In a move that bolsters Westchester County’s fast-growing biotech sector, the 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 square feet of new state-of-the-art life sciences space. The IDA Board voted its support at its December 12 meeting.
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. BioMed Realty has been approved to receive a sales tax exemption.
“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,” she added.
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. 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 is a leading provider of life sciences real estate. The company owns and operates 11 million square feet of high quality life science real estate throughout the U.S. and United Kingdom. The company’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.