Property and Equipment, Net

12 Months Ended

Dec. 31, 2015

Property and Equipment, Net

4. Property and Equipment, Net

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

In thousands	2015			2014
Leasehold improvements	$	23,609		$	22,315
Construction in progress		246,669			196,027
Equipment and furniture		26,388			23,511
		296,666			241,853
Less accumulated depreciation and amortization		(42,584	)		(38,826	)
	$	254,082		$	203,027

As of December 31, 2015 and 2014, the Company has recorded construction in progress of $246.7 million and $196.0 million, and a related facility lease obligation of $231.7 million and $196.0 million, respectively, related to a lease for a new facility under construction in Cambridge, Massachusetts. See Note 7 Long-term Debt.

Depreciation and amortization expense for the years ended December 31, 2015, 2014 and 2013 was $3.8 million, $4.7 million and $4.1 million, respectively.