Insurance company to sell building for $47.5M

TAMPA — HCI Group Inc., a Tampa-based property and flood insurance company, has agreed to sell its headquarters building to the state of Florida for $47.5 million. 

According to a press release, the building sits on land that will be part of a Florida Department of Transportation road improvement project. After transaction costs, HCI Group’s real estate division, Greenleaf Capital LLC, will net about $44 million from the deal, expected to close in July.  

As part of the agreement, HCI retains the option to occupy the headquarters property — at 5300 West Cypress St. — for up to three years after the acquisition, During that time, Greenleaf will continue to manage the property, which has several other tenants.

“While we are disappointed to give up ownership of our headquarters, we are gratified the property will play a significant role in improving Tampa’s system of transportation,” HCI Group CEO Paresh Patel states in the release.

HCI Group (NYSE: HCI) reported gross revenue of $242.47 million in 2019, up from $231.29 million in 2018, an increase of 4.83%.