Regeneron buys Quad’s 1.1-million-square-foot plant in Saratoga Springs
SARATOGA SPRINGS - Regeneron Pharmaceuticals has purchased Quad's nearly 1.1 million-square-foot plant, igniting hopes for the replacement of a major industrial operation that pulled up stakes earlier this year.
Regeneron, based in Tarrytown, develops and manufactures a variety of prescription medications. It produces Eylea, which treats several retinal conditions, at their plant Rensselaer. The company also has an office building in Menands. Overall, they employ 4,500 people in the Capital Region. The former Quad property would be its first outpost in Saratoga County.
"To commit to something of that scale it only bodes well for everybody involved," remarked Peter Struzzi. He and fellow broker Joseph Mahoney of Cushman & Wakefield/Pyramid and JLL had the listing. Stuzzi said the sale closed on Thursday. The Albany Business Review first reported it.
The purchase price was not disclosed.
Local business leaders welcomed the development. "Saratoga County's newest international company has made their next capital investment in the community we all call home," Saratoga Economic Development Corp. President Greg Connors said in a prepared statement.
He said the most immediate use for the facility, located in the W.J. Grande Industrial Park, will be for production support. An email to Regeneron was not returned on Friday.
The Wisconsin-based Quad in January announced the closure, which was completed by May.
Formerly known as Quad Graphics, the company for years printed magazines including "Time" and "Sports Illustrated" but the decline of print media meant less business for the company. The company consolidated operations in Wisconsin and Georgia, announcing the closure of the local plant. It was one of several recent departures of Capital Region manufacturers that have moved to lower-cost, lower-tax states to save money.
Quad had been in Saratoga Springs for nearly four decades.
As old-line manufacturers including paper mills are leaving, however, the area over the years has seen expansion in fields such as computer technology and biotechnology.
Struzzi said several clients had looked at the building, including logistics companies and cannabis growers. The W.J. Grande Park is also home to Logistics One.
He said most of the printing and other equipment used by Quad is gone. "It's well on its way to being broom clean," Struzzi said, referring to a real estate term to describe a building that is ready to be occupied. "It's got the flexibility and the infrastructure to really offer a myriad of uses."
Regeneron shares were trading at $1,060 on the Nasdaq exchange as of Friday afternoon.
This story was originally published September 28, 2024, 10:59 PM.
