HCI’s Greenleaf Capital signs GEICO to multi-year lease for Tampa office campus

Greenleaf Capital, the real estate arm of HCI Group , has signed a multi-year lease with GEICO for a three-building office campus in Tampa, Florida.

The insurer will fully occupy the 190,000-square-foot property, which Greenleaf acquired in 2023 and currently values at around $17 million.

GEICO plans to bring over 1,000 jobs to the area, and the lease fully occupies the campus.

HCI sees the deal as a value boost for its investment portfolio.

“We are excited to secure a long-term tenant who plans to bring more than 1,000 new jobs to our local community. We believe the combination of property improvements and the long-term lease with a high-quality tenant greatly enhances the equity value of the investment. Greenleaf has a proven history of acquiring properties at favorable prices, enhancing them through strategic improvements, and generating tremendous long-term value for HCI shareholders” – Paresh Patel, Chairman and CEO of HCI.

The news follows GEICO’s expansion in North Texas, where the insurer recently leased a second office building in Richardson at 2375 N. Glenville Drive. The move is also projected to add more than 1,000 jobs in the Dallas area as the company grows its regional footprint.

GEICO ranked #2 in Florida for private auto in both 2023 and 2024. In 2024, it wrote $6.7 billion in premiums, representing 19.8% of the market. Progressive leads with a 24.5% market share.