Two New Buildings Serve as Regeneron's Corporate Headquarters and Research Facility
TARRYTOWN, N.Y., Oct. 6 /PRNewswire-FirstCall/ -- State, county and local government leaders today joined senior management from Regeneron Pharmaceuticals, Inc. (Nasdaq: REGN) and BioMed Realty Trust, Inc. (NYSE: BMR) to celebrate the completion of Regeneron's new 229,000 square foot corporate headquarters and research facility at BioMed's The Landmark at Eastview campus in Tarrytown, New York. Featured speakers at the ceremony were Leonard S. Schleifer, M.D., Ph.D., Founder, President and Chief Executive Officer of Regeneron; Kent Griffin, President and Chief Financial Officer of BioMed; Susan Tolchin, Deputy Westchester County Executive; New York State Senator Suzi Oppenheimer; Paul Feiner, Greenburgh Town Supervisor; and Dennis Mullen, Chairman and Chief Executive Officer Designate of the Empire State Development Corporation.
The $115 million investment in this state-of-the-art complex, one of the largest corporate facilities to be built in Westchester County in recent years, represents a major commitment to the county and state by Regeneron and BioMed and solidifies The Landmark at Eastview as the region's premier life science campus.
"Our new headquarters and research facility at Landmark provide the efficient and modern facilities we need for our operations," said Dr. Schleifer. "BioMed has provided the critical facilities and expertise that have effectively supported our expansion in Westchester County. We are also pleased to share this celebration with our neighbors and civic leaders in the county, our corporate home since 1989 and an area that cultivates important scientific development."
Regeneron, a fully integrated biopharmaceutical company that discovers, develops and commercializes medicines for the treatment of serious medical conditions including cancer, gout, and retinal and other diseases, will use the new facilities for its research and development laboratories, clinical development staff, corporate headquarters and administrative offices. With the two new buildings, Regeneron now occupies approximately 390,000 square feet in four buildings on the 116 acre Landmark campus. Regeneron, which had just four employees when it opened its research laboratories at The Landmark at Eastview in 1989, now has over 1,000 employees. Regeneron's full-scale manufacturing facility is in Rensselaer, New York.
In his comments at the ribbon cutting, Mr. Griffin said, "Regeneron has been a model partner for BioMed throughout our association. Their long history of scientific advancements in discovering drug candidates for treatment of serious conditions is a template for success in life science research and development. We look forward to many more years of supporting Regeneron's real estate needs in Westchester County."
The completion of this new facility is the culmination of a successful economic development effort involving the Empire State Development Corporation, the Westchester County Industrial Development Agency and the Town of Greenburgh. Regeneron and BioMed broke ground on the two new build-to-suit buildings, comprising approximately 230,000 square feet, in April 2007. William A. Berry & Son, Inc. of Danvers, Massachusetts, was the construction manager for the project.
"For more than two decades Regeneron has discovered, developed, and commercialized medicines for the treatment of serious medical conditions right here in New York," said Empire State Development Chairman and CEO designate, Dennis Mullen. "They have invested millions into the New York economy, and employ more than 1,000, with nearly 750 jobs in Tarrytown and more than 250 in Rensselaer. Today's opening of their new headquarters means we are securing those jobs for New York State. Regeneron is an example of the type of investment which will foster sustainable growth, create jobs, revive our economy and expand opportunities for all New Yorkers."
The new facilities offer environmentally friendly design features, including a white roof to reflect heat, a high efficiency HVAC system, building layouts for laboratories and offices to maximize day lighting, a courtyard located between buildings that maximizes permeable surfaces to reduce water runoff, and extensive use of sustainable materials such as bamboo flooring and low volatility organic compounds. In addition, as part of The Landmark at Eastview campus, employees are provided complimentary shuttle service to the North White Plains and Tarrytown Metro North Stations and convenient access to other public transportation.
The Landmark at Eastview is one of the largest privately-owned, multi-tenant science parks in New York State. The campus consists of eight buildings and over 1.1 million rentable square feet of research and development facilities and high-tech office space. Construction of a third lab-ready building was initiated and completed concurrently with the core and shell construction for Regeneron's two new buildings.
About Regeneron Pharmaceuticals
Regeneron is a fully integrated biopharmaceutical company that discovers, develops, and commercializes medicines for the treatment of serious medical conditions. In addition to ARCALYST® (rilonacept) Injection for Subcutaneous Use, its first commercialized product, Regeneron has therapeutic candidates in clinical trials for the potential treatment of cancer, eye diseases, inflammatory diseases, and pain, and has preclinical programs in other diseases and disorders. Additional information about Regeneron and recent news releases are available on Regeneron's Web site at www.regeneron.com.
About BioMed Realty Trust
BioMed Realty Trust, Inc. is a real estate investment trust (REIT) focused on Providing Real Estate to the Life Science Industry®. The company's tenants primarily include biotechnology and pharmaceutical companies, scientific research institutions, government agencies and other entities involved in the life science industry. BioMed owns or has interests in 69 properties, representing 114 buildings with approximately 10.5 million rentable square feet. The company's properties are located predominantly in the major U.S. life science markets of Boston, San Diego, San Francisco, Seattle, Maryland, Pennsylvania and New York/New Jersey, which have well-established reputations as centers for scientific research. Additional information is available at www.biomedrealty.com.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. These risks and uncertainties include, without limitation: general risks affecting the real estate industry (including, without limitation, the inability to enter into or renew leases, dependence on tenants' financial condition, and competition from other developers, owners and operators of real estate); adverse economic or real estate developments in the life science industry or the company's target markets; risks associated with the availability and terms of financing, the use of debt to fund acquisitions and developments, and the ability to refinance indebtedness as it comes due; failure to manage effectively the company's growth and expansion into new markets, or to complete or integrate acquisitions and developments successfully; risks and uncertainties affecting property development and construction; risks associated with downturns in the national and local economies, increases in interest rates, and volatility in the securities markets; potential liability for uninsured losses and environmental contamination; risks associated with the company's potential failure to qualify as a REIT under the Internal Revenue Code of 1986, as amended, and possible adverse changes in tax and environmental laws; and risks associated with the company's dependence on key personnel whose continued service is not guaranteed. For a further list and description of such risks and uncertainties, see the reports filed by the company with the Securities and Exchange Commission, including the company's most recent annual report on Form 10-K and quarterly reports on Form 10-Q. The company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE BioMed Realty Trust, Inc.; Regeneron Pharmaceuticals, Inc.
Peter Dworkin, +1-914-345-7640, email@example.com,
or Media Relations,
Laura Lindsay, +1-914-345-7800, firstname.lastname@example.org,
both of Regeneron Pharmaceuticals;
or Rick Howe, Director, Corporate Communications of BioMed Realty Trust, Inc.,