IRG Buys Pfizer Campus in Pearl River

Industrial Realty Group, LCC (IRG), a nationwide real estate development and investment firm, has bought more than 2 million sq. ft. and 200 acres of the Pfizer campus in Pearl River.

The plan -- in the early stages -- envisions a dynamic mixed use, multi-tenant campus, which will bring businesses and job opportunities to Rockland County.

“We are thrilled to redevelop this impressive campus into an environment where businesses can prosper in Rockland County,” said Stuart Lichter, President of IRG, in a prepared statement. “Our goal is to replicate the same type of success we have created at properties across the country in the community of Pearl River. We also look forward to working with the County to develop a renewed vision for the property.”

IRG will be purchasing roughly 38 buildings that are now laboratory, pharmaceutical manufacturing, office and support buildings.

Pfizer will retain and operate 500,000 sq. ft. and also lease back about 1.2 million sq. ft. from IRG.

“The site has extensive potential,” said John Mase, Chief Executive Officer of IRG. “IRG will pursue redevelopment with opportunities for retail, office, industrial and other commercial users. We have already had a wide range of tenants show interest in the project, building momentum and setting the stage for an exciting future unfolding at the property.”

IRG’s vision is that Rockland County’s premiere research facility will be reimagined into a shopping, dining, meeting and educational destination at Pearl River’s historic campus. The website set up for the development says this:

The future of The Pearl River Project is a dynamic mixed-use, multi-tenant campus. The campus pairs convenience with style, offering tenants traditional amenities like access to conference, fitness and dining facilities, along with fluid work/study environments with Internet access, and collaborative, coffee shop-style meeting spaces. Visitors and tenants can enjoy exquisite dining, shopping and entertainment, with easy access to the freeway and transportation.

IRG officials pointed out that the site has rich historical value beginning with Dr. Ernst Lederle’s production of diphtheria antitoxins in 1907. Throughout the years, vaccines for smallpox, typhoid, and pneumonia were developed on the property; advancements which changed the landscape of modern healthcare and the pharmaceutical industry throughout the world.

As local community and business supporters, IRG’s goal is to encourage economic growth in Rockland County and the neighboring communities, retaining the historical value of the property and laying out a new vision for the campus in the months ahead, its officials said.

To learn more about the vision for the site, visit www.pearlriverproject.com.

PHOTO/contributed