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Business Observer Friday, Oct. 21, 2016 2 years ago

Centauri HQ deal tops in 2016

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Centauri Insurance's decision to push ahead with development of a 30,000-square-foot building in Lakewood Ranch isn't just a move to accommodate future company growth.
by: Kevin McQuaid Commercial Real Estate Editor

Centauri Insurance's decision to push ahead with development of a 30,000-square-foot building in Lakewood Ranch isn't just a move to accommodate future company growth.

The roughly $9 million project, which got underway earlier this month, represents the largest new office development in Sarasota County in 2016.

Centauri bought a 5-acre tract in the master-planned community in late July for its three-story headquarters. The property and casualty insurer, which operates in nine states and generated $118.3 million in revenue in 2015, intends to occupy roughly two-thirds of the building and lease the balance upon completion in July 2017.

“Because there's such a clear lack of inventory, especially among Class A properties, they couldn't find accommodations for their growth needs,” says Cheri O'Neil, a senior vice president with Savills Studley, which represented Centauri in the project. “This new building will allow them to immediately hire for spots they need need to fill.”

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