ST. PETERSBURG — Buzz in the commercial real estate community has Raymond James Financial Inc., one of the region’s largest public companies, looking to buy land in Hidden River Corporate Park in north Tampa — about 30 miles northeast of its headquarters.

St. Petersburg-based Raymond James reportedly has a contract to buy two sites that are visible to motorists on Interstate 75 as they pass just north of Fletcher Avenue. Word among brokers is that the company plans to initially construct an office building between 250,000 and 300,000 square feet, but the space could be eventually expanded to as much as 500,000 square feet.

Neither Raymond James nor the developer of Hidden River would confirm the deal.

Raymond James’ executives have been looking for more than a year for high and dry property far enough from Tampa Bay to protect against storm surge. The new location will house a data center as well as employees.

Nothing finalized’

A Raymond James spokesperson said the company continues to explore various options for expansion in Hillsborough County but no plans have been finalized as of last week.

Roughly 3,355 Raymond James employees now occupy 1 million square feet at Carillon in four office towers and the Raymond James Bank building.

As part of the company’s business continuity plan, it intends to build an inland location — far from Tampa Bay – although Hidden River is adjacent to the Hillsborough River.

The corporate center is a 263-acre campus near the University of South Florida. Developed by Crescent Resources LLC, Hidden River features a conservation area of more than 300 acres.

A Crescent executive refused comment.

Raymond James (NYSE: RJF) also considered property in Pasco County prior to settling on Hidden River, brokers said.

Raymond James’ existing business continuity plan calls for its Michigan office to back up the St. Petersburg headquarters if a disaster, such as a hurricane, hits the region.