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Blue Cross Sells to WP Carey in Eight-Office SLB

EAGAN, MN-New York City-based WP Carey has taken over about 1.1 million square feet in the purchase, with the insurance firm signing a 15-year lease.

By Robert Carr | Updated on January 30, 2012

EAGAN, MN-Blue Cross Blue Shield of Minnesota has sold eight office properties in the state, including its headquarters here, to an affiliate of New York City-based WP Carey & Co. LLC in a sale-leaseback transaction. The health care insurance firm, with about 3,700 employees, wanted to gain liquidity to fund strategic initiatives.

The company put the properties on the market in November. The sites in Eagan include the 442,542-square-foot corporate headquarters, the 227,666-square-foot Yankee Place, the 347,000-square-foot River Park I and II buildings, the 29,916-square-foot Blue Cross University and the 12,286-square-foot company’s child development center. The deal also includes a 62,973-square-foot call center in Virginia, MN and a 10,263-square-foot building in Aurora, MN.

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