By Howard Greninger
TERRE HAUTE — Pfizer Inc.’s Terre Haute manufacturing facility, which at its peak had about 800 workers, on Monday went up for sale for reuse or redevelopment.
Pfizer still has 140 employees at the plant, who are slated to continue to work to produce two antibiotics until sometime during the first half of 2009, said Pfizer spokesman Rick Chambers.
The property is being marketed by the real estate brokerage firm CB Richard Ellis, from its Indianapolis office, Chambers said.
The 935-acre multipurpose manufacturing plant site is ideally suited for prime industrial development, with its 23 manufacturing and warehouse facilities totaling about 580,000 square feet and about 762 acres of vacant land.
The plant site has undergone $300 million in upgrades since 1999. Pfizer has had a manufacturing facility on the site since 1948.
Steve Witt, president of the Terre Haute Economic Development Corp., said Pfizer has identified more than 1,000 companies worldwide that have some product production or product service in life science, pharmaceutical or biotechnology.
Those companies will be contacted about the sale, plus a Web site can provide potential buyers will additional information.
One thing that is interesting about the property marketing is a focus on the Exubera facility, which are brand new and may provide a strong interest for the use of those buildings,” Witt said. “There is also nearly 800 acres of greenfield property, which is the equivalent of a turn-key industrial park. Pfizer would subdivide the property if needed and we envision several entities locating there in the future.”
“We are optimistic and think there will be interest in the property,” Witt said. “In some ways we are disappointed that Pfizer will not continue in the community, but in other ways we are fortunate to have this tremendous asset to market and maybe something greater than Pfizer’s presence will be on the property in the future,” Witt said.
Pfizer ceased production of Exubera, an inhaled insulin, in October 2007, reporting a $2.8 billion loss, one of the most expensive failures in pharmaceutical history.
Witt said any new company buying the site or developing on the site would be eligible for tax abatements if approved by the Vigo County Council and state tax and training incentives approved by the Indiana Economic Development Corp.
CB Richard Ellis has a marketing Web site for the Pfizer property at www.cbre.com/pfizerterrehaute. Interested parties, organizations or other real estate professionals seeking more information about Pfizer’s property can contact Jeffrey Luebker, senior vice president, CBRE, at (317) 269-1100, at jeff.luebker@cbre.com or www.cbre.com/jeff.luebker.
Howard Greninger can be reached at (812) 231-4204 or howard.greninger@tribstar.com.
