Heritage Insurance Takes 89,000 SF in Tampa Office
The full building lease is Tampa Bay’s largest office deal of the last several years
Heritage Insurance plans to relocate its corporate headquarters to Tampa’s Westshore City Center from its current headquarters in Clearwater. 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 tapped Franklin Street to oversee leasing and management for the property. Franklin Street’s Matt Alexander and Chad Rupp arranged the 10-year lease at 1401 N. Westshore Blvd.
Westshore City Center is now 85% leased, up from 35% when Ally Capital Group first acquired it.
The Heritage Insurance lease should give it a further boost, according to Alexander. “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,” he said in prepared remarks.
Built in 1975, the property consists of five office buildings totaling 300,000 square feet on 10.4 acres.
Recent improvements include new landscaping, pavement, and walkways across 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 new dining and retail concepts to create a mixed-use environment.