Three of the world's pharmaceutical giants – Pfizer, Bristol-Myers Squibb, and Forest Laboratories – are located within one square mile of each other in midtown Manhattan. Pfizer, in fact, recently announced expansion plans. The company has promised to spend about $1 billion to renovate its Manhattan headquarters, buy additional office space, and add staff over the next 15 years, including 2,000 jobs to be added by 2009.
The announcement, considering the high average price of office real estate in that neighborhood, suggests there must be some reason why big companies choose to have their headquarters in New York City. The marquee of a midtown Manhattan area code can only go so far, however. Why companies stay, and, even when they do, what parts of their operations move elsewhere, can say a lot about the strengths and weaknesses of New York City as a life sciences hub.
For at least two ...
