McGowan Insurance Group Inc. plans to spend $2.5 million to build its new headquarters at 340 N. Capitol Ave. As part of the expansion, McGowan will also add 13 jobs.
The office building will occupy what is now vacant land east of Bourbon Street Distillery.
McGowan announced the plan this morning. The 75-year-old insurance agency is based on the 18th floor of Market Tower, 10 W. Market St.
The city has agreed to give McGowan some property tax abatement, which must be approved by the Metropolitan Development Commission.
McGowan sells commercial and personal insurance, employee benefits, bonds, risk management, loss control and claims management. In 2006, the company wrote $51 million in premiums, according to the 2008 IBJ Book of Lists.
The company employed 32 people as of August 2007.
For more, go to IBJ's real estate blog, Property Lines.