Friday, December 08, 2006

Blue Cross and Blue Shield of Texas Annuonces HQ Build to Suit

Commercial Property News - December 6, 2006

Blue Cross and Blue Shield of Texas has found a new home. The health insurer has signed a lease to occupy a 1 million-square-foot building in the suburban Dallas town of Richardson, Texas. Dallas-based Koll development will build the new office facility, which will allow the insurer to consolidate four sites.

Koll will own the new building and will lease it in its entirety to Blue Cross under a long-term contract. The new campus will feature a 12-story building and a separate four-story structure at the intersection of North Central Expressway and Lookout Dr., just a few miles from the company's current home at 901 South Central Expressway. The Staubach Co.'s Jeff Ellerman and Mike Sessa represented the tenant in the transaction, and orchestrated a commitment from Koll to take on the health insurer's lease at its existing headquarters location. Last year, Blue Cross signed a 16-year lease for 517,000 square feet at the complex. With Koll assuming the lease, Blue Cross will not incur any additional leasing costs.

With the move to the new facility, which will take place upon the property's completion in early 2010, Blue Cross will be able to unite 2,700 employees at one location, and have room for an additional 1,000 workers. Koll plans to begin work on Blue Cross Blue Shield of Texas' new headquarters in the third quarter of next year. Sphere: Related Content

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