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Regeneron’s $38.875 Million Acquisition of Avon Complex Marks Significant Expansion

Regeneron Pharmaceuticals, Inc., based in Tarrytown, has acquired Avon Capital Corporation’s prime property at 1 Avon Place for a staggering $38.875 million. The purchase includes a sprawling 235,000 square foot building complex nestled on 10 acres of land. This complex has long served as the corporate headquarters and global innovation center for Avon Corporation, a Delaware Corporation.

Rock County Holdings, LLC, the realty arm of Regeneron Pharmaceuticals, spearheaded this monumental acquisition, signaling the company’s intent to expand its research and development efforts and enhance its portfolio of treatments, particularly in the field of infectious diseases.

Regeneron has ambitious plans for the facility, which includes allocating approximately $70 million for infrastructure improvements and reconstruction. In addition, the company secured a valuable sales tax exemption, amounting to around $4 million, for an estimated $50 million of improvements. Further, Regeneron is actively pursuing a Payment In Lieu Of Taxes (PILOT) agreement with the Village of Suffern, the Town of Ramapo, and the local school district to facilitate its expansion efforts.

The PILOT agreement is of particular significance, as Avon had previously enjoyed such an arrangement during its tenure at the facility until its Agreement with the Rockland County Industrial Development Agency (IDA) was terminated in April 2023.

As part of its expansion, Regeneron anticipates the creation of 230 full-time jobs with average salaries ranging from $105,000 to an impressive $435,000 per year. Construction activities are expected to be completed by 2026, ushering in a new era of innovation and development within the region.

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