Wow! Pfizer (PFE) Raises $108M Through A Real Estate Transaction

The University of Michigan will buy the 2 million-square-foot from Pfizer's (NYSE: PFE) fomer office campus in Ann Arbor. U of M is buying this real estate for the hefty sum of $108 million, said Jesse Bernstein, president of the Ann Arbor Chamber of Commerce.

Pfized announced in Jan '07 it was closing the site, which includes 25 buildings on 177 acres along Plymouth Road. Pfizer closed the Ann Arbor site as part of its' $2 billion global cost cutting.

“(It gives me) great joy that the site is in play and it will be bringing jobs to our community,” Bernstein told Crains. “Many of us would have preferred a private purchase, but UM is the biggest employer in our county. They’re the economic heart and soul of our community.”

The university will reportedly create 2,000 new jobs at the site.

Pfizer had 2,100 employees in Ann Arbor, of whom more than 500 accepted transfer offers to other Pfizer locations.

The site has been marketed since July 2007, by brokers with Jones Lang LaSalle (NYSE: JLL), formerly with Staubach Co.
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Pfizer Inc. (Pfizer) is a research-based, global pharmaceutical company.
Jones Lang LaSalle Incorporated (Jones Lang LaSalle) provide integrated real estate and investment management expertise on a local, regional and global level to owner, occupier and investor clients.

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