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With Pfizer as Anchor, Tishman Speyer Will Begin Far West Tower

Tishman Speyer has secured $1.8 billion in construction financing from Blackstone Mortgage Trust (BXMT) and an anchor tenant in Pfizer for its Spiral tower in Midtown West. Pfizer will relocate its global headquarters from 235 E. 42nd St. to 800,000 square feet in a 20-year lease at 66 Hudson Blvd., where construction will begin in June.

The pharma giant will occupy 15 full floors when The Spiral delivers in 2022. “Pfizer has a proud and storied history in New York City that began in 1849,” said Albert Bourla, Pfizer’s COO. “We are excited that this move will provide our colleagues with a modern, state of the art headquarters.”

A Cushman & Wakefield team led by Josh Kuriloff represented Pfizer. For BXMT, the construction loan was its biggest single-asset transaction yet. Tishman Speyer and more than a dozen institutional and individual investors are providing $1.9 billion in equity toward the project.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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