Blue Shield signed a 200,000-square-foot headquarters deal to relocate to Shorenstein Properties’ and MetLife Inc.’s 600,000-square-foot 601 City Center in Oakland, CA. The deal, one of the market’s largest ever, breathes life into a long-stalled, 24-story office development.
JLL’s Tom Maloney represented Blue Shield. Shorenstein’s Tom McDonnell and Cushman & Wakefield’s John Dolby and Dane Hooks represented the landlord.
The health insurance company, which has called the City home since its founding 78 years ago, plans to move 1,200 employees from its HQ at 50 Beale St. The move follows a string of companies heading to Oakland including Uber, biotech firm Omicia, the Sierra Club and Sunset Magazine.
Blue Shield said the move will help it better allocate resources in order to provide access to affordable, quality health care. It also notes that more than two-thirds of its San Francisco office employees live in the East Bay.
Construction of the tower is slated to commence later this year and expected to deliver in 2019.