Business & Finance
Business and Finance
Business and Finance
Thu, January 15, 2009
Wed, January 14, 2009 Highwoods Properties Announces Disposition and Leasing Activity
RALEIGH, N.C.--([ BUSINESS WIRE ])--Highwoods Properties, Inc. (NYSE: HIW), the largest owner and operator of suburban office properties in the Southeast, today announced that on December 31, 2008, it closed on the sale of three non-core office buildings in Nashville encompassing 193,000 square feet for gross proceeds of $20.9 million. These buildings were, on average, over 30-years old and were 83.7% occupied at September 30, 2008. In total, the Company sold $56.7 million of non-core buildings in 2008.
The Company also announced that it leased a total of 1.3 million square feet of first and second generation space in the fourth quarter of 2008. For the full year, the Company leased approximately 4.7 million square feet of first and second generation space.
In January, the Company's Nashville division renewed a 60,000 square foot lease with EMI Christian Music Group, a division of EMI, one of the world's largest music companies. This lease, which was originally set to expire in July 2009, encompasses the entire building, which is located in the Brentwood submarket.
About the Company
Highwoods Properties, Inc., a member of the S&P MidCap 400 Index, is a fully integrated, self-administered real estate investment trust ("REIT") that provides leasing, management, development, construction and other customer-related services for its properties and for third parties. At September 30, 2008, the Company owned or had an interest in 383 in-service office, industrial and retail properties encompassing approximately 34.8 million square feet. Highwoods also owned 619 acres of development land. Highwoods is based in Raleigh, North Carolina, and its properties and development land are located in Florida, Georgia, Iowa, Kansas, Missouri, Mississippi, North Carolina, South Carolina, Tennessee and Virginia. For more information about Highwoods Properties, