Two Leases Total 79,000 SF at 42nd St. Property

NEW YORK CITY-Deals involving Pfizer Inc. and an affiliate of United Business Media total nearly 80,000 sf in new leases at the Durst Organization’s 205 E. 42nd St. building.

Pfizer has picked up an additional four full floors of expansion space at the 21-story tower, which is located directly adjacent to its headquarters building at 235 E. 42nd St. The additional 59,000 sf will bring the pharma giant’s presence in the building to nearly a quarter-million sf, or roughly half of the 458,000-sf property’s leaseable space. The new lease term is 10 years. Thomas Bow, senior vice president of leasing for Durst, declined to reveal the value of the lease but says that while “we never put the space on the market, asking rents in the building are $50 per sf.”

The latest deal is Pfizer’s third expansion in the building since it signed its original lease there in 1999. According to Bow, the additional space for Pfizer was assembled by renegotiating other tenants’ agreements. “New York Life had some excess space in the building so we made arrangements with them to give up one of the floors,” he tells GlobeSt.com. “And then another company was in the process of downsizing, so we basically worked out transactions with two separate companies to take over their space.”