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Inside Pfizer's 700,000-Square-Foot Real Estate White Elephant

  • For sale: One drug company headquarters! Slightly used but in good condition. 700,000 sq ft., river views. Will consider renters. Gym, dining room and double helicopter landing pad included. Motivated seller is flexible on price!
That, pretty much, is the real-estate listing for Pfizer (PFE)'s now-empty headquarters building at 50 Pequot Avenue in New London, Conn. Pfizer wants to sell it because in its merger with Wyeth the company has moved everyone into buildings in nearby Groton. Now the three-towered behemoth, built only eight years ago, sits on the market.

It could be there some time. Bloomberg reported:

Commercial real estate deals in the U.S. dropped to $44 billion last year, down 67 percent from 2008 and the lowest in records going back to 2001.
The man whose job it is to sell it is Jonathan Putnam, executive director of the Hartford office of Cushman & Wakefield:
It's just too large, and there are too many possibilities to put a price on it.
Perhaps he could try CraigsList. If a buyer emerges, Job No. 1 will be removing Pfizer's corporate logos from the helipad. Image: Cushman & Wakefield listing.