|December 21, 2010|
BlueCross Sells Gold Building to DeFoor Brothers Development
CHATTANOOGA, Tenn. — BlueCross BlueShield of Tennessee announces the sale of its landmark office building in downtown Chattanooga. The Gold Building - A DeFoor Brothers Development, GP has purchased the property at 801 Pine St., former headquarters for the insurer. BlueCross was represented in the sale by NAI Charter Real Estate and Jones Lang LaSalle Americas, Inc.|
“The sale of the Gold Building is a reflection of our continued commitment to downtown,” said Dan Jacobson, vice president of properties and corporate services for BlueCross. “When we decided to build our new headquarters we chose to stay in Chattanooga’s business district, and now we’re pleased to be able to provide space for other businesses to set up shop downtown, which will help attract even more people to Chattanooga. This sale is good for DeFoor, good for BlueCross and good for our city.”
“On behalf of DeFoor Brothers I would like to say that my brother and I feel privileged to have been able to take ownership of this great building that has been part of the Chattanooga landscape,” said Ken DeFoor. “To be involved with a building that was designed by John Portman lends even more credence to this purchase. We appreciate the fact that BlueCross has made no small effort to make sure that this building has stayed in pristine condition and this was made self evident upon our due diligence of this property. Our plans for the future use of The Gold Building will be forth coming in the near future.”
Construction of the Gold Building began in 1968. It served as BlueCross’ corporate headquarters until the company relocated to Cameron Hill in 2009. The Gold Building was designed by renowned Atlanta architect John Portman, and built by J.A. Jones Construction Company at a cost of just over $7 million. Initially a significant portion of the space was leased to other tenants. But, over time, BlueCross grew to occupy the entire building as well as ten other facilities in the Chattanooga area.
The Miller Brother’s Department Store building and its accompanying parking garage are BlueCross’ only remaining downtown properties currently being marketed.
BlueCross BlueShield of Tennessee's mission is to provide its customers and communities with peace of mind through affordable solutions for health and healing, life and living. Founded in 1945, the Chattanooga-based company is focused on reinventing the health plan for its 3 million members in Tennessee and across the country. Through its integrated health management approach, BlueCross provides patient-centric products and services that drive health improvement and positively impact health care quality and value. BlueCross BlueShield of Tennessee Inc. is an independent licensee of the BlueCross BlueShield Association. For more information, visit the company's website at www.bcbst.com.
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