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Property and Equipment
 3 Months Ended
Mar. 31, 2017
Property and Equipment  
Property and Equipment

7.    Property and equipment, net

Property and equipment, net consists of the following:

 

 

 

 

 

 

 

 

 

 

 

March 31,

 

December 31,

 

 

 

    

2017

    

2016

 

 

 

 

(in thousands)

 

 

Office equipment

    

$

10,306

 

$

9,243

 

 

Laboratory equipment

 

 

40,619

    

 

37,203

 

 

Computer equipment

 

 

39,912

 

 

38,184

 

 

Land

 

 

4,125

 

 

4,125

 

 

Building and leasehold improvements

 

 

154,584

 

 

130,734

 

 

 

 

 

249,546

 

 

219,489

 

 

Less accumulated depreciation and amortization

 

 

(56,335)

 

 

(51,810)

 

 

Property and equipment, net

 

$

193,211

 

$

167,679

 

 

 

In April 2016, we completed our purchase of the previously leased land and building comprising approximately 190,000 square feet of laboratory and office space located in Wilmington, Delaware.  On the purchase date, we recorded a total of $35.4 million of assets consisting of $3.8 million of land and $31.6 million of buildings and leasehold improvements, which we estimated using the assistance of a third party valuation specialist. The land is not being amortized and we are depreciating the building over its estimated useful life of 40 years.

In September 2016, we entered into two agreements to purchase two buildings at 1701 Augustine Cut-off in Wilmington, Delaware.  The purchase closed in March 2017 for a total purchase price of approximately $8.0 million.