County Executive Robert P. Astorino hailed the announcement that the 159,000-square-foot Ardsley Park campus has a new owner and tenant as the latest example of how his outreach to business – in this case to the biotech industry – is producing positive results for Westchester.
BioMed Realty Trust, Inc. of San Diego is paying $18 million for the Ardsley Park campus, located at 410 and 412 Saw Mill River Road, Ardsley. BioMed is leasing 138,000 square feet to Acorda Therapeutics, Inc., a biotechnology company that develops and markets therapies for neurological disorders, such as multiple sclerosis and spinal cord injury. It currently employs 159 people and may potentially add up to 190 more positions over the next five years.
"Retaining and attracting business is critical to the economic health of Westchester and a fundamental goal of my administration," Astorino said. "Government can't create private sector jobs. But it can and must create an environment that's conducive to job creation. To do that, my economic development team is constantly working to strengthen relationships with businesses and put government resources to use in ways that will help grow Westchester's economy. Businesses can locate anywhere. Having two major biotech firms choose Westchester as the place to grow their business is a vote of confidence in our county and its highly skilled and motivated workforce."
Astorino joined officials from BioMed and Acorda at a news conference on June 27 to announce the deal, which was made possible with the help of the county's Industrial Development Agency, which offered Acorda up to $1.1 million in sales tax abatements. Help was also provided by New York State's Empire State Development.
The announcement comes just weeks after Atlas Air Worldwide unveiled plans to keep its corporate headquarters in Purchase -- retaining 460 existing jobs and creating an additional 50 new ones in the state.
And that decision came on the heels of several other good-news announcements. Pepsi Beverages Company (PBC), the bottling division of PepsiCo Inc., said in March it would remain in its Somers headquarters. Several other companies – including Sabra Dipping, the hummus maker; Amkai Solutions, an IT company; and Contra-Fect, a biotech firm – have already moved or will move to Westchester, and Dannon is expanding.
BioMed Realty is a real estate investment trust that provides real estate to biotechnology and pharmaceutical companies, scientific research institutions, government agencies and other entities involved in the life science industry. The Ardsley Park campus is near The Landmark at Eastview, the company's state-of-the-art life science complex.
"Acorda has grown substantially over the last several years, and Ardsley Park will provide state-of-the-art laboratory and office space that will accommodate our current and future needs," said Ron Cohen, M.D., Acorda's President and CEO. "Acorda has been based in Westchester County since 1998, where we are proud to have contributed to building a vibrant biotechnology community in New York. We are pleased that New York state, county and local government and economic development groups collaborated with us and BioMed to provide a cost-efficient solution that allows Acorda to remain based in Westchester County."
Alan D. Gold, BioMed's chairman and CEO, said of the new acquisition and the deal with Acorda: "We are very excited about Ardsley Park, our newest investment and expansion in the proven New York life science cluster. As is the case at our Landmark campus, Ardsley Park provides favorable leasing economics for biotechnology companies to conduct their mission-critical research, as well as the potential for future growth on site. We are really excited about adding Acorda Therapeutics to our best-in-class tenant roster and look forward to supporting their research and development efforts to develop important therapies for individuals suffering from nervous system disorders."
Mike Oates, president and CEO of the Hudson Valley Economic Development Corp., said, "BioMed's decision to grow their holdings in Westchester is huge news. It shows that New York is open for business. BioMed brings a winning track record of creating highly successful corporate campuses that appeal to both corporate executives and employees. BioMed has proven to be a great partner who will help us attract high quality jobs, capital investment and world class companies."
The campus was previously purchased by OSI Pharmaceuticals, but was put back on the market once OSI was itself purchased by a larger, Japanese firm, Astellas Pharma, in mid-2010.
Laurence Gottlieb, director of the county's economic development office and co-founder of NY BioHud Valley, said the deal was put together by the aggressive and timely actions of the county, an effort launched as soon as the property came to market.
"This incredible 'one-two punch' delivered by BioMed Realty and Acorda Therapeutics solidifies Westchester County's leadership position as both New York's Intellectual Capital™ and the epicenter of biotechnology's explosive growth in the lower Hudson Valley," he said. "Westchester County's 9A corridor is emerging as one of the hottest biotech addresses in the nation."
Under terms of the arrangement announced:
- BioMed has acquired the Ardsley Park life science campus comprising approximately 159,800 square feet of laboratory and office space and 500,000 square feet of space for future development.
- Acorda Therapeutics has agreed to a 15-year lease for approximately 138,000 square feet of laboratory and office space. Pursuant to the lease agreement, BioMed will proceed on an extensive renovation of the property over the next 12 months. The company estimates that the total investment in the property will be approximately $36.0 million upon lease commencement.