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Blue Cross/Blue Shield Expands Newport Office

QUINCY, MA-Insurance giant will expand into 89,000 sf of office space to take sole occupancy of the 172,000-sf building.

By Beverly Ford | Updated on October 31, 2006

QUINCY, MA-In one of the largest lease transactions on the South Shore this year, Blue Cross/Blue Shield of Massachusetts has increased its size by 89,000 sf at Quincy’s Newport Office Park in an expansion that gives the tenant full use of a six-story, 172,000-sf office building. James L. Elcock, of Meredith & Grew who executed the lease, tells GlobeSt.com that the healthcare insurance firm will occupy space formerly leased to Aviva Life Insurance. That company relocated its offices in Quincy earlier this year.

“Blue Cross Blue Shield of Massachusetts’ decision to expand and extend at the Newport Office Park secured its position in one of the South Shore’s pre-eminent office buildings, with unparalleled location, quality of space and management,” Elcock says of the insurance giant’s decision to ink a five and half year lease on the entire property. “The building has good architecture and good building systems. It made sense for all parties.” Terms of the lease were not disclosed but similar class A office space in Quincy generally leases in the $21 to $24 per sf price range, Elcock says.

The state’s largest health insurance company and one of the Bay State’s biggest employers moved into the 108 Myrtle St. property two years ago when it signed on with landlord Boston Properties to take 59,000 sf in the building, which at the time was primarily occupied by Aviva. Since signing that lease, the insurance giant has increased its size nearly three-fold.

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