Property and Equipment, Net

9 Months Ended

Sep. 30, 2015

Property and Equipment, Net

5. Property and Equipment, Net

Property and equipment, net, was comprised of the following at September 30, 2015 and December 31, 2014:

In thousands	2015			2014
Leasehold improvements	$	23,149		$	22,315
Construction in progress		225,941			196,027
Equipment and furniture		24,652			23,511
		273,742			241,853
Less accumulated depreciation and amortization		(41,479	)		(38,826	)
	$	232,263		$	203,027

As of September 30, 2015 and December 31, 2014, the Company has recorded a facility lease obligation of $220.6 million and $196.0 million, respectively, related to a lease for a new facility under construction in Cambridge, Massachusetts. See Note 9 to the condensed consolidated financial statements included in this report.

Depreciation and amortization expense was $951,000 and $1.3 million for the three-month periods ended September 30, 2015 and 2014, respectively, and $2.7 million and $3.9 million for the nine-month periods ended September 30, 2015 and 2014, respectively.