Highwoods Properties Inc. to Develop 75,000 Square Foot, Three-Story Class A Office Building
January 16, 2014 at 07:00 pm IST
Share
Highwoods Properties Inc. announced that it has signed a long-term build-to-suit lease with Biologics Inc. Highwoods will develop a 75,000 square foot, three-story Class A office building with surface parking in Cary's highly-desirable, mixed-use Weston PUD. The building will be built on seven acres of Highwoods-owned land. Highwoods plans to invest approximately $14.9 million for this 100% pre-leased development project, which is expected to be completed in the second quarter of 2015.
Highwoods Properties, Inc. is a real estate investment trust (REIT). The Company is a fully integrated office REIT that owns, develops, acquires, leases and manages properties primarily in the best business districts (BBDs) of Atlanta, Charlotte, Dallas, Nashville, Orlando, Raleigh, Richmond and Tampa. Its primary business is the operation, acquisition and development of office properties. The Company provides leasing, management, development, construction and other customer-related services for its properties and for third parties. The Company conducts its activities through Highwoods Realty Limited Partnership (the Operating Partnership). The Company owns an interest in approximately 28.4 million rentable square feet of in-service properties, 1.6 million rentable square feet of office properties under development and development land with approximately 5.2 million rentable square feet of potential office build-out.