Centene Campus University Research Park

[midtownclt]

NCPA December 15, 2022

Oregon and Iowa became the latest states to enter into a settlement agreement with Centene for overcharges to the state Medicaid program, reaching a $17 million settlement agreement and a $44 million settlement agreement respectively (Oregon settlement news and Iowa settlement news). This comes on the heels of the company's recent settlement with Texas ($165.6 million), Massachusetts ($14 million), and Washington state ($33.3 million).

In the last two years, Centene entered similar settlements with Arkansas, Iowa, Illinois, Kansas, Massachusetts, Mississippi, New Hampshire, New Mexico, Ohio, Oregon, Texas, and Washington. Additionally, there is likely an unnamed state as Centene reported they have entered into settlement agreements with a total of 13 states. To date, Centene has paid almost $500 million to states for Medicaid overcharges. In 2021, it was announced that Centene had put aside $1.25 billion for settlements with states. Please share this information with your state policymakers as just another example of why Medicaid managed care programs need major reforms. These practices not only harm patients and pharmacies, but taxpayers as well. Also, NCPA has a resource with recommended Medicaid managed care pharmacy payment reforms.

NCPA

[KJHburg]

Walked by this yesterday.  They are still working on finishing up the Centene building.  I hope one big user buys it.  If I was Wells Fargo I would offer 80 cents on the dollar for it and moved their leased University operations there which they have 2 leased locations.  And maybe more.  It is a fantastic building with all the bells and whistles.   I sure hope Centene's work from home forever works for them.  The boardwalk in the connection to the existing greenway to this campus and their day care center.    It is a stunning campus.   there is just few big office users relocating anywhere right now and that is why I believe it will be taken by an existing Charlotte area employer.   But I am not kidding I would start off 75-80 cents on the dollar and I am sure Centene with their regulatory woes wants to get rid of this.  This is a great building for a single tenant.   

[rancenc]

Article in this month's edition of Business NC magazine on Centene's decision to cancel it's Charlotte office complex.

https://businessnc.com/dashed-hopes-centenes-abrupt-shift-on-its-charlotte-expansion/

[midtownclt]

NCPA February 10, 2023

California announced a massive $215 million settlement with Centene less than a week after the announcement that Indiana reached a $66.5 million settlement with Centene for overcharges to the state Medicaid program. Here’s the tally so far: in December, Oregon reached a $17 million settlement with Centene for overcharges to the state Medicaid program, and Iowa agreed to a $44 million settlement agreement. Those settlements followed announcements of Centene’s settlements with Texas ($165.6 million), Massachusetts ($14 million), and Washington state ($33.3 million). Over the past two years, Centene entered similar settlements (made public so far) with 14 states, including Arkansas, California, Iowa, Illinois, Indiana, Kansas, Massachusetts, Mississippi, New Hampshire, New Mexico, Ohio, Oregon, Texas, and Washington. Additionally, it has been reported that a total of 17 states, totaling $939 million, have reached settlements. In 2021, it was announced that Centene had put aside $1.25 billion for settlements with states.

[RANYC]

50 minutes ago, midtownclt said:

NCPA February 10, 2023

California announced a massive $215 million settlement with Centene less than a week after the announcement that Indiana reached a $66.5 million settlement with Centene for overcharges to the state Medicaid program. Here’s the tally so far: in December, Oregon reached a $17 million settlement with Centene for overcharges to the state Medicaid program, and Iowa agreed to a $44 million settlement agreement. Those settlements followed announcements of Centene’s settlements with Texas ($165.6 million), Massachusetts ($14 million), and Washington state ($33.3 million). Over the past two years, Centene entered similar settlements (made public so far) with 14 states, including Arkansas, California, Iowa, Illinois, Indiana, Kansas, Massachusetts, Mississippi, New Hampshire, New Mexico, Ohio, Oregon, Texas, and Washington. Additionally, it has been reported that a total of 17 states, totaling $939 million, have reached settlements. In 2021, it was announced that Centene had put aside $1.25 billion for settlements with states.

Wells and BofA have pretty much belched those Centene numbers in regulatory fines and penalties.

[KJHburg]

Speaking of this mega office campus the contractor Clayco has done an updated video on the building.

https://claycorp.com/project/speculative-office-campus

[J-Rob]

What is the over/under for how long this building sits empty in the current economy?  

