Nicoletti and Garibaldi of Jones Lang LaSalle close $84.5 million sale of the 430,458 s/f headquarters of HealthNow New York, Inc.

Jones Lang LaSalle has closed an $84.5 million sale of the landmark corporate headquarters of HealthNow New York, Inc, the parent company of BlueCross BlueShield of Western New York for Duke Realty. Cole Real Estate Investments purchased the 430,458 s/f, class A office building. HealthNow will continue to lease the newly constructed LEED Silver class A property through July 2024. Leading the Jones Lang LaSalle team on this transaction were managing directors Peter Nicoletti and Joseph Garibaldi. "The HealthNow property is known as a distinctive landmark building that offers magnificent views of Lake Erie," said Garibaldi. "Built with green technology, the property is 100% leased long term by HealthNow and thus appealed to a wide variety of Core investors interested in the virtually maintenance free and low-risk, bond-like asset." Nicoletti said, "The strong pricing we achieved for this is testament to the quality of the asset and the investment-grade tenancy of HealthNow. This sale will allow Duke Realty to reposition its portfolio and concentrate in markets where they already have a strong presence." The property is located next to the New York Niagara Section Thruway at 249-257 West Genesee St. Its design utilizes an 1859 stone facade to maintain historic preservation of the sites past while incorporating a curved glass curtain wall. The eight-story office building also offers sustainability features including southern exposure, sunscreens and light shelves for day lighting, energy-efficient systems, and under-floor air distribution.