Westchester IDA Board Supports BioMed Realty’s Expansion Plan
Real Estate In-Depth | December 2019
WHITE PLAINS—The Westchester County Industrial Development Agency granted approval to provide incentives for BioMed Realty to expand its Ardsley Park biotech campus in the Town of Greenburg with the renovation of 97,000 square feet of new state-of-the-art life sciences space in two buildings.
The IDA Board voted on the BioMed Realty proposal at its Dec. 12 session. BioMed plans to immediately renovate the 22,000-square-foot Building 440 into lab and office space to accommodate up to four life sciences companies. The 75,000-square-foot Building 430 will be renovated to house up to six life sciences companies. BioMed Realty said the space will be marketed to smaller biotech companies that cannot afford the expense of outfitting their own lab space.
The $38-million project is projected to create 350 full-time jobs with a payroll of approximately $35 million. A total of 250 full-time construction jobs are expected to be generated over the lifetime of the project. In consideration of the firm’s investment, the IDA provided a sales tax exemption totaling more than $905,000, according to a report in the Westchester County Business Journal.
“The IDA is very pleased to provide support for BioMed Realty’s renovation plan. This important plan will provide much-needed lab space to further strengthen the county’s reputation as a hub for biotechnology and life sciences,” said Westchester IDA Chairperson Joan McDonald. “The biotech sector is key to Westchester’s economic future. With biotech giants, such as Regeneron and Acorda Therapeutics headquartered here, Westchester County is ideally positioned for long-term growth.”
BioMed Realty stated in its application to the IDA that 20% of biotech employees in New York State live in Westchester County. However, employment in the biotech industry has decreased by 14.3% from 2011 to 2017 due to a lack of adequate space.
“BioMed Realty is excited to deliver modern turn-key flexible lab and office suites that can accommodate growing life science companies. These companies need move in ready lab space quickly with flexible term lengths and we are excited to further support the life science ecosystem in the Westchester region by providing this critical space for the industry,” said BioMed Realty Senior Director for East Coast and U.K. Markets Colleen O’Connor.
BioMed Realty’s 43-acre Ardsley Park life sciences campus features 258,800 square feet of office and lab space. It is the headquarters of Acorda Therapeutics which leases 165,000 square feet of lab and office space at the campus.