Two investment funds the company manages have acquired the CareFirst BlueCross BlueShield headquarters here for $95 million. The two-building office complex, totaling some 390,000 sf, is located at 10455 and 10453 Mill Run Circle.
"The combination of attractive cash flow, favorable location, and long-term tenancy make this transaction an excellent fit with our overall investment strategy" says K.C. Swartzel, director of Acquisitions and Dispositions for Eaton Vance Management's real estate investment group, in a prepared statement. "Despite the currently unsettled national real estate market, we remain interested in acquiring additional long-term net-leased office, retail, and industrial properties throughout the US." Swartzel was not available for comment.
Last year the insurance company renegotiated its headquarters' lease with the then building's owner, General Growth Properties for another 12 years, providing an important boost to this community outside of the Baltimore area. CareFirst's new agreement included HVAC upgrades and roof repairs, as well as a reduction in its rent. General Growth Properties was unable to return GlobeSt.com's calls before press deadline.
Other recent investments Eaton Vance has made on behalf of investment funds include a $50-million, 147,895-sf Miami-based office located at 333 South Miami Ave. and a $53-million, 218,366-sf office/research & development building in the San Francisco Bay Area.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
