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March 2005 • Volume 2, Issue 3 This issue home | Action home | Chamber home Blue Cross Blue Shield To Stay In Richardson Company's 'Strong Ties' To City Results In 16-Year Deal After a three-year evaluation of its real estate options, including development of a new campus, Blue Cross and Blue Shield of Texas has committed to a new 16-year lease for 517,000 square feet at their existing 901 S. Central Expressway campus in Richardson. Located just north of the Central Expressway and Interstate-635 interchange, the health insurer has occupied the space since 1980. The deal is among the largest real estate transactions the market has seen in the last several years. Pat Hemingway Hall, BCBS of Texas president, said “Our strong ties to Richardson definitely played a role in our decision to retain our corporate headquarters in this dynamic business corridor.” About 2,000 employees work at the headquarters facility. Another 550 or so work at Greenway II at 2400 Lakeside Blvd. , also in Richardson . BCBS of Texas leased 135,000 square feet in the building two years ago, consolidating five Metroplex locations into the space. It has since added about 20,000 square feet and now occupies the entire 155,000-square-foot building. Bill Sproull, president and CEO of the Richardson Chamber of Commerce, called BCBS of Texas "a critical piece of our economy." "Blue Cross and Blue Shield of Texas is a great quality employer and provides a needed diversification to our technology base," he said. "Their decision to stay is another reaffirmation of the great business climate in Richardson." BCBS of Texas has additional expansion options along Lakeside Boulevard as well as an option on land adjacent to its headquarters site. "At this time, we are not announcing any plans for additional hiring," said Margaret Jarvis, media and public relations coordinator. Besides Richardson , BCBS of Texas looked at options in most of the northern suburbs. Early on, the company considered working out a deal that would put everyone under one roof, said Jeff Ellerman with The Staubach Co. He and colleague Frank Ricca represented the insurer in its search. "It became clear after looking at campus facilities and consolidation options, staying put in the existing space was the best option for a number of reasons," Ellerman said. "They had put a lot of their own capital into improving the space, and they were able to renegotiate and extend and get very favorable terms." Ellerman wouldn't disclose the lease rate, but average rents for space in Richardson hover around $17 per square foot. The office building leased by BCBS is owned by Richardson Investors L.P., a partnership between California real estate investor Melvin Kaplan and the Swig family, longtime owner of Fairmont hotels in Dallas and other cities. Blue Cross and Blue Shield of Texas is the only statewide, non-investor owned health coverage provider in Texas, serving more than 3.5 million members in all 254 counties. Blue Cross and Blue Shield of Texas is a division of Health Care Service Corporation, a Mutual Legal Reserve Company, an Independent Licensee of the Blue Cross and Blue Shield Association. |
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