Indianapolis insurance giant Elevance Health inks East Valley office lease – The Business Journals

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Elevance Health inked a lease in a flex office space near the Loop 101 and Loop 202 interchange in Chandler.
The Indianapolis-based insurance firm took 32,568 square feet at the San Tan Tech Center, at 145 S. 79th St., near Chandler Boulevard and McClintock Drive.
ViaWest Group announced on LinkedIn that Elevance Health (NYSE: ELV) had signed the lease at the property. Savills’ Jesse Danzig represented Elevance Health in the deal while JLL’s Mark Gustin and James Cornish are the listing brokers for the San Tan Tech Center, ViaWest announced.
ViaWest previously owned the center until December 2018, when it sold the property to Los Angeles-based Held Properties Inc. for $22.75 million, according to an affidavit of property value recorded in the Maricopa County Recorder’s Office. ViaWest manages the San Tan Tech Center for the current ownership.
Indianapolis-based Elevance Health is a mammoth health care company that includes medical, digital, pharmacy, clinical and complex care divisions. Its life and disability division serves nearly 5 million covered lives in 14 states while the company itself covers 119 million members, according to sister publication Portland Business Journal.
In its Q1 2023 earnings report, Elevance Health reported its operating revenue to be $41.9 billion, which is a $4 billion year-over-year increase. 
A timeline for when Elevance Health will move into its new space was unknown. The company could not be reached for further comment on Thursday.
Upon opening at San Tan Tech Center, Elevance Health will be joined by other tenants such as Majorel, GrubHub, AniCell Biotech and SelectBlinds. Each of the listed tenants operates in more than 25,000 square feet at the property, according to CoStar Group Inc. The Phoenix Business Journal reported last September on SelectBlinds finding its new warehouse and office at the San Tan Tech Center.
SelectBlinds CEO Satya Sivunigunta told the Phoenix Business Journal that SelectBlinds’ employees live near Chandler, which played a big role in its decision to relocate there. The company had been looking for a space even before Sivunigunta hopped aboard in 2021.
“From tech, accessibility, culture and restaurant standpoints, Chandler seems to be the place,” Sivunigunta said at the time. “At the end of the day, we’re a people company. I needed to be in a place where I can attract the best talent. To me, that’s why Chandler made sense.”
The Chandler office submarket experienced a net absorption of -12.29 square feet during the first quarter of 2023, according to a market report from JLL. Net absorption is calculated by taking the total amount of office space leased minus what became vacant.
The average asking rate across all office properties in Chandler was $29.20 per square foot.
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