Heritage Insurance Signs 89 KSF Tampa Lease

The tenant’s new headquarters is in a five-building campus undergoing a $10 million capital improvement plan.
1401 N. Westshore Blvd. Image courtesy of Franklin Street

Heritage Insurance will move its corporate offices to Westshore City Center, a 300,000-square-foot office property in Tampa, Fla. The company has signed an 88,643-square-foot, full-building lease in one of the five buildings in the campus.

Franklin Street Director Matt Alexander and Managing Director Chad Rupp negotiated the 10-year lease on behalf of the owner, Ally Capital Group.

Completed in 1975, the park occupies 10 acres at 1111, 1211, 1311, 1401 and 1411 N. Westshore Blvd. The complex is 3 miles from Tampa International Airport and 5 miles west of the city center.

The owner acquired the asset from Redstone Investments for $29 million in January 2019, according to Yardi Matrix data. At the time of that transaction, the property was 35 percent leased. Since then, the occupancy rate has risen to 85 percent.

The tenant will relocate from a 75,300-square-foot building at 2600 McCormick Drive in Clearwater, Fla. The tenant paid U.S. Bank $4.7 million for the property in 2013, Yardi Matrix shows.

Additionally, the owner is implementing a $10 million renovation program on the park. Upgrades include cosmetic improvements and installing new energy-efficient windows. By year’s end, every building on the campus will have remodeled common areas, restrooms and elevators.