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Blue Cross Inks 214,000-SF Office Renewal

CHICAGO-Blue Cross Blue Shield Association is the largest tenant at Michigan Plaza, with the lease renewal being one of the largest in the city for the year.

By Gina Kenny | Updated on September 10, 2007

CHICAGO-Blue Cross Blue Shield Association has renewed its lease for 214,400 sf of office space at 225 N. Michigan Ave., part of the Michigan Plaza. The renewal is one of the largest lease transactions in Chicago this year, according to Mark Buth with MB Real Estate. The term of the lease is 12 years.

Buth, along with MB Real Estate’s Kathleen Bertrand, represented building ownership in the lease transaction. Lisa Konieczka, Cal Wessman and Bill Sheehy, both with CB Richard Ellis, represented Blue Cross Blue Shield Association, the nonprofit national association for the 39 independent, locally operated Blue Cross Blue Shield Plans.

Blue Cross Blue Shield Association (BCBSA) is the largest tenant in the building, occupying all of the second through the sixth floors, in addition to parts of the eighth and ninth floors. BCBSA has been a tenant in the building since 1995. BCBSA is the “association which supports the plan groups,” Buth says. One of the plan groups is Health Care Services Corp., operating as Blue Cross Blue Shield of Illinois, which expanded recently to 263,000 sf at 111 E. Wacker and also expanded at 300 E. Randolph St., as reported by GlobeSt.com.

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