Inland Empire Health Plan, a not-for-profit public health plan serving residents of Riverside and San Bernardino counties, will move its headquarters from San Bernardino to Rancho Cucamonga.
IEHP has agreed to rent 207,000 square feet in the Atrium at Empire Lakes where it will consolidate its operations from five buildings into one, real estate broker Josh Gorin of Studley said. The 15-year lease with landlord Torchlight Investors is valued at about $84 million.
The health plan is a joint powers entity serving 565,000 residents through government-sponsored programs including Medi-Cal. It is expected to serve 900,000 members by 2014 as federal healthcare reforms take effect and IEHP enters the newly established California Health Exchange.
IEHP will begin moving most of its 1,000 employees to the Atrium at 10801 6th St. in the second quarter of next year.
The health plan lease is a large one for the Inland Empire, which has been plagued with empty office space since the economic downturn. Vacancy in the area near LA/Ontario International Airport is about 30%, Gorin said.
“They are leasing a tremendous amount of space in a highly depressed market,” he said.