Pfizer has recently sold its flex building located at the Imperial Center in Durham to Lightstone Group for a whopping $41.1 million. The property, situated at 1219 Shiloh Glenn Drive, is strategically positioned between Research Triangle Park and Raleigh-Durham International Airport. This Class B building spans over 82,054 square feet and sits on a vast area of 15.69 acres.
The facility boasts of being cGMP compliant with multiple product production spaces, supporting workspaces, analytical labs and fully redundant building systems.
According to reports from Triad Business Journal in early 2023,Pfizer made the decision to sell off its Durham facility as part of their research and development strategy shift.By the end of that year,the company had confirmed plans to shut down operations not only at this site but also another one in Morrisville which they do not own.This move was part of Pfizer’s larger cost-cutting efforts across all their facilities.
Cushman & Wakefield acted as representatives for Pfizer during this recent sale.The buyer,Lighstone Group currently owns an impressive portfolio comprising33 industrial properties along with life sciences properties spanning over27 states totaling up to an astonishing1 million square feet!
