Renewal & Expansion Includes Renaming of Class A San Francisco Site to Blue Shield Bldg.
Health care firm Blue Shield of California renewed its lease for the top nine floors of 50 Beale St. and expanded onto an additional floor of the Class A office building in San Francisco's South Financial District.
Totaling 272,000 square feet, the lease was notable not only for its size but also for a name change involved in the agreement. The 50 Beale St. building will now be known as the Blue Shield of California Building instead of the Bechtel Building.
The 641,328-square-foot office property headquarters about 900 of the company's 4,500 employees. "Blue Shield of California is committed to keeping our headquarters in the city of San Francisco," said Marianne Jackson, Blue Shield's senior vice president for human resources. "It's a great place for us to do business, and a great place to build the workforce of talented and committed people that we seek."
Edward Grammens and Monica Finnegan of Trammell Crow Co. in San Francisco, and Ken Gilbert of Liberty-Greenfield LLP's San Francisco office, represented Blue Shield. John Cecconi of The CAC Group in San Francisco represented Beacon Capital Partners, the building owner.