Pfizer and the fee owners of 235 E. 42nd St. negotiate rent reset

The fee owners of 235 E. 42nd St. and the tenant, Pfizer, Inc., have negotiated a rent reset for the land underneath the Pfizer's World Headquarters.The 32-story, 700,000 s/f building was built in 1958. The fee owner was represented by Gregg Schenker, Earle Altman, Steven Hornstock and Clinton Blume of ABS Partners Real Estate, LLC., James Levy of Appraisers and Planners and Robert Safron, Esq., of Patterson Belknap Tyler and Webb. Gregg Schenker said, "We believe both sides were pleased to resolve this rent reset without outside arbitration. The rent is now fixed for nearly 30 years at an equitable amount. Neither side will have to address the rental value issue again in the near future." The tenant, Pfizer, was represented by Brian Corcoran, Charles Borrok and Josh Kuriloff of Cushman & Wakefield and Robert Nash, Esq., of Schulte, Roth and Zabel.