Project Number: 20171003
Project Type: Expansion
Parcel ID: 08002400025
County Commission District: 08 | City Council District: 02


Pfizer Inc. was awarded a fourteen-year Expansion PILOT to enable the company to remain in Memphis and retain 250 jobs. Pfizer will invest $19.6 million at 949 S. Shady Grove Road.

The total project investment includes the $2.9 million purchase of furniture, fixtures, and computer equipment. Additionally, Pfizer will invest $4.7 million for tenant improvements at the Shady Grove location. The applicant will receive CRC in the amount of $11.9 million.

The average base salary for the 250 corporate administrative support staff is $88,776 excluding benefits.

Parcel 080024 00025 (949 S. Shady Grove Road) is 7.3 acres and is comprised of a 155,000 square-foot office building.

Founded in 1849, Pfizer is the world’s largest biopharmaceutical company and is currently 54th on the Fortune list of largest publicly traded companies. Pfizer manufactures products such as: Lipitor, Celebrex, Norvasc, Lyrica, and Viagra.

The Expansion PILOT will enable Pfizer to reduce overhead costs and improve its competitive position in the global market.

In 1994, Pfizer constructed a 300,000-square foot distribution and office facility on Shelby Drive in Memphis, Tennessee.

In 1997, Pfizer brought their North American Shared Services back office operations to Memphis. Now known as Global Financial Services, that operation leases space at 6730 Lenox Center. The Lenox Center lease will soon expire.

Staff projects $17,081,312 in local total tax revenues to be received during the PILOT term and a $5,299,048 benefit to Pfizer.



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Projected Taxes Abated:

City: $2,315,684 (75%)
County: $2,983,364 (75%)

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Pfizer Inc.

949 South Shady Grove, Memphis, TN 38120