Cresa Partners arranged the most recent lease assignment where Pfizer will take over the space currently occupied by Roper ASW for the remaining eight years and two months of the lease. According to a spokesperson, Roper had several locations in the city and wanted to consolidate into one location in Chelsea Market. Nicholas Sardone, Cresa Partners senior vice president, Richard Sykes, director, and Patrick Gardner, senior vice president, represented Roper ASW in the transaction. Charles Borrok, Josh Kuriloff and Alex Cohen of Cushman & Wakefield represented Pfizer Inc. Tom Bow, senior vice president of leasing at the Durst Organization, represented the landlord, Royal Realty Corp.

Bow calls Pfizer "the prime tenant at 205 East 42nd," noting that "the building has become an integral part of Pfizer's headquarters campus." Last May, Pfizer announced it planned to invest up to $560 million to purchase and renovate the 634,000-sf 685 Third Ave. building and other facilities at its 42nd Street corporate headquarters campus. All total, the pharmaceuticals giant expects to invest a total of $1 billion in New York over the next 15 years. Company officials said that the move would create 2,000 new jobs for the city economy and retain the 5,500 workers Pfizer currently employs in Manhattan and Brooklyn.

Pfizer's New York City headquarters expansion is part of the company's overall growth in the tri-state region. The company's job growth within New York City is the result of its merger with Warner Lambert in 2000 and acquisition of Pharmacia, as well as the need to expand its marketing and corporate service functions.