Regeneron Pharmaceuticals abandoned plans last November to spend $139 million to renovate the former Avon Products facility it had acquired in December 2023 for $38,875,000 from Avon Capital Corp.
It is recommended that all real estate brokerage firms, including commercial brokerages, enter into detailed agreements with their buyer/tenant or seller/landlord clients.
Overall, the region remains in high demand, with all areas continuing to experience exceptional competition for homes.
Regeneron Pharmaceuticals abandoned plans last November to spend $139 million to renovate the former Avon Products facility it had acquired in December 2023 for $38,875,000 from Avon Capital Corp.
NEW YORK—Commercial brokerage firm JLL announced on Feb. 17 that it has been exclusively retained to market the former Avon Products R&D facility at 1 Avon Place, a 235,000-square-foot Class A building in Suffern, NY for sale and/or lease.
The firm was hired by Westchester County-based biotechnology company Regeneron Pharmaceuticals, which abandoned plans last November to spend $139 million to renovate the former Avon Products facility it had acquired in December 2023 for $38,875,000 from Avon Capital Corp.
The three-story property, which was the former innovation center for global beauty brand Avon, is purpose-built for research and development and offers a highly flexible layout supported by existing lab, office and technical infrastructure. The site has flexible zoning that allows for a broad range of uses and future redevelopment potential, including continued research and development use as well as conversion to healthcare, data center and other permitted uses, JLL officials stated.
Situated on nearly 10 acres, 1 Avon Pl. is fully equipped with institutional-grade infrastructure, including 34 fume hoods, DI water, compressed air and vacuum systems, natural gas to bench tops, a gas detection system, dual 900-ton chillers, 4,000 amps of total power and a 750-kilowatt emergency generator. Existing uses span clinical testing, pilot plant operations, microbiology and analytical labs, executive offices and technical service areas.
The JLL team marketing the property is being led by Vice Chairman Dan Loughlin, Senior Managing Director Jeremy Neuer and Vice President Matt Loughlin.
“Properties of this scale and quality rarely come to market in Rockland County,” said Dan Loughlin. “1 Avon Place offers a compelling combination of best-in-class infrastructure, flexible zoning and exceptional regional access. Whether for an owner-user seeking an R&D environment, an investor pursuing long-term value or a tenant looking to establish a flagship facility, this asset provides multiple paths to execution.”
Added Neuer, “We are seeing strong investor demand across the life science sector. This opportunity stands out among the region’s inventory due to the original developer’s significant investment in high-quality construction, creating a turnkey environment that is increasingly difficult to replicate in today’s market.”
The property features 565 parking spaces, 75,000-square-foot floor plates, a glass atrium lobby, 15.5-foot slab-to-slab heights, 24/7 gated security and three covered loading docks. The basement level serves as a hub for technical service operations.
Overall, the region remains in high demand, with all areas continuing to experience exceptional competition for homes.
Due to low supply, the median home price reached a new high for the month of January.
He currently serves on the OneKey MLS Board of Managers and has held prominent leadership roles, including 2022 President of the Hudson Gateway Association of Realtors.
Garafalo was the president of the Orange County Association of Realtors in 2011 and the Hudson Gateway Association of Realtors in 2019.
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