BALTIMORE-Canton Crossing Tower will become the new home of CareFirst BlueCross BlueShield now that the medical insurer has preleased 90,000 sf in the 500,000-sf tower. The site is on schedule for delivery in about a month or so.

With the assistance of Jones Lang LaSalle, the company secured a 10-year lease with the developer of the class A building, Hale Properties LLC. Financial terms of the CareFirst’s lease have not been disclosed; however, class A office space in Baltimore’s central business district goes for about $24.70 per sf, according to Delta Associates’ First Quarter 2006 Washington-Baltimore Office Market Report.

Located along the waterfront at 1501 Clinton St., Canton Crossing is part of the 67-acre mixed-use Canton Crossing development project, which will cost an estimated $1 billion to complete. The 17-story structure is also refereed to as the First Mariner Tower at Canton Crossing for First Mariner Bank, which preleased space in the office facility for its headquarters. CareFirst plans to relocate from its current location of approximately the same size at 100 S. Charles St. next year.

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