I hate that the building is just sitting empty.  I really hope the massive spec campus draws a relocation or expansion that might not have otherwise have considered Charlotte.

[KJHburg]

5 minutes ago, J-Rob said:

What is the over/under for how long this building sits empty in the current economy?  

I hate that the building is just sitting empty.  I really hope the massive spec campus draws a relocation or expansion that might not have otherwise have considered Charlotte.

I still think someone locally might take it to consolidate their space (my guess was Wells) but now with all bank stocks down because of the failure of SVB I am not sure.  My bets are still on local tenant taking it at a huge discount.  It was designed as a single use occupant and though it could change to a multi tenant it is still a huge building.  They won't consider any small tenants I am sure.  It is very attractive from a nationwide perspective being brand new and modern and up to date.  

[KJHburg]

Sorry no news on this other than they are still finishing up.  This has to be the largest brand new never occupied office building in the country.   This is an opportunity for this region for the right tenant.    That Centene sign is sad.  I bet someone could get this building way below replacement cost.    I can't find any marketing materials for it and Cushman and Wakefield is supposed to be the listing agent.   A 700,000 sq ft building start of the art energy efficient with a large parking garage on a greenway.  

[KJHburg]

this is one great building and needs a tenant or new owner.  I sure hope the Charlotte Regional Business Alliance and EDPNC are marketing the heck out of this for this is one great building and campus.  Notice the child care center complete too.  I am sure you could get a 30 day close and move right on in.   This could be a great job generator for this region.  

[RANYC]

6 hours ago, KJHburg said:

this is one great building and needs a tenant or new owner.  I sure hope the Charlotte Regional Business Alliance and EDPNC are marketing the heck out of this for this is one great building and campus.  Notice the child care center complete too.  I am sure you could get a 30 day close and move right on in.   This could be a great job generator for this region.  

Looked better as a forest, IMO.

[Hushpuppy321]

I’m guessing the Apple, Inc. East Coast HQ going into RTP wouldn’t take a stab at this Ready to Move In Campus now would they…?

[KJHburg]

5 hours ago, Hushpuppy321 said:

I’m guessing the Apple, Inc. East Coast HQ going into RTP wouldn’t take a stab at this Ready to Move In Campus now would they…?

no even though Apple is just beginning their campus up in RTP they are committed to that area.  They have leased a lot of office space until their campus is done.

this is a perfect home (the Centene campus) for a variety of tech and financial employers.  

[KJHburg]

from the St Louis Biz Journal and we hear in Charlotte might have had a disappointment if they had built out their campus.

""Centene Corp. plans to lay off about 2,000 employees next week, about 3% of its workforce as it confronts "headwinds" from two federal government programs.""

[davidclt]

On 9/26/2023 at 6:12 PM, KJHburg said:

from the St Louis Biz Journal and we hear in Charlotte might have had a disappointment if they had built out their campus.

""Centene Corp. plans to lay off about 2,000 employees next week, about 3% of its workforce as it confronts "headwinds" from two federal government programs.""

Not going to lie, the more I learn about Centene, the less I found them to be a compelling employer.

Health Insurer Centene Is Sued Over Lack of Medical Coverage - The New York Times (nytimes.com)

Investor lawsuit accuses Centene of hiding Health Net problems | Modern Healthcare

Centene Gave Thousands to Georgia Leaders’ Campaigns While Facing Medicaid Overbilling Questions - KFF Health News

Home - CenteneGate

centene | Violation Tracker (goodjobsfirst.org)

[J-Rob]

On 7/3/2023 at 5:24 PM, KJHburg said:

this is one great building and needs a tenant or new owner.  I sure hope the Charlotte Regional Business Alliance and EDPNC are marketing the heck out of this for this is one great building and campus.  Notice the child care center complete too.  I am sure you could get a 30 day close and move right on in.   This could be a great job generator for this region. 

Has anyone heard as much as a rumor about this building? It's a great campus, and I know it is a tough office environment, but I can't believe a state-of-the-art brand new campus is sitting unoccupied. Sure seems like a company could negotiate a sweet deal on it.

[KJHburg]

I would say this building is 100% complete at least on the outside.   It is a shame this 800,000 sq ft is completely empty and brand new.  I am sure some corporate user could get it at a 20-30% discount from what it cost to build just to get it off their Centene books.  

It is a perfect a single user like a financial firm or tech companies both which have large suburban campuses.  Or a relocation like ESPN HQ out of Bristol CT who once looked at Charlotte.

It was just me and some birds on my walk by it today.  

I don't see any marketing for this building which I find very unusual. No webpage, No flyer etc.  Has anyone seen one?   This building if added to the office vacancy rate of Charlotte would increase it for sure.    Their child care center not pictured is beautiful too.  

Dashed hopes: Centene’s abrupt shift on its Charlotte expansion - Business North Carolina (businessnc.com)

It would have been perfect for Goldman Sachs which is building in Dallas near uptown Dallas which is not downtown.    same size too.  

Goldman Sachs Breaks Ground on Dallas Campus at NorthEnd

[J-Rob]

Somebody more talented than me should create a semi-parody social media account on behalf of this lonely, yet majestic building in the woods. It is odd that it doesn't seem well-marketed, so maybe an UPer can help out, lol.

There is more here to see than just what meets the eye passing by. The courtyard with water features is beautiful, there is ample room for expansion (office or mixed use), and the building is state-of-the-art.

Edited January 4 by J-Rob

[CLT Development]

1 hour ago, J-Rob said:

Somebody more talented than me should create a semi-parody social media account on behalf of this lonely, yet majestic building in the woods. It is odd that it doesn't seem well-marketed, so maybe an UPer can help out, lol.

There is more here to see than just what meets the eye passing by. The courtyard with water features is beautiful, there is ample room for expansion (office or mixed use), and the building is state-of-the-art.

"Centene By The Stream" you got it.  @CenteneAbandon on X/Twitter

Edited January 4 by CLT Development

[CLT2014]

The Goldman Sachs campus in Dallas is not technically "downtown", but it is still an urban location in a trendy part of town walking distance to public transit, parks, the American Airlines Center, restaurants, and multiple luxury hotels (W, Ritz Carlton, Swexan, et.). I don't think it is at all a comparable neighborhood to being in the woods of an office park in a secondary office market that has nothing in walking distance. 

I think the University office park is going to have some tough competition as a suburban office park against Ballantyne's re-imagined layout that will have shopping, parks, hotels in walking distance, Olde Meck Brewery, et... A tenant in Ballantyne would be able to take a visiting client to the new Olde Meck for drinks and then walk to a restaurant before the client returns to the Ballantyne Hotel. In University you are Ubering to Apple Bee's or Chili's and then the client needs to Uber back to their suburban hotel. 

The University Research Park needs to look at making it a more dynamic campus or I suspect the Centene campus is going to sit for a while. For office tenants relocating, this isn't the type of space they want to convince people to come back to the office or that it is exciting to move to a new city. 

Edited January 4 by CLT2014

[KJHburg]

True that Goldman campus is area like Southend or Midtown Charlotte.   URP is adding lots of housing on the permiter of the park I drove by yesterday and saw another new apartment complex underway and for sale townhomes.  In fact there are new for sale townhomes within walking distance of this Centene building.   

I am just astounded that I can't find any marketing materials a website or anything about it.  

[midtownclt]

"Centene settlement with South Carolina raises total payout to $964.8M"

 

"The pact is the latest in a string of settlements since 2021 that Centene has reached with at least 18 state governments totaling $964.8 million. In a June 2021 regulatory filing,

Centene said it had set aside $1.1 billion in reserve related to allegations in several states regarding its pharmacy benefit management practices."

from the Charlotte Business Journal 

[KJHburg]

1 hour ago, midtownclt said:

"Centene settlement with South Carolina raises total payout to $964.8M"

 

"The pact is the latest in a string of settlements since 2021 that Centene has reached with at least 18 state governments totaling $964.8 million. In a June 2021 regulatory filing,

Centene said it had set aside $1.1 billion in reserve related to allegations in several states regarding its pharmacy benefit management practices."

from the Charlotte Business Journal 

more reason they will sell this building at a discount it is a good buy.  I would offer 70 cents on the dollar on what they built it for.    Still wondering why I dont see a marketing blitz for this building. 

[KJHburg]

I did find this listing but bare bones to say the least.  I had the wrong address I was using Governor Hunt Drive.

1030 Centene Court, Charlotte, NC 28262 | CommercialCafe.com

[J-Rob]

The optimist in me hopes the veiled marketing means something is already in the works, lol. I thought it previously had a Governor Hunt address (even internally to Centene, but maybe I am wrong about that). I am surprised it is marketed with a Centene Court address.