Greenleaf Capital, HCI Group's real estate division, announced a new multi-year lease agreement with GEICO to fully occupy a three-building office campus in Tampa, Florida. This campus, acquired by Greenleaf in 2023, comprises approximately 190,000 square feet of leasable space.
With this agreement, the office campus is now fully leased under a long-term contract. HCI's Chairman and CEO, Paresh Patel, highlighted that the deal is expected to bring over 1,000 new jobs to the local community.
Patel also noted that the combination of property improvements and the long-term lease with a high-quality tenant significantly enhances the equity value of the investment. The property was carried at approximately $17 million on HCI's balance sheet prior to this agreement.
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