Medical Insurer Preleases 90,000 SF

BALTIMORE-Canton Crossing Tower will become the new home of CareFirst BlueCross BlueShield now that the medical insurer has preleased 90,000 sf in the 500,000-sf tower. The site is on schedule for delivery in about a month or so.

With the assistance of Jones Lang LaSalle, the company secured a 10-year lease with the developer of the class A building, Hale Properties LLC. Financial terms of the CareFirst’s lease have not been disclosed; however, class A office space in Baltimore’s central business district goes for about $24.70 per sf, according to Delta Associates’ First Quarter 2006 Washington-Baltimore Office Market Report.