Westchester County Industrial Development Agency (IDA) has given final approval of support for BioMed Realty to expand its Ardsley Park biotech campus in the Town of Greenburg with the renovation of 97,000 s/f of new state-of-the-art life sciences space.
BioMed plans to immediately renovate the 22,000 s/f building 440 into lab and office space to accommodate up to four life sciences companies.
The 75,000 s/f Building 430 will be renovated to house up to six life sciences companies. BioMed Realty said that space will be marketed to smaller biotech companies that can’t 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.
BioMed Realty has been approved to receive a sales tax exemption.
“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,” said Westchester IDA chairperson Joan McDonald.
According to BioMed Realty’s application to the IDA, 20 percent of biotech employees in New York State live in Westchester County. However, employment in the biotech industry has decreased by 14.3 percent 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,” said BioMed Realty Senior Director for East Coast and U.K. Markets Colleen O’Connor.
“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,”
BioMed Realty owns and operates 11 million square feet of life science real estate throughout the U.S. and U.K.
The company’s 43-acre Ardsley Park life sciences campus features 258,800 s/fof office and lab space. It is the headquarters of Acorda Therapeutics which leases 165,000 s/f at the campus.