Note 8. Property and Equipment

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


	December 31,
	2018		2017
Office equipment	$	16,955	$	14,665
Laboratory equipment		61,697		45,048
Computer equipment		55,436		48,733
Land		10,122		5,350
Building and leasehold improvements		213,196		209,260
Construction in progress		65,576		11,371
		422,982		334,427
Less accumulated depreciation and amortization		(103,231)		(74,664)
Property and equipment, net	$	319,751	$	259,763

Depreciation expense, including amortization expense of leasehold improvements, was $32.3 million, $24.6 million and $14.2 million for the years ended December 31, 2018, 2017 and 2016, respectively.

In October 2017, we completed the construction of a 154,000 square foot office building located in Wilmington, Delaware totaling approximately $91.3 million and are depreciating the building over its estimated useful life of 40 years.

In February 2018, we signed an agreement to rent a building in Morges, Switzerland for an initial term of 15 years, with multiple options to extend for an additional 20 years. The building will undergo extensive renovations prior to our occupation and, when completed, will serve as our new European headquarters. The new building will consist of approximately 100,000 square feet of office space. This building will allow for consolidation of our European operations that are currently located in Geneva and Lausanne, Switzerland. Building permits were granted by the local government authorities in September 2018, and construction activity began immediately thereafter. We are responsible for a portion of the renovation and construction costs, and are deemed, for accounting purposes, to be the owner of the building. As a result, we recorded the fair value of the building as a capital asset of approximately $15.8 million and a corresponding financing liability in accrued and other current liabilities on our consolidated balance sheet at December 31, 2018. We also recorded approximately $2.9 million in construction costs as a capital asset and corresponding financing liability on our consolidated balance sheet at December 31, 2018. Due to new accounting guidance within ASC 842, Leases, the assets and liabilities associated to this lease will be derecognized upon adoption on January 1, 2019. We anticipate beginning our portion of construction activity in July 2019, with completion of the office complex anticipated in the first half of 2020.

In July 2018, we signed an agreement to purchase land located within Y-PARC, Switzerland’s largest technology park in Yverdon. The land was purchased, in cash, for $4.8 million. Upon this parcel, we are constructing a large molecule production facility. Construction activity commenced in July 2018 and as of December 31, 2018, we have recorded approximately $37.5 million in costs for construction, ground preparation and architectural and engineering studies. We currently anticipate the facility to be completed in the second half of 2020.