HCI Group announces GEICO signed multi-year lease agreement

HCI Group (HCI) announced that GEICO has signed a multi-year lease agreement to fully occupy a three building campus in Tampa, Florida owned as an investment property by Greenleaf Capital, the company’s real-estate division.bGreenleaf acquired the office campus in 2023, which includes approximately 190,000 square feet of leasable space. HCI currently reports the office campus at a carrying value of approximately $17 million on its balance sheet. With the new tenant secured, the campus is now fully leased under a multi-year agreement. “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,” said Paresh Patel, HCI’s chairman and chief executive officer.