Regeneron Pharmaceuticals, which is currently housed at 777 Old Saw Mill River Rd. in Greenburgh at the Landmark at Eastview, will lease approximately 190,000 sf of space in two new buildings on property at Landmark at Eastview.The total cost of the Regeneron component of the project is approximately $76 million, according to papers filed with the Westchester County IDA. BioMed Realty Trust estimates in its application for a little more than $1.4 million in sales tax exemptions, that construction of the two buildings will cost $38 million to complete. Regeneron, in a separate application with the agency, estimates that the purchase, installation and maintenance of building materials and equipment will carry a cost of $38 million and is seeking a sales tax exemption of $1.4 million as well. The company will use the two buildings as its new corporate headquarters and for research and development of its therapeutic medicines.

Those knowledgeable about the new development plan at Landmark at Eastview, say that BioMed Realty Trust plans to build a third building at the property, bringing the total project to more than 300,000 sf at a cost of more than $100 million.

Regeneron states in its filings with the IDA that it had conducted a search covering New York, New Jersey and Connecticut that encompassed 37 sites. The company seriously considered sites located in Mahwah, NJ and Edgewater, NJ, as well as a site in Ardsley, NY and the proposed facilities at the Landmark at Eastview.

Regeneron is also eligible for a $4-million capital grant from New York State's Empire State Development Corp.

Regeneron Pharmaceuticals was founded in 1988 in Manhattan and relocated two years later to Landmark at Eastview with just four employees. At present, the firm employs 565 workers at multiple buildings at the 751,648-sf complex.

"We appreciate the generous incentives offered by New York State, the Town of Greenburgh, and the Westchester County IDA," states Leonard S. Schleifer, president and CEO of Regeneron. "These incentives will allow BioMed and Regeneron to partner on a laboratory and office construction project to replace the majority of our current facilities. This project will position us to consolidate our business operations, reduce our operating costs, and keep Regeneron in Westchester County."