CHAPEL HILL, N.C. – The Blue Cross and Blue Shield iconic glass rhomboid-shaped headquarters building that has appeared to float over acres of greenspace by U.S. 15-501 will soon have a new owner. Blue Cross and Blue Shield of North Carolina (BCBSNC) has signed an agreement with State Employees’ Credit Union (SECU) for the purchase of the building – located at 1830 Chapel Hill Blvd. in Chapel Hill – and surrounding property.
Jim Blaine, President of the Credit Union, said “The facility will help address two immediate goals for the Credit Union. Our regulators have long encouraged us to construct a new disaster recovery center outside of Raleigh. The BCBS building has in place a substantial information technology infrastructure including data center, back-up generators, and data communication lines which the Credit Union will be able to use. We also hope to be able to relocate our Elliott Road branch, which is well beyond capacity, to the new site.” The Credit Union has seven branches in Orange County. SECU membership in the Chapel Hill area exceeds 70,000, with a loan/deposit base exceeding $2.5 billion.
The offer from SECU came as a response to BCBSNC’s announcement that it was going to leave the familiar headquarters in 2016 to consolidate to the Durham Campus. At possession, SECU plans to upgrade and refurbish the interior of the 40-year old structure.
“This is one of those ‘right place at the right time’ opportunities,” said BCBSNC President and CEO Brad Wilson. “This transaction involves two North Carolina companies and one very special property with a proud history.”
The Purchase and Sale agreement signed today is the first formal step in the process, which should conclude with a closing this fall. Following the closing, Blue Cross will lease back the property while completing construction within its Durham campus. BCBSNC is expected to finish the move in to the Durham Campus during the second quarter of 2016.
The building opened its doors in 1973 as corporate headquarters for Blue Cross and Blue Shield of North Carolina. Over the years, it has been recognized for its unique design and was featured in the New York Times Magazine, Time and Newsweek. It was also part of a design exhibition at the Museum of Modern Art in New York.
BCBSNC HQ Facts and Figures:
- Building Dimensions:
- Square Footage: 240,293 square feet
- Approx 90’ wide, 500’long
- Five stories: 4 stories above ground and one below
- Nearly 5000 panes of reflective glass
- Property: 39.14 acres
- Additional adjacent property: 6 houses and 2 vacant parcels of land add an additional 3.7 acres
- Original Architect: Odell Associates Inc., Charlotte
- Builder: Nello Teer Co.
Blue Cross and Blue Shield of North Carolina improves the health and well-being of our customers and communities by providing innovative health care products, services and information to more than 3.91 million members, including approximately 1 million served on behalf of other Blue Plans. Since 1933, we have worked to make North Carolina a better place to live through our support of community organizations, programs and events that promote good health. We have been recognized as one of the World’s Most Ethical Companies by Ethisphere Institute every year since 2012. Blue Cross and Blue Shield of North Carolina is an independent licensee of the Blue Cross and Blue Shield Association. Visit BCBSNC online at bcbsnc.com. All other marks are the property of their respective owners.
A not-for-profit financial cooperative owned by its members, SECU has been providing employees of the State of North Carolina and their families with consumer financial services for 78 years. The Credit Union also offers a diversified line of financial advisory services including retirement and education planning, tax preparation, insurance, trusts, estate planning and investments through its partners and affiliated entities. SECU serves nearly 2 million members through 254 branch offices, over 1,100 ATMs, 24/7 Contact Centers and a website, www.ncsecu.org