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Independence Blue Cross Acquires Philly HQ for $360M

CBRE arranged the sale of 1901 Market St., the headquarters of Independence Blue Cross in Center City Philadelphia. Independence acquired the 45-story, 800,000-square-foot building from Piedmont Office Realty Trust for $360 million.

Robert Fahey, Jerry Kranzel, Erin Hannan and Jack Corcoran of CBRE Capital Markets’ Institutional Properties team marketed the property on behalf of Piedmont, which owned it since 2003.

C. Brent Smith, Piedmont’s president and CEO, said, “The sale of 1901 Market St. concludes a successful recycling story for Piedmont, allowing us to dispose of a long-term, 100%-leased asset in a non-strategic market where we believe the value potential during our ownership has been realized.” Proceeds will be reinvested into Piedmont’s acquisition of the Dallas Galleria Office Towers.

At Independence, CEO Daniel J. Hilferty said the headquarters acquisition “signifies our long-term commitment to this neighborhood, the city of Philadelphia and to the amazing people who live and work here.”

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
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