Regeneron Pharmaceuticals could receive up to $140 million in incentives from New York State for its upstate expansion project.
ALBANY, NY—Regeneron Pharmaceuticals Inc., which is headquartered in Westchester County, is planning to spend $800 million to expand its research and lab facilities upstate in the Capital District outside of Albany.
The company's capital plans were announced on Tuesday by Gov. Andrew Cuomo, who reported that the state's Empire State Development Corp. has offered Regeneron up to $140 million in performance-based incentives, including $70 million in Excelsior Jobs Program tax credits in connection with its latest expansion project.
The $800-million will be spent over the next seven years to expand its laboratory space, manufacturing capacity and warehouse facilities at the company's Rensselaer County campus. The expansion program will create 1,500 new full-time jobs in the greater Capital Region.
“New York is proud to be at the forefront of the life sciences industry and the home of global biotech leaders like Regeneron,” Gov. Cuomo said. “The continued growth of Regeneron here in New York is yet another indication that we are leading the way in the life sciences and attracting the jobs of tomorrow. Regeneron's expansion will further drive economic growth in the Capital Region and fuel lifesaving innovation and development that benefits the entire world.”
Regeneron tells Globest.com that the bulk of its investment will involve expansion projects at its Tempel Lane campus in East Greenbush. The firm plans to develop 240,000 square feet of office and lab space, 350,000 square feet of manufacturing space and a 1,000-space parking garage. Additional expansion projects will also include renovations and a new parking lot at its One Global Way facilities in Troy, NY and infrastructure upgrades, additional parking and office space and possible expansion of its manufacturing operations at its Red Mill campus in Rensselaer, NY.
In the last seven years, Regeneron has spent $200 million to expand operations in Rensselaer County and currently employs more than 2,500 workers there.
Leonard S. Schleifer, M.D., Ph.D., president and CEO of Regeneron, said, “As our number of approved and investigational medicines continues to grow, our need for world-class manufacturing teams and facilities also increases. These state incentives, along with other state and federal policies, have helped Regeneron keep and expand our operations in New York State, which will benefit the local economy and help us achieve our mission of bringing new medicines to people with serious diseases.”
Regeneron, now the largest biotech firm in New York State, has over the past few years undertaken a host of expansion projects at its corporate headquarters in Tarrytown and also secured approvals for future expansion on adjoining land in the Town of Greenburgh.
In November 2017 the Town Board of Greenburgh approved the site plan application of Regeneron Pharmaceuticals for a new research and development campus on a portion of a 100-acre parcel in the northern section of the town.
The project could eventually involve the development of up to nine buildings totaling more than 1 million square feet of research and development and related spaces at the property. Also, in 2017, Regeneron acquired its 1.5-million-square-foot corporate headquarters campus the Landmark at Eastview from an affiliate of BioMed Realty Inc. for $750 million.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
