BioMed Realty Trust embarks on $145 million expansion at Eastview

Apr 15 2007

BioMed Realty Trust has announced that it has embarked on a major expansion at The Landmark at Eastview, the largest privately owned multi-tenant technology park in New York State.

The company has broken ground on a world-class laboratory and office complex that will be a new corporate headquarters and research development facility for Regeneron Pharmaceuticals, Inc. Regeneron will lease a majority of the new 360,000 square foot, $145 million facility, with the remaining state-of-the-art laboratory and office space available for future tenants.

Senior management of BioMed Realty Trust, owner of The Landmark at Eastview, today joined with Regeneron executives and state, county and local political leaders for a groundbreaking ceremony at the 275 acre campus. The new complex is the first speculative lab-ready space to be built in the Hudson Valley in a number of years, and solidifies The Landmark at Eastview as the region's premier life sciences campus.

"We are pleased to begin construction of this exciting and important expansion at The Landmark at Eastview, positioning BioMed Realty Trust as the leading provider of real estate to the life science industry in the New York area. We see tremendous potential for this property in attracting new biomedical companies to the region, while accommodating organic growth of our existing tenants such as Regeneron," said Alan D. Gold, President and Chief Executive Officer of BioMed Realty Trust.

The groundbreaking event represents a major corporate commitment to Westchester County and New York State by Regeneron, a biopharmaceutical company that is developing drug candidates for the treatment of cancer, eye and other diseases. Regeneron employs more than 450 people.

"We are very excited at the prospect of moving into a new customized, state-of-the-art facility that will allow us to consolidate our business operations and increase efficiencies," stated Leonard S. Schleifer, M.D., Ph.D., President and Chief Executive Officer of Regeneron. He added, "We remain committed to Westchester County and New York State and thank them for their commitment to expanding the biotechnology industry in the region."

BioMed Realty Trust is constructing three interconnected buildings totaling approximately 360,000 square feet of laboratory and office space. The three buildings are being built on a 66 acre site adjacent to the existing 777 and 765 Old Saw Mill River Road buildings. One of the new buildings -- 735 Old Saw Mill River Road -- will be physically connected to the 777 building.

Regeneron has signed a long-term lease for approximately 194,000 square feet of space in two of the three new buildings. Regeneron employees currently working at multiple locations at the Landmark campus will be consolidated into the two new buildings. Following Regeneron's relocation to the new buildings, BioMed will redevelop and lease the vacated space, which excludes approximately 27,000 square feet that Regeneron will retain.

Designed by the architectural firm of Tsoi/Kobus & Associates of Cambridge, Massachusetts, the new buildings will feature an open and flexible design as well as incorporate the latest energy efficient technologies. William A. Berry & Son, Inc. of Danvers, Massachusetts is the general contractor for the project.

Construction of the core and shell of the three buildings is expected to be completed by the summer of 2008. Regeneron's office and laboratory space is expected to be finished and ready for occupancy by early 2009.

For its commitment to New York State and Westchester County, Regeneron has received a $4 million grant from Empire State Development Corporation, as well as $3.5 million in property tax abatements and $1.5 million in sales tax abatements from the Westchester County Industrial Development Agency.

Westchester County Executive Andrew Spano pointed to the expansion as a sign of continued confidence in Westchester's biomedical community. "An investment of this scale and scope just confirms that Westchester is still a hot location for scientific research and development," said Mr. Spano. "Regeneron has been a key player in the county for years, and not only do they want to stay -- they're ready to expand. BioMed's commitment to build more space will allow other companies to be able to do the same," he added.

Empire State Development/Downstate Chairman Patrick Foye said, "ESD is pleased to be a part of Regeneron's continued success and investment in Westchester. Today's groundbreaking is a significant milestone for both the company and New York State. With Regeneron and others leading by example, New York has become a prime location for specialty and high-tech businesses."

Located off the Saw Mill River Parkway in the Towns of Greenburgh and Mount Pleasant, The Landmark at Eastview is comprised of eight buildings totaling approximately 752,000 rentable square feet of research and development facilities and high-tech office space. Amenities include a cafeteria, conference facility, 24/7 security, free shuttle to the North White Plains Metro North station, tennis and basketball courts, jogging trails and walking paths. The Landmark at Eastview's strategic location affords easy access to New York City, Connecticut and New Jersey.