Office Midwest

Blue Cross Blue Shield parent renews, expands big lease in Downers Grove

Health Care Service Corporation has completed a restructuring and long-term extension of its 177,800-square-foot lease at the Highland Oaks II office tower in Downers Grove.

Health Care Service Corporation (HCSC) has completed a restructuring and long-term extension of its 177,800-square-foot lease at the Highland Oaks II office tower in Downers Grove.

Mike Sessa, Dan Maslauski and Craig McKesson of Jones Lang LaSalle completed the transaction on behalf of HCSC, which operates the Blue Cross Blue Shield health plans in Illinois, Texas, Oklahoma and New Mexico.

The deal also lowered the overall rental rate, secured new capital funds from the landlord and added long-term flexibility.

Highland Oaks II is located at 1020 W. 31st Street, just south of Interstate-80 near Highland Avenue. HCSC now occupies more than 80 percent of the 218,000-square-foot-building.

Bill Elwood of CB Richard Ellis represented building ownership in the transaction.