Blue Cross parent shedding office block in East Loop HQ: Rare large-scale offering of eight floors — nearly 230,000 square feet — adds to a record amount of office space on the market.

Health Care Service Corp. (HCSC), the parent company of Blue Cross & Blue Shield of Illinois, is offering nearly 230,000 square feet of office space for lease at its East Loop headquarters in Chicago. The available space spans eight floors in the 54-story tower and adds to the record amount of office space vacancies in the downtown area, which has surpassed 25% for the first time. HCSC has previously found tenants for some of its space in the tower, but the current market conditions make it challenging to attract new tenants. The building offers modern amenities and has no debt, but its location and competition from neighboring towers may pose difficulties. HCSC has multiple offices across the Chicago area and has seen its member base grow in recent years. The building at 300 E. Randolph St. was originally 30 stories and underwent a vertical expansion in 2007. Cushman & Wakefield is marketing the available space on behalf of HCSC. [Extracted from the article]