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Property, plant and equipment, net
3 Months Ended
Mar. 31, 2019
Property Plant And Equipment [Abstract]  
Property, plant and equipment, net

5. Property, plant and equipment, net

Property, plant and equipment, net, consists of the following (in thousands):

 

 

 

As of

 

 

As of

 

 

 

March 31, 2019

 

 

December 31, 2018

 

Land

 

$

1,210

 

 

$

1,210

 

Building

 

 

14,913

 

 

 

180,094

 

Computer equipment and software

 

 

6,474

 

 

 

6,365

 

Office equipment

 

 

5,788

 

 

 

5,584

 

Laboratory equipment

 

 

39,442

 

 

 

35,693

 

Leasehold improvements

 

 

12,325

 

 

 

183

 

Construction-in-progress

 

 

60,766

 

 

 

46,669

 

Total property, plant and equipment

 

 

140,918

 

 

 

275,798

 

Less accumulated depreciation and amortization

 

 

(26,888

)

 

 

(29,176

)

Property, plant and equipment, net

 

$

114,030

 

 

$

246,622

 

 

North Carolina manufacturing facility

In November 2017, the Company acquired a manufacturing facility, which is in the process of construction, in Durham, North Carolina for the future manufacture of lentiviral vector for the Company’s gene therapies.  Construction-in-progress as of March 31, 2019 and December 31, 2018 includes $47.1 million and $40.4 million, respectively, related to the North Carolina manufacturing facility. During the three months ended March 31, 2019, the Company placed an additional $2.7 million of the North Carolina manufacturing facility into service and began to depreciate the assets. Total building assets placed into service related to the North Carolina manufacturing facility as of March 31, 2019 and December 31, 2018 were $14.9 million and $12.2 million, respectively.

60 Binney Street Lease

As a result of the adoption of ASU 2016-02, the Company de-recognized $156.0 million of the building asset and $6.7 million of accumulated depreciation related to its corporate headquarters at 60 Binney Street. Prior to the adoption of ASU 2016-02, the Company classified leasehold improvements associated with the 60 Binney Street building as building. Subsequent to the adoption of ASU 2016-02, the leasehold improvements associated with the 60 Binney Street building are classified as leasehold improvements. Please refer to Note 2, “Basis of presentation, principles of consolidation and significant accounting policies” and Note 7, “Leases” for further information.