The office building at 700 Broadway on Nov. 27, 2024. (Max Scheinblum/BusinessDen)
This can’t be good for the landlord’s blood pressure.
Health insurance firm Elevance Health, formerly known as Anthem, is cutting 70 percent of its space in a Cap Hill office building where it has been the majority tenant.
The company will downsize its presence at 700 Broadway from 365,000 square feet to 106,500 square feet when its current lease expires at the end of the year, according to a report from Trepp, a firm that tracks commercial real estate loans.
The amount cut — nearly 260,000 square feet — amounts to more than 60 percent of the building, which Trepp lists at 424,500 square feet.
The reduction will leave Elevance occupying a quarter of the rentable space, as opposed to 85 percent.
An Elevance spokeswoman didn’t respond to requests for comment last week. The company changed its name in June 2022, although it still uses the Anthem moniker in some components of its business.
The 700 Broadway building is owned by an entity affiliated with Chicago-based Bradford Allen, which bought it from the California State Teachers’ Retirement System in December 2016 for $81 million, public records show.
A Bradford Allen spokesman declined to comment. The building’s $51 million loan, issued in December 2016 and maturing in January 2027, was transferred to special servicing on Oct. 31 for “imminent monetary default,” according to Trepp.
Another tenant at 700 Broadway, Denver-based nonprofit Education Commission of the States, vacated nearly 28,000 square feet when its lease ended in December 2023.
Read more: Troubled towers: Breaking down Denver’s distressed office properties
The office building at 700 Broadway on Nov. 27, 2024. (Max Scheinblum/BusinessDen)
This can’t be good for the landlord’s blood pressure.
Health insurance firm Elevance Health, formerly known as Anthem, is cutting 70 percent of its space in a Cap Hill office building where it has been the majority tenant.
The company will downsize its presence at 700 Broadway from 365,000 square feet to 106,500 square feet when its current lease expires at the end of the year, according to a report from Trepp, a firm that tracks commercial real estate loans.
The amount cut — nearly 260,000 square feet — amounts to more than 60 percent of the building, which Trepp lists at 424,500 square feet.
The reduction will leave Elevance occupying a quarter of the rentable space, as opposed to 85 percent.
An Elevance spokeswoman didn’t respond to requests for comment last week. The company changed its name in June 2022, although it still uses the Anthem moniker in some components of its business.
The 700 Broadway building is owned by an entity affiliated with Chicago-based Bradford Allen, which bought it from the California State Teachers’ Retirement System in December 2016 for $81 million, public records show.
A Bradford Allen spokesman declined to comment. The building’s $51 million loan, issued in December 2016 and maturing in January 2027, was transferred to special servicing on Oct. 31 for “imminent monetary default,” according to Trepp.
Another tenant at 700 Broadway, Denver-based nonprofit Education Commission of the States, vacated nearly 28,000 square feet when its lease ended in December 2023.
Read more: Troubled towers: Breaking down Denver’s distressed office properties
