J. Jaramillo Insurance purchases Guaynabo building as part of expansion plan

J. Jaramillo Insurance plans to invest more than $3 million to modernize the existing property in Metro Office Park in Guaynabo, raising its construction value to over $20 million.

By THE STAR STAFF

J. Jaramillo Insurance (JJI), an insurance firm in Puerto Rico, has purchased a building in the Metro Office Park complex in Guaynabo as part of a broad expansion plan that includes multimillion‑dollar upgrades and long‑term development.

The company plans to invest more than $3 million to modernize the existing property, raising its construction value to over $20 million. In addition, JJI said it intends to pursue a larger five‑year expansion that includes a new 45,000‑square‑foot building and an expanded multilevel parking structure. The combined initiatives represent an estimated $25 million investment and would bring the firm’s total assets in the area to roughly $50 million.

“This new facility reflects the natural evolution of J. Jaramillo Insurance and reaffirms our commitment to Puerto Rico,” CEO and founder Juan Jaramillo said. “We are creating a space that strengthens our operations while also offering a first‑class corporate environment for leading companies.”

The four‑story building, originally developed in the early 1990s as Caribbean regional headquarters for American Airlines, includes 41,121 square feet of space on a 10,972‑square‑meter lot with 400 parking spaces, including a five‑level parking structure.

JJI President María Silvia Vargas said the acquisition marks “a firm and strategic step” for the organization.

“As a Puerto Rican firm, we are proud to offer a more spacious, modern and welcoming environment for the independent producers we serve and their clients,” she said, adding that the company is opening leasing opportunities for businesses seeking space in the revamped building.

SCF Arquitectos, the architecture firm leading the redesign, plans to convert the building -- now named The Central Tower -- into a Class A corporate property. Architect Carmen Rita Fortuño said the renovation will include new signage, landscaping, exterior finishes, lighting upgrades, repaved parking areas, refreshed elevator lobbies and retrofitted public restrooms. Interior design will follow bio‑philic concepts that incorporate natural materials such as wood, stone and greenery.

Jaramillo credited the company’s staff for the expansion, saying the new workspace is intended to improve collaboration, efficiency and employee well‑being.

“This achievement is the result of the effort, discipline and commitment of our team of experts,” he said.

As part of the expansion initiative, JJI is offering corporate tenants flexible workspaces, redesigned common areas, advanced technological infrastructure and ample parking. The company said tenants will benefit from competitive leasing terms backed by a locally owned firm with a strong industry track record.

Founded in Puerto Rico, J. Jaramillo Insurance operates as a general insurance agent and reinsurance broker, providing actuarial services, product design, reinsurance placement and premium financing through local and international partners.