Commercial Real Estate, Capital, Insurance, Leasing & Management

TBBJ: Exclusive: Clearwater insurer signs massive office deal in Tampa, will move headquarters to Westshore

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A Clearwater insurance company will move its headquarters to Tampa after committing to an office space that could eventually be home to 700 employees.

Heritage Insurance has signed a lease in Westshore City Center for the entirety of the 88,643-square-foot, eight-story building at 1401 N. Westshore Blvd. Tampa-based Ally Capital, a real estate investment firm controlled by Franklin Street founder Andrew Wright, purchased the office complex in early 2019.

The office complex was 35 percent leased when Ally acquired it; with the Heritage deal, it is 85 percent leased.

The deal is massive for the Tampa Bay market, where the majority of office leases are between 10,000 and 20,000 square feet. It is particularly noteworthy in 2020, as the novel coronavirus pandemic has forced many office-based employees to work from home to slow the virus’ spread.

Franklin Street director Matt Alexander and managing director Chad Rupp represented Ally in the lease transaction.

Read more from the Tampa Bay Business Journal.

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