April 28, 2021
Pharmaceutical giant Pfizer – known lately as one of the producers of the COVID-19 vaccine – is reportedly selling its large business complex located in suburban Philadelphia.
Pfizer is looking to sell its 1.89-million-square-foot, 340-acre campus in Montgomery County that it shares with Dow Chemical Co., according to The Philadelphia Business Journal.
The property is located at 400-500 Arcola Road in Collegeville.
Pfizer's headquarters is in New York City, but its Pennsylvania location — which the company has owned since 2009 —serves as one of many additional office and lab spaces for the company.
Company officials told PBJ that the reason they are selling the property now is because Pfizer is searching for a new workspace that better fits pandemic working conditions.
"Pfizer is currently in the process of exploring several options for our Collegeville site as we seek to provide more modern and flexible workspaces for our colleagues," a spokesperson told the news outlet.
The spokesperson explained that the sale was "driven by the company’s evolving flexible working model, providing employees with greater flexibility to work remotely while still maintaining the ability to connect and collaborate regularly on-site after all the COVID-19 restrictions have been lifted," they said.
Prior to the pandemic, during which many office employees began working from home, around 2,000 Pfizer employees worked at the location.
Companies have floated the idea of a permanent shift to a work-from-home model since the pandemic began in March 2020. Some larger companies already have decided to go in this direction.
Coinbase, Slack, Spotify, Zillow, Dropbox and others have instituted policies that give employees the option to work remotely full-time and permanently, Forbes reported last year.
Companies like Google, Reddit, Ford and Microsoft have provided options that allow workers to make their own hybrid work models. These models allow workers to spend time working both from home and eventually in an office, once the pandemic comes to an end.