LoHud Real Estate

With the help of state and county tax incentives, Westchester’s newest biotechnology lab will be unveiled in Greenburgh this afternoon.

The new facility, which Acorda Therapeutics will lease from BioMed Realty Trust (a real estate investment trust traded under the ticker BMR), includes approximately 138,000 square feet of office and state-of-the-art laboratory space.

Acorda - which develops therapies that restore function and improve the lives of people with multiple sclerosis, spinal cord injury and other neurological conditions - has relocated all employees from its former location in Hawthorne to the new facility.

“Acorda moved to Westchester in 1998 as a small start-up biotechnology company with six employees, and I’m very proud of what our associates have accomplished in the ensuing years. We’ve brought an important new therapy to market AMPYRA, which has helped tens of thousands of people with multiple sclerosis. That in turn has helped us grow our Company to become a leader in developing neurological medicines, with more than 340 associates, including 200 based in Ardsley,” said Ron Cohen, Acorda’s president and CEO. “As a native New Yorker, it is also gratifying to contribute to the expanding biotechnology presence in Westchester County. Westchester has the resources we need, in particular a highly educated and skilled workforce, to continue to grow and pursue our goal to develop therapies that improve the lives of people living with MS, stroke, spinal cord injury, and other neurological conditions.”

Acorda’s partnership with Empire State Development Corporation, County of Westchester Industrial Development Agency, New York State Energy Research and Development Authority and the County of Westchester produced an economic incentive package that made the move economically feasible for the company, while promoting the retention of existing jobs and creation of new jobs in New York. Acorda will receive tax credits of up to $5.2 million as part of the New York State Excelsior Jobs Program, an employment-creation initiative administered by Empire State Development. Acorda is also eligible for various tax credits of up to $1.15 million through the County of Westchester IDA and for additional incentives through NYSERDA.

“Biotech is key to the future growth of the Hudson Valley economy,” said U.S. Sen. Kirsten Gillibrand, D-NY. “Westchester is home to world-class research institutions, medical centers, laboratories and academic research organizations. The new Acorda corporate headquarters in Ardsley provides the Hudson Valley with a state-of-the-art space for Acorda to continue being a leader and innovator in the development of neurological medicines industry while creating and sustaining good paying jobs right here in Westchester.”

“I congratulate Acorda on their move to the Ardsley Park life science campus. Their investment in the new state-of-the-art facility highlights the strength of Westchester County as a hub for biotech and life sciences companies,” added Congresswoman Nita Lowey. “I am proud that Acorda has flourished in Westchester, keeping approximately 200 biotechnology jobs in the community, and I look forward to their future accomplishments.”

“The life sciences industry is a critical part of Westchester County’s vibrant economy,” said Westchester County Executive Robert P. Astorino. “Acorda’s successful expansion into their new Ardsley Park facility helps to solidify Westchester’s 9A corridor – beginning at iPark in Yonkers and ending at The Landmark at Eastview in Tarrytown – as the heart of New York’s biotech corridor. Thank you to Acorda for being such a tremendous partner.”

“Under Governor Cuomo’s leadership, New York is working harder than ever to provide businesses the resources they need to keep growing and creating jobs in the communities they call home,” said Empire State Development President, CEO & Commissioner Kenneth Adams. “The Mid-Hudson region is flourishing as a national leader of the biopharmaceutical industry and the partnership between the state and Acorda will continue to help grow the regional economy. We are especially proud to support this home-grown company and look forward to a long and prosperous relationship with a business that is as good at serving people as it is at turning a profit to boost the local economy.”

Purchased by BioMed Realty in 2011, the Ardsley Park life science campus comprises approximately 160,500 square feet of laboratory and office space and 500,000 square feet of future redevelopment and development potential that can accommodate multiple tenants. BioMed Realty successfully completed an extensive renovation of the property since acquiring the property.