Berkshire Hathaway’s GEICO insurance plans to open a new campus in Tampa late this summer, bringing more than 1,000 jobs to the area. The property and auto insurer also plans to open an office in the Dallas area by this fall, adding another 1,000 jobs, the company said in news releases.
The three-building, 190,000-foot Tampa site was purchased two years ago by Greenleaf Capital, the real estate division of Tampa-based HCI Group. HCI is the parent company of potential GEICO competitors Homeowners Choice Insurance, TypTap Insurance, Tailrow and CORE condominium insurance firms. GEICO has signed a multi-year lease on the property, HCI said in a news release.
The office complex near the Tampa International Airport was previously home to New York Life. The property sold in 2023 for almost $13 million, the Tampa Bay Times reported. HCI said that the campus now has a value of $17 million.
“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,” Paresh Patel, HCI’s chairman and chief executive officer, said in a statement. “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.”
HCI Group reported almost $15 million in net investment income for 2024, up 28% from 2023.
“As Florida’s second-largest auto insurer and the third-largest in the United States, we are thrilled to expand our footprint in the Sunshine State,” GEICO Senior Vice President Angela Rinella said.
GEICO already has offices in Lakeland and Jacksonville, with some 3,800 employees in Florida. Job opportunities at the new Tampa office will include insurance sales, service, and claims positions, the firm said.
In Texas, the company announced late last year that it planned to open an office in Richardson, north of Dallas, bringing about 500 jobs to the site. Last week, GEICO said it was adding a second building to the expansion plans, and an additional 1,000 jobs. The complex is set to open late this year.
Photo: One of the new GEICO office buildings, 5405 W Cypress St. in Tampa (Google Maps)
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