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BioMed Realty Seeks One-Year Extension of Parking Lot Relocation at Suburban NY Biocampus

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The Mount Pleasant, New York, town Planning Board on Thursday is set to consider a request by BioMed Realty Trust for a one-year extension of a site-plan approval granted in March 2007 to relocate a 367-space parking lot within the town's side of the Landmark at Eastview, a 275-acre, approximately 752,000-square-foot laboratory/R&D campus whose eight buildings straddle the border of two suburban towns near New York City.

The relocation would allow BioMed to build new lab space on the site of the current lot, on the Mount Pleasant side of Old Saw Mill River Road, across from the neighboring town of Greenburgh, in addition to an expansion of the biocampus now nearing completion.

The San Diego-based publicly traded real estate investment trust has not said how much space it is looking to build there. The REIT's representative before the planning board, Richard O'Rourke of the White Plains, NY law firm Keane & Beane, told BioRegion News that the answer would hinge on an agreement with one or more tenants to redevelop what he said was an underused parking lot.

The original approval expires March 1.

"We've applied for an additional extension of a year because of the economic volatility and the prospect that we have a couple of users that may be interested in locating with us" where the lot is located, O'Rourke told BRN. He declined to identify the prospects.

Asked where the lot would be relocated, he replied: "That's all subject to further planning and review at this juncture. We're in the formative planning stages."

BioMed has nearly completed another expansion project at Landmark at Eastview, the $145 million construction of three interconnected buildings totaling 360,000 square feet on 66 acres adjacent to the existing 777 and 765 Old Saw Mill River Road buildings. That project — slated to be finished in the first half of this year — is one of only three developments BioMed has said it will see to completion despite the economic upheaval [BRN, Nov. 3].

Most of that space has been leased to Regeneron Pharmaceuticals, which has promised to retain 440 jobs on the campus rather than move out of state. In return, Regeneron received a $4 million grant from New York state's economic development agency, the Empire State Development Corp., as well as $3.5 million in property tax abatements and $1.5 million in sales tax abatements from the Westchester County Industrial Development Agency.

One of the new buildings, 735 Old Saw Mill River Road, will be physically connected to 777 Old Saw Mill River Road.

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