Corigliano: Pfizer closing ‘an issue’ for Peapack-Gladstone

May 21, 2024

PEAPACK-GLADSTONE – Mayor Mark Corigliano is not happy that global pharma giant Pfizer intends to shut down its 71-acre campus in Peapack next year.

The company, responsible for the development of one of the new mRna vaccines to fight the COVID pandemic, announced last week that it was closing down the campus, located at 100 Route 206.

It was not good news for Corigliano, who in a statement issued late Monday, said the closing is “indeed an issue.”

The borough, he said, “is acutely aware of Pfizer’s imminent closing, and we are saddened to be losing such a responsible corporate citizen.”

He said the borough “is closely following Pfizer’s disposition of the campus and will look to work with the new owner once that entity has been selected and announced.

“Pfizer is the borough’s largest taxpayer and the Mayor and Council are working to insure that the disposition of the property by Pfizer does not adversely affect the taxes of our many other residents and businesses.”

At the same time, however, Corigliano said the borough “clearly understands that obtaining another corporate resident for such a unique property will be very difficult and that a rezoning of the property is one of a few options being explored to ensure that the loss of Pfizer and the sale of the campus has a minimal impact on the borough.” According to Corigliano, the company paid about $1.6 million a year in taxes, and is assessed at about $82 million.

In its own statement, Pfizer confirmed “it is in the process of closing its Peapack, New Jersey, facility that will go in effect in early 2024.” According to the statement, “The vast majority of colleagues will be re-assigned to Pfizer’s New York headquarters at 66 Hudson Yards with a smaller portion transitioning to the company’s Parsippany site.

“This follows a previously communicated decision in 2021 of plans to sell the Peapack campus.”

About 800 employees work in the borough. According to the statement, the company will “regularly evaluate key metrics associated with our global real estate portfolio to ensure that our portfolio is optimized and meeting business needs.” According to the statement, “Pfizer continually looks for ways to effectively utilize our workplace facilities and create a more vibrant and energetic work experience for our colleagues.”

The company has been in Peapack since 2003, moving into what was the former Beneficial Management campus off Route 206. At that time, Pfizer actually acquired the property through a purchase of Pharmacia & Upjohn. Pharmacia had acquired the campus from Beneficial after Beneficial merged with Household International in 1998. Beneficial opened the complex in 1982.

Pfizer is an American company, formed in 1849 and which reached fame by dispensing penicillin to U.S. troops in World War I. It has also developed a bevy of well-known drugs the likes of the anti-depressant Zoloft, the cholesterol-busting Lipitor, and the erectile dysfunction drug, Viagra.

– P.C. ROBINSON, Editor