John McCloudis editor of Industry Property Journal,from which this article is excerpted.

Tarrytown, NY—BioMed Realty Trust Inc's. decisionto launch a $145-million expansion at the Landmark at Eastview inthis community 20 miles north of New York City is another exampleof the speed with which the life science industry is growing. Thenear-simultaneous announcement of a $507-million joint venturebetween the San Diego-based REIT and Boston-based PrudentialReal Estate Investors shows that the more establishedinvestment community is also beginning to give serious attention tothe fledgling industry.

At the Landmark at Eastview, the largest privately ownedmulti-tenant technology park in New York State, BioMed broke groundon a 360,000-sf laboratory and office complex that will become thecorporate headquarters and major research facility for RegeneronPharmaceuticals Inc., a biopharmaceutical company already basedat the 275-acre complex. Regeneron, which had $63.5 million insales in 2006, signed a 15-year lease for 194,000 sf in the newbuilding. It will give up some existing office space at thedevelopment, but retain a 27,000-sf specialized researchfacility.