Business & Tech
Investment Firm Purchases Blue Cross Headquarters in Eagan
W.P. Carey & Co. LLC. purchased the properties for nearly $153 million, according to Finance and Commerce.
New York-based W.P. Carey & Co. LLC. announced on Thursday that it purchased and two other office facilities for nearly $153 million, according to Finance and Commerce.
The investment firm entered a sale-leaseback deal with Blue Cross, which will remain in the buildings under a long-term triple net lease, according to a press release issued by W.P. Carey. The eight office facilities, located in Eagan, Aurora and Virginia, total roughly 1.1 million square feet.
"The financing is an excellent exmaple of our ability and capacity to be a substantial long-term source of capital to companies looking to strategically grow their businesses," W.P. Carey Managing Director Gino Sabatini wrote in the press release.
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The lease will allow Blue Cross to "advance strategic components" of their business plan and redeploy the company's capital that was otherwise tied up in its real estate holdings, said Pamela Sedmak, the Chief Financial Officer of Blue Cross Blue Shield of Minnesota.
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