Friday, July 26, 2013

IBC extends lease on HQ in Center City

by Natalie Kostelni-Staff Writer, Philadelphia Business Journal
Independence Blue Cross has extended its lease at 1901 Market St. in Center City where it maintains its headquarters.
The insurance company occupies the entire 45-story, 800,695-square-foot building. IBC has been in the building for the last 25 years and its lease was expected to come due in 2023. It extended the lease until 2033.
The building is owned by Piedmont Office Realty Trust Inc. (NYSE: PDN). It bought the property in 2003 for $174 million. Piedmont is based just outside of Atlanta.
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