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.

Lightstone’s life sciences platform totals 1 million square feet and invests across life sciences, medical office, and technology-focused assets nationally alongside institutional investors.