Horizon Blue Cross Blue Shield (HBCBS) Extends Lease for 15-Years at Separate Location

15 Year Lease  –  149,959 SF Office Building

HBCBS had 2 separate locations in the greater Princeton, NJ area and had just instituted a new work place strategy in their Newark headquarters. They wanted to consolidate the two Princeton locations into one and institute the new workplace concept. While there were limited opportunities of this size in the geographic search area, a lease was negotiated with a stay put option as leverage. This allowed for a below market rate as well as below market annual base rent escalation along with a substantial rent abatement and generous work allowance not to mention on site below grade storage space at half rent.