MOUNT PLEASANT, NY-Regeneron Pharmaceuticals Inc. said Thursday that it will spend $170 million over the next few years on expansion projects in Westchester County and in upstate Rensselaer.
The company, headquartered in Mount Pleasant at the BioMed Realty Trust‘s Landmark at Eastview complex in Westchester County, reports that it along with BioMed Realty will add two new research and development buildings totaling approximately 300,000 square feet at the complex. Currently, Regeneron occupies approximately 590,000 square feet of space at the site and will occupy another 85,000 square feet of additional space there later this year, the company states. When completed, Regeneron will add 400 new jobs at its operations in Westchester.
The company has grown from 682 employees in 2007 to 2,000 today, including more than 1,300 employees in Tarrytown and nearly 600 at its industrial operations and product supply facility in Rensselaer. The company announced last November it was spending $70 million to expand its Rensselaer manufacturing operations and says it will be spending $170 million in the next few years on the Rensselaer and Mount Pleasant projects, putting the Landmark at Eastview expansion at approximately $100 million.
BioMed Realty Trust in a separate announcement stated that in addition to the two R&D buildings, the project would also include a parking structure at its Landmark at Eastview campus in Tarrytown. The project will expand the campus to approximately 1.4 million square feet. The to-be-built laboratory and office space is 100% pre-leased for a 15-year lease term to Regeneron. Concurrent with the new lease, Regeneron executed an early renewal of approximately 360,500 square feet of space that it leases at Landmark into 2029. Regeneron also continues to lease approximately 312,500 square feet of space into 2024.
“Our recently approved drugs and our robust development pipeline have transformed Regeneron into one of the largest and fastest-growing biopharmaceutical companies in the United States,” said Leonard S. Schleifer, M.D., Ph.D., president and CEO of the pharmaceutical firm that began operations at the Landmark at Eastview with just four employees in 1989. “Regeneron has been based in New York since we began 25 years ago, and we are grateful to Gov. Cuomo and New York State for financial support that helps us to continue to expand and create jobs in New York.”
Construction of the new buildings is anticipated to begin in late 2013 and completed in late 2015. In connection with the project, Regeneron will receive $8.5 million in tax credits through New York State’s Excelsior Jobs Program and will receive additional incentives from the Town of Mount Pleasant Industrial Development Agency.