Pfizer is closing its South San Francisco office at 181 Oyster Point Boulevard at the end of April 2026, vacating 164,000 square feet of lab and office space1
The company acquired the South San Francisco property in 2022 through its $5.4 billion acquisition of Global Blood Therapeutics1
All employees at the site will transition to remote work arrangements1
Pfizer cited underutilization of the office space as the reason for closure, stating 'After careful evaluation, Pfizer has decided to close its South San Francisco office as the office space is currently underutilized'1
The company had previously attempted to sublease approximately 91,000 square feet of the space1
Pfizer is evaluating multiple options for the property, including subleasing the entire five-story building owned by Healthpeak Properties1
This closure marks Pfizer's exit from the Bay Area, following its April 2025 sale of a 631,000 square foot biotechnology campus in La Jolla, California1
Regional life sciences tenants typically seek smaller spaces of 5,000 to 20,000 square feet rather than large locations exceeding 100,000 square feet1
South San Francisco's life sciences vacancy rate reached approximately 35% in the fourth quarter of 20251
Sources:
1. https://www.bisnow.com/san-francisco/news/office/pfizer-to-close-oyster-point-offices-at-end-of-april-133928