CareFirst Blue Cross Blue Shield cut 140,000 square feet of office space in Washington, D.C., Bisnow reported Sept. 27.
The insurer renewed its lease for 62,000 square feet at its Washington, D.C., headquarters, reducing its footprint in the buidling by two-thirds. The company is dually headquartered in D.C. and Baltimore.
"We are in the process of reimagining our real estate strategy to better meet the needs of the business and our workforce. While we have downsized in our current space, CareFirst has no plans to reduce our real estate footprint in the District," a spokesperson for CareFirst BCBS said in a statement shared with Becker's.
Several insurers have moved to cut office space in recent years as employees work from home or in hybrid models.