Regeneron Pharmaceuticals, Inc., a biopharmaceutical company, plans to lease, long-term, a new 190,000 square foot, state-of-the-art laboratory and corporate headquarters on a site adjacent to its current location in Greenburgh, N.Y., in Westchester County.

The $80 million facility will be a portion of an approximately 340,000 square foot project to be developed and constructed by BioMed Realty Trust, Inc. on a site at its existing campus at The Landmark at Eastview.

The cost of the entire BioMed project, including construction costs and tenant improvements, is expected to exceed $100 million. The project is expected to retain 565 employees in total at the company’s clinical development facilities, research laboratories, and corporate headquarters in Greenburgh and its manufacturing facility in Rensselaer.

Regeneron Pharmaceuticals was founded in 1988 in New York City by President and Chief Executive Officer Leonard S. Schleifer, M.D., Ph.D to develop and commercialize new therapeutic agents to treat unmet medical needs. The company has therapeutic candidates in clinical trials for the potential treatment of cancer, eye diseases and inflammation. The company also has preclinical programs in other diseases and disorders.

“Regeneron moved into the Landmark in Westchester with four employees in 1989,” said Dr. Schleifer. “We appreciate the generous incentives offered by New York State, the Town of Greenburgh, and the Westchester County IDA. 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.”

In consideration of its commitment to New York State, Regeneron is eligible to apply to Empire State Development for a $4 million Capital Grant to assist with the purchase of machinery, equipment, furniture and fixtures.

Additionally, the company is eligible for approximately $3.5 million in property tax abatements and $1.5 million in sales tax abatement on construction materials through the Westchester County IDA.

The company is also eligible to apply for up to $1 million in capital costs from NYSERDA’s New Construction Program. Regeneron's decision and plans are contingent upon completion of lease negotiations with BioMed.

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