Joan Campion, a spokesperson for Pfizer Inc., tells Globest.com that as part of the consolidation program an unspecified number of employees will be laid off or relocated from 685 Third Ave., to its headquarters building at 235 East 42nd St. or to operations it maintains at 219 East 42nd St. Some workers will also be relocated to Madison, NJ, Peapack, NJ, College Hill, PA and other Pfizer properties in New York.

It is believed that CB Richard Ellis has been given the assignment to market 685 Third Ave., a 650,000-sf building, for sale.

While reports have surfaced that as many as 1,400 Pfizer employees could be laid off or relocated, Campion infers that a majority of the workers will be relocated rather than terminated. While she could not provide specifics on the workforce reductions planned as part of the consolidation, Campion adds, "Most of the functions will most likely be transferred to other Pfizer locations, even if it is in another location in New York City. This is more real estate driven and square footage driven than workforce-related."