Pfizer sold its flex building at the Imperial Center in Durham to Lightstone Group for $41.1 million. The property is at 1219 Shiloh Glenn Drive, between Research Triangle Park and the Raleigh-Durham International Airport. The Class B building is 82,054 square feet and sits on 15.69 acres. It is a cGMP building with multi-product production spaces, supporting workspaces, analytical labs and fully redundant building systems.

The Triad Business Journal reports in early 2023, Pfizer began looking to offload the Durham facility as part of a shift in the company’s research and development strategy. By the end of 2023, the company confirmed plans to shut down operations at the site and another facility in Morrisville, which Pfizer does not own. The closures were part of a companywide cost-cutting effort.

Cushman & Wakefield represented Pfizer in the recent sale.

The Lightstone Group owns 33 industrial and life sciences properties totaling 1 million square feet across 27 states.  

New York City-based pharmaceutical giant Pfizer Inc. has stopped its $350 million manufacturing plant project in Everett, marking a pivot in the company’s strategic expansion after its $43 billion acquisition of Bothell-based Seagen.

The Everett facility, located at 215 Shuksan Way, was originally part of Pfizer’s plan to bolster its manufacturing capabilities, reported the Puget Sound Business Journal. Seagen, a global biotechnology company focused on cancer treatments, signed a lease on the 269,097-square-foot facility in 2021, and Pfizer had announced plans to build a medical production facility from the ground up at the site.

The operations and therapeutic products initially slated for production in Everett are now moving to a plant in Sanford, North Carolina. Now, the closure of the proposed project will result in approximately 120 layoffs. “This decision is not a reflection on the performance of our colleagues but is in alignment with our site capacity design to meet the needs of the business,” Pfizer said in a statement.