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Blue Shield Renews, Expands at 50 Beale St.

SAN FRANCISCO-The non-profit health plan renews its lease for nine floors and takes down an additional floor, bringing its leasehold in the Downtown office building to 272,000 sf. The deal includes naming rights.

By Brian K. Miller | Updated on October 02, 2006

SAN FRANCISCO-Blue Shield of California has renewed its longtime leasehold at 50 Beale Street and took down an additional floor, giving it 272,000 sf on 10 floors of the 23-story, 646,000-sf Downtown office building. The building owner is Beacon Capital Partners. The deal includes exclusive naming and signage rights and the right to take down additional space during the term of the lease.

Founded in San Francisco in 1939, Blue Shield of California has been headquartered at 50 Beale Street since 1996. Approximately 900 of the non-profit health plan’s 4,500 employees are housed in the building. Blue Shield was close to moving to One Front Street about 18 months ago and actually had a lease out for signature, but the deal fell through, according to local industry sources.

Edward Grammens and Monica Finnegan of Trammel Crow Company and Liberty Greenfield representative Ken Gilbert represented Blue Shield in the transaction. John Cecconi of The CAC Group represented Beacon Capital. Simon Adams and Charles Seaman of Reed Smith LLP’s San Francisco office acted as outside legal counsel for Blue Shield while Eric Shelby and Alain R’bibo did the same for Beacon Capital. Grammens, Finnegan and Cecconi were not immediately available Monday for comment.

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