HCI Group Headquarters to be Acquired by State of Florida as part of Road Improvement Project
TAMPA, Fla., June 01, 2020 (GLOBE NEWSWIRE) -- Greenleaf Capital, LLC, the real estate division of (NYSE:HCI), has entered into an agreement with the Florida Department of Transportation by which the State of Florida will acquire HCI’s headquarters property and a nearby right of way in connection with a planned road improvement project. The combined compensation to Greenleaf for the acquisitions is set at $47.5 million. After transaction costs, Greenleaf expects to net approximately $44 million. The property, known as “Cypress Commons,” is located at 5300 West Cypress Street in Tampa. The transaction is expected to conclude by the end of July 2020.
As part of the agreement, HCI has the option to occupy the headquarters property for up to three years after the acquisition. During this time, Greenleaf will continue to manage the property, which has numerous tenants.
Management Commentary
“While we are disappointed to give up ownership of our headquarters, we are gratified the property will play a significant role in improving Tampa’s system of transportation,” said HCI Group Chief Executive Officer Paresh Patel.
About Greenleaf Capital
Greenleaf Capital, LLC is the real estate division of HCI Group, Inc. Greenleaf owns and manages numerous Florida real estate properties, including office buildings, retail shopping centers and waterfront properties. Greenleaf Capital owns and manages over 500,000 square feet of space on over 60 acres of land. For more information, please visit .
About HCI Group, Inc.
HCI Group, Inc. is an InsurTech company with operations in insurance, software development and real estate. HCI’s leading insurance operation, TypTap Insurance Company, is a rapidly growing, technology-driven insurance company, which provides homeowners’ insurance and flood insurance primarily in Florida. TypTap’s operations are powered in large part by insurance-related information technology developed by HCI’s software subsidiary, Exzeo USA, Inc. HCI’s largest subsidiary, Homeowners Choice Property & Casualty Insurance Company, Inc., provides homeowners’ insurance primarily in Florida. HCI’s real estate subsidiary, Greenleaf Capital LLC, owns and operates multiple properties in Florida, including office buildings, retail centers and marinas.
The company's common shares trade on the New York Stock Exchange under the ticker symbol "HCI" and are included in the Russell 2000 and S&P SmallCap 600 Index. HCI Group, Inc. regularly publishes financial and other information in the section of the company’s website. For more information about HCI Group and its subsidiaries, visit .
Company Contact:
Rachel Swansiger, Esq.
HCI Group, Inc.
Tel (813) 405-3206
Investor Relations Contact:
Matt Glover
Gateway Investor Relations
Tel (949) 574-3860
Media Contact:
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Kippen Communications
Tel (727) 466-7695
