15 | SCIENCE OF BREWING JANUARY 9, 2017 | VOL. 53, No. 2
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Regeneron to buy its corporate campus for $720M BY JOHN GOLDEN jgolden@westfairinc.com
R
egeneron Pharmaceuticals Inc. will pay $720 million to acquire its 150-acre corporate headquarters campus in Westchester, The Landmark at Eastview, from Biomed Realty L.P., the fast-expanding biotechnology company announced in a Securities and Exchange Commission filing at the close of business in 2016. Regeneron and Biomed signed a purchase agreement on Dec. 30. Biomed Realty in 2007 paid $98.5 million for the property, the former Union Carbide campus that straddles Old Saw Mill River Road in the towns of Greenburgh and Mount Pleasant, from an affiliate of LCOR Inc. LCOR had paid $82 million for the campus in late 1999. Biomed, based in San Diego, in recent years has built additional office and laboratory facilities on the site primarily for Regeneron. The acquisition would follow Regeneron’s recent $50 million purchase of the New York Life Insurance office and campus in Sleepy Hollow and its $73 million purchase in 2015 of an undeveloped 100-acre parcel in the town of Greenburgh, adjacent to The Landmark at Eastview property, where the biotech company plans to develop a roughly 1-million-square-foot research and development campus. Regeneron in 2015 also expanded into 297,000 square feet of office and laboratory space in two new Landmark at » REGENERON, page 6
Raising money for charities can be lucrative BY BILL HELTZEL bheltzel@westfairinc.com
H&M Leasing Corp. raised nearly $251,000 for the Orange County Volunteer Firemen’s Association in 2015 but only $15,000, or 6 percent of the donations, actually went to the cause. Many professional fundrais-
ers such as H&M keep a significant portion of the charity dollars they raise, according to “Pennies for Charity,” an annual report issued by Attorney General Eric Schneiderman. “Some of these fundraisers, which are for-profit companies,
collect such large fees that little of what they solicit goes to the charity,” Schneiderman said in his 2016 report. “Some also give potential donors misleading information about the charity’s services, achievements and how much of a given donation the charity actually received and disburses.” Professional fundraisers kept $379.3 million, almost 35 percent of the funds they raised, to cover the costs of their campaigns in 2015. The New York charities received $718.3 million of nearly
$1.1 billion raised. The totals were similar in the Hudson Valley, where 50 charities used 27 professional fundraisers in 2015. The campaigns raised $21.6 million and yielded more than $14 million, for a 65 percent return for the charities. There were vast differences, however, among fundraising campaigns. Donations kept by the professional fundraisers ranged from 8 percent to 96 percent in the Hudson Valley. » CHARITIES, page 6