Healthcare Firm Commences Work on 320,000SF San Diego HQ

Pharmacy benefit management firm MedImpact has just broken ground on its new corporate headquarters campus in San Diego. The 320,000-square-foot complex will be located in the city’s Scripps Ranch submarket. MedImpact’s new home will sit near the intersection of I-15 and Mercy Rd., just two miles north of its current location. Consisting of two multi-story structures, the development will be designed to achieve LEED Silver certification. In the currently challenging economy, many companies are freeing up capital through real estate sale-leaseback deals. However, some firms are moving forward with the development of their own headquarters properties either for investment purposes, or to create space in a desired area where there is a lack of such office accommodations. Among those that have taken the build-your-own-home route is Canon Americas, which announced late last month that it would submit site plans for a 650,000-square-foot corporate headquarters on Long Island. Additionally, construction commenced at the end of May on Blue Cross & Blue Shield of Rhode Island’s new 327,000-square-foot digs in Providence; and news emerged toward the close of May that Brocade Communications acquired three parcels of land in San Jose, Calif., where it will erect its 562,000-square-foot headquarters.