Property and Equipment, Net

3 Months Ended

Mar. 31, 2016

Property, Plant and Equipment [Abstract]

Property and equipment, net, was comprised of the following at March 31, 2016 and December 31, 2015:



In thousands	2016			2015
Leasehold improvements	$	23,682		$	23,609
Construction in progress	267,113			246,669
Equipment and furniture	28,761			26,388
	319,556			296,666
Less accumulated depreciation and amortization	(43,794		)	(42,584		)
Property and Equipment, Net	$	275,762		$	254,082

As of March 31, 2016 and December 31, 2015, the Company has recorded construction in progress of $267.1 million and $246.7 million, and a related facility lease obligation of $248.6 million and $231.7 million, respectively, related to a lease for a new facility under construction in Cambridge, Massachusetts. See Note 8 Long-term Debt.

Depreciation and amortization expense for the three-month periods ended March 31, 2016 and 2015 was $1.2 million and $0.9 million, respectively.