The 89KSF, full-building lease is Tampa Bay’s largest office deal of the last several years
TAMPA, FL (October 9, 2020) – Heritage Insurance, one of largest homeowners insurance companies in the U.S., has announced it will relocate its corporate headquarters to Tampa’s Westshore City Center. The publicly traded company will fully occupy an 88,643-square-foot building at the Westshore Business District office park, which is currently undergoing a $10 million renovation project.
Tampa-based Ally Capital Group acquired Westshore City Center in early 2019 and selected Franklin Street to oversee leasing and management for the property. Franklin Street Director Matt Alexander and Managing Director Chad Rupp arranged the 10-year lease at 1401 N. Westshore Blvd.
Heritage Insurance, currently headquartered in Clearwater, specializes in homeowners insurance in 16 states and is the 20th largest homeowners insurer in the U.S. Founded in 2012, Heritage has quickly become one of the fastest-growing insurance companies in the country, with over $1 billion in gross written premiums and over 500 employees.
Bruce Lucas, CEO of Heritage Insurance, said, “Heritage is experiencing record growth and plans to grow an additional 50% in the next five years. As a result, we have outgrown our current location and selected Westshore City Center due to its central location in the heart of Tampa Bay.”
Franklin Street’s Alexander added, “By relocating its HQ to Westshore City Center, Heritage Insurance is gaining an excellent location in the Westshore Business District, Florida’s largest office submarket. Securing a tenant of this caliber demonstrates the Westshore market’s continued strength and desirability, as well as the excitement building around Westshore City Center.”
Westshore City Center is now 85% leased, up from 35% when Ally Capital Group first acquired it.
Built in 1975, the property comprises five office buildings totaling 300,000 square feet on 10.4 acres. Under Ally Capital Group’s ownership and Franklin Street’s management, the property has received significant cosmetic and structural improvements to create a modernized aesthetic and greater focus on walkability and outdoor space.
Recent improvements include new landscaping, pavement, and walkways across the entirety of the campus. All buildings have received new exterior and interior paint and new energy efficient windows. By the end of the year, all buildings will have updated common spaces, elevators, and restrooms, with modern fixtures and artwork.
Further plans include introducing new dining and retail concepts to create a mixed-use environment that reflects the surrounding market.
Situated at 1111, 1211, 1311, 1401 and 1411 N. Westshore Blvd., the property is adjacent to International Plaza and offers convenient access to Tampa International Airport. The location also provides excellent connectivity throughout the Tampa Bay area via Interstate 275, the Howard Frankland Bridge, and the Veterans Expressway.
About Heritage Insurance: Founded in 2012, Heritage Insurance Holdings, Inc. is a super-regional property and casualty insurance holding company headquartered in Clearwater, Florida. Through its insurance subsidiaries and a large network of experienced agents, the Company writes over $1 billion of gross personal and commercial residential premium in 16 states.
About Franklin Street: Founded in 2006 during one of the toughest real estate climates, Franklin Street focused on delivering value-added solutions to meet the evolving needs of clients. Through a collaborative philosophy of leveraging the resources, expertise and experience of each of its lines of business, Franklin Street has grown to include seven business divisions – Investment Sales, Tenant and Landlord Representation, Capital Advisory, Insurance, Property Management and Project Management. With more than $5 billion in transaction value across all major product types, Franklin Street offers unmatched value and optimal solutions for clients nationwide. Headquartered in Tampa, Fla., the company has offices in Fort Lauderdale, Jacksonville, Miami, Orlando and Atlanta. Learn more about Franklin Street at FranklinSt.com.
Franklin Street Media Contact:
Heritage Insurance Media Contact:
Darcy St. George