Office

BlueCross Blue Shield of Illinois Multipurpose Solution Center

Chicago, Illinois United States
Asking Price Contact for pricing
NOI Net Operating Income N/A
Cap Rate N/A
Asking Price Contact for pricing
NOI Net Operating Income N/A
Cap Rate N/A

Documents

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Property Description

JLL, as exclusive advisor, is pleased to offer for sale the BlueCross BlueShield of Illinois Multipurpose Solution Center in the Morgan Park neighborhood of Chicago (the “Property”). The Property totals 129,029 SF and is 100% net-leased through May 2030 to Health Care Service Corporation (“HCSC,” S&P: AA-), the largest customer-owned health insurer in the United States. HCSC's long-term strategy mandates building and maintaining a presence - and investing in - the communities they serve, driving this site selection decision, hiring of over 500 employees from the neighborhood, and $20 million investment to reposition this former retail box into Class A office space. As part of this investment, Chicago's second Blue Door Neighborhood Center was incorporated to offer no-cost health and wellness classes, education on using health insurance and similar resources, and more. Additionally, the Property services key City of Chicago accounts such as the Transit Authority, Fire Department, and Police Department and boasts immense support from community leaders such as the Governor of Illinois and Mayor of Chicago, who were present at the 2020 ribbon-cutting ceremony. The tenant's significant investment into the space, exposure to a dense base of customers and employees, and alignment with long-term strategy reinforce the asset's mission criticality and conviction that HCSC will operate here for the foreseeable future.

Investment Highlights

  • 100% net-leased with 9-years of remaining term and appealing annual rental escalations
  • Extremely rare AA- rated tenancy from top national health insurer
  • Significant tenant investment of $20 million ($155 PSF)
  • Class A office build out by Pepper Construction featuring an open floor plan, high ceilings, two landscaped atriums, and first-class finishes
  • Location decision and community-centered focus is a critical part of tenant's long-term strategy
  • Convenient and accessible location served by I-57, CTA bus stops, and Metra commuter rail
Last Updated Date: 12 May 2021
Brian Shanfeld
Brian Shanfeld
Senior Managing Director, Capital Markets
License details
IL-475.158824
Alex Sharrin
Alex Sharrin
Managing Director, Capital Markets
License details
IL - 475.170243

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Last Updated Date: 12 May 2021

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