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BioMed Realty Trust, Inc. will commence construction on two new buildings comprising approximately 297,000 square feet and a parking structure at The Landmark at Eastview in Tarrytown, NY, expanding the campus to approximately 1.4 million square feet. The to-be-built laboratory and office space is 100% pre-leased for a 15-year lease term to Regeneron Pharmaceuticals, Inc. Regeneron, a fully integrated biopharmaceutical company with three marketed products in the United States, will use the new facilities for its research and development activities. BioMed Realty estimates that the new buildings will be occupied by Regeneron in late 2015.
“In March 2013, we hired our 2,000th employee; we expect to continue to hire over the next several years, and these new buildings will support our continued growth. We are grateful to Gov. Cuomo for the New York State financial support for this newest expansion and to BioMed Realty, our longtime landlord, for structuring a mutually beneficial real estate transaction,” said Leonard S. Schleifer, M.D., Ph.D., President and Chief Executive Officer of Regeneron.
“This latest expansion of our valued, long-term relationship with Len Schleifer and his team provides BioMed Realty with yet another opportunity to deploy the most knowledgeable professionals in the life science real estate industry for build-to-suit construction of new facilities that will support Regeneron’s continued success,” said Alan D. Gold, Chairman and Chief Executive Officer of BioMed Realty.