Blue Cross to Sell Its Woodland Hills Facility
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Blue Cross of California has decided to sell its 14-story Woodland Hills headquarters. It will be the second major asset the insurer has put up for sale in the past year.
Spokesperson Jeannette Hartman said, “We can’t realize a return on this building unless we sell it.” She declined to give the asking price.
The sale is not intended to bolster Blue Cross’ reserves, which have fallen $59.4 million in the last 15 months to $72.4 million, Hartman said. Proceeds from the sale will be invested in a new health-care system and some computer hardware, she said.
Two weeks ago, Blue Cross announced it was selling its health-maintenance organization in Oakland, which has been making a profit.
Blue Cross would like to find a buyer that would allow it to continue leasing the building.
The two sales come after the loss of several big clients. Last year, both Pacific Telesis and the Burbank Unified School District dropped Blue Cross.
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