SANTA ROSA – ProSight Specialty Insurance, a property and casualty policy carrier with offices in New York, New Jersey and California, said it will hire about 150 employees as part of an expansion into Santa Rosa announced late last week.
ProSight signed a five-year lease with Basin Street Properties for 15,400 square feet of class A office space at Fountaingrove Executive Center in northeast Santa Rosa.
Backed by TPG Capital and Goldman Sachs' GS Capital Partners, ProSight last month announced a deal with publicly traded marine insurer NYMagic to acquire the company in a stock deal valued at about $230 million. It is set to close in the fourth quarter.
The ProSight deal caps 30,000 square feet in recent leases and lease expansions in Basin Street Properties' North Bay portfolio, according to Scott Stranzl, vice president of leasing.
Basin Street Properties, a Northern California and Northern Nevada real estate investor, said it also signed five new tenants at its newly acquired Petaluma Marina Business Center.
“We’ve leased more than 30,000 square feet of office space in the last few months, which is certainly a positive indicator of market conditions,” Mr. Stranzl said. “We are excited to see new companies come to town, such as ProSight, to help stimulate the local economy.”
“With lease expansions and additional new tenants on board throughout our North Bay portfolio, we are optimistic that activity will continue and we’ll maintain a steady course of business,” Mr. Stranzl said.
Shawn Johnson of Keegan & Coppin represented ProSight in the lease deal.
CORRECTION: An earlier version of this story incorrectly stated ProSight was based in Atlanta.