1 Avon Place in Suffern, New York — Courtesy: Cushman & Wakefield
By Joshua Burd
Regeneron Pharmaceuticals has acquired Avon’s longtime research and development hub in Suffern, New York, a 235,000-square-foot facility less than a mile from the New Jersey border.
According to Cushman & Wakefield, which represented Avon in the sale, the biotech giant paid an undisclosed sum for the property at 1 Avon Place. The deal will bring new life to a site that Avon, the cosmetics giant, occupied for more than a century but is slated to vacate as it moves its R&D operations overseas.
A report by Gannett’s lohud.com said Regeneron, which is based in Westchester County, paid roughly $38.9 million for the nearly 10-acre site and plans to invest another $100 million in renovations.
“We are pleased with the successful sale of Avon’s iconic Suffern facility,” Cushman’s David Bernhaut said. “This acquisition signifies a major user transaction in the market, with promising economic growth opportunities for the surrounding region. It was a pleasure to team with Actio Corporate Advisors and support Avon’s global real estate team through this process.”
The C&W team on the assignment included Larry Carroll, Shawn Straka, Bernhaut, Frank DiTommaso and Seth Zuidema, who worked alongside Michael Katz of Actio Corporate Advisors. Dan Loughlin and Matt Loughlin of JLL represented Regeneron.
“Our team structured a targeted marketing process that culminated in a rare opportunity for a user to acquire the entire facility,” Straka said. “We are thrilled to have arranged this sale, marking an exciting moment for the tristate area, Rockland County and the village of Suffern.”
