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Pharmacia Move to New HQ on Hold

July 15, 2002

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NEW YORK (AP) _ The decision by Pfizer Inc. to acquire Pharmacia Corp. has disrupted plans for Pharmacia to move into AT&T Corp.’s former headquarters in Basking Ridge, N.J.

During a conference call Monday, Pfizer’s chief executive Henry McKinnell said there are ``no plans to move into the AT&T headquarters″ in the near term.

Pharmacia only closed on the acquisition of the property on July 1. Plans had been in the works to move 2,400 Pharmacia employees into the complex in the first half of 2003.

A Cushman & Wakefield executive, whose firm handled the sale for AT&T, said he’d be surprised if the property was put on the block again. He said the space is still needed for the employees regardless of the merger. Although he declined to disclose the price on the sale, citing a confidentiality agreement, several trade publications pegged it at about $200 million.

The AT&T complex includes 1.3 million square feet of office space in 10 buildings, more than 3,900 parking spaces, 51 conference rooms, a fitness center, helipad, 140 acres of land, all surrounded by 2.7 miles of roadway, according to Cynthia Wasserberger, director of Colliers ABR Inc., a commercial real estate brokerage firm. The site can accommodate more than 4,000 employees.

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