Regeneron continues New York investment spree
Wednesday, January 4, 2017
Source: Albany Business Review
Regeneron Pharmaceuticals continues to invest in real estate around New York state, reaching an agreement to buy its Westchester County headquarters for $720 million.
The drug developer, which makes medication in East Greenbush to combat eye disease and high cholesterol, has invested heavily over the past two years to expand manufacturing, research and administrative offices around the state. The company is also converting a former Dell computer factory in Ireland into a manufacturing plant.
Regeneron (NASDAQ: REGN) reached a deal Dec. 30 to purchase its 150-acre downstate campus from affiliates of Biomed Realty LP. The campus is located in the towns of Greenburgh and Mount Pleasant, about 135 miles south of Albany.
The company has hired more than 900 employees in East Greenbush over the past five years, growing to more than 1,400. Regeneron also has spent more than a year considering whether to build a second manufacturing complex in East Greenbush.
Regeneron paid $17.75 million in June to buy the former MapInfo headquarters in North Greenbush from Pitney Bowes. Company executives said they needed more office space to support their East Greenbush manufacturing plant.
Regeneron is working with Banc of America Leasing & Capital on a lease financing agreement to purchase the headquarters where it has been a tenant for 27 years. The company plans to lease the building for five years from an affiliate of Banc of America. When it expires, Regeneron could extend the lease, buy the property or sell the land to a third party, according to terms outlined in a filing with the U.S. Securities Exchange Commission.