Pfizer Marketing Three Groton Properties For Lease

Pfizer, Inc. is marketing two buildings for lease on Eastern Point Road and a third for sale or lease, the realtor handling the marketing said.

Jonathan Putnam, executive director of Cushman & Wakefield in Hartford, said he started in October marketing buildings 126, 286 and 118 - the south campus of Pfizer – to prospective tenants.

Putnam said the company may also start advertising a smaller, fourth building shortly for lease. He said there has been interest in the properties, but it’s preliminary.

“These things are always a timing question,” he said. “I think that generally, buildings always find suitable reuse, but it’s a matter of time and the market is unpredictable. So it could happen tomorrow, and it could happen a year from now.”

Pfizer Spokeswoman Kristen Neese said Tuesday the company is evaluating ways to consolidate in Groton, as part of changes it announced last winter.

"As we address the changing needs of our business, we will vacate certain buildings at our Groton site, in part or in whole, to make the most efficient use of the buildings and equipment," she said in a prepared statement.  "As yet, no decisions have been made regarding the disposition of buildings that will be vacated.

She said the Connecticut research and development laboratories "will remain Pfizer’s largest research site and our scientists there will continue to play a critical role in advancing Pfizer’s portfolio. . ."

Building 118 in Groton is The buildings total more than 750,000 square feet, were constructed over 20 years, and are "ideal for a back-office, research and development or corporate headquarters . . . "according to a brochure marketing the campus. The property is "separated from the rest of Pfizer by a rail line spur," the brochure added.

Building 126 is a former Pfizer research facility of about 46,000 square feet, which includes laboratory space. Building 286 is about 23,800 square feet.

Cushman & Wakefield was also involved with the sale of 50 Pequot in New London for Pfizer last year.

Pfizer is the largest taxpayer in Groton, and owned $597.3 million of taxable assessed value in 2010, accounting for 14.5 percent of the “grand list”, or the tax base in town. The second largest taxpayer, Electric Boat, Corp., had $188.4 million of assessed taxable property in 2010.

Pfizer announced last winter it would cut up to 1,100 jobs within the next two years – 25 percent of its local workforce - in an effort to save costs and streamline operations.

The company is the third largest employer in Groton, after the Naval Submarine Base and Electric Boat. have a relative who works for it or know someone who does.