains two-million square feet of development and has combined rent values in excess of $16 million.
Jamie Schwartz, President of Hudson Valley iCampus, represented ownership. Warren Bravermann, senior managing director of Cushman & Wakefield, represented Pfizer. Mr. Schwartz said that Pfizer Global Supply Division renewed 147,543 square feet and expanded by 3,522 square feet In addition, Pfizer Vaccine Research and Development Division currently leases 109,652 square feet of lab and office space in multiple buildings on the campus.
Mr. Schwartz said “We are pleased that Pfizer PGS has committed to Hudson Valley iCampus. Their decision to expand and renew in multiple buildings throughout the campus is a real vote of confidence in our hard work to create a high-level management team that provides best-in-class management services to our tenants, as well as ownership’s substantial capital investment into the property over the past two years.”
Pfizer announced last year it will invest $470 million in Rockland to build a state-of-the art laboratory and office building on a portion of the 23-acre parcel it owns for its Vaccine Research and Development Division. That parcel is contiguous to Hudson Valley iCampus and will be an expansion of the existing laboratory, office and meeting spaces that is currently located there.
The Hudson Valley iCampus is a two-million-square-foot, mixed-use, multi-tenanted property located at 401 North Middletown Road. The property is centrally located in the Hudson Valley, and has a long history of breakthrough vaccines developed, including vaccines for smallpox, typhoid and polio.
Hudson Valley iCampus is owned by Industrial Realty Group, LLC, which owns more than 100 million square feet in 31 states. The property is managed by IRG’s wholly owned affiliate, IRG Realty Advisors, LLC.
The complex was formerly owned by Pfizer, which sold the property to IRG in 2015.