Regeneron Pharmaceuticals Acquires Avon Innovation Center

Regeneron Pharmaceuticals is planning to establish a biomedical research facility in Suffern, N.Y. The company recently invested $39 million to acquire the 235,000-sf Avon Innovation Center. Sited on 10 acres, the three-story structure originally housed chemistry labs and support spaces for the development of cosmetics, fragrances, and skincare products. HLW designed the facility, which was constructed between 2003 and 2005 by Skanska USA Building. JLL represented the buyer in the transaction, with Cushman & Wakefield and Actio Corporate Advisers representing the seller.

Work will commence in spring of 2024 on a $100 million renovation project that will provide updated laboratories and offices. Accommodating 230 employees, the repurposed facility will feature specialized suites for preclinical manufacturing and process development. A new warehouse with cold storage capabilities will also be constructed. Occupancy is expected in mid-2025. Additionally, Regeneron is engaged in a $1.8 billion expansion of its corporate headquarters campus in nearby Tarrytown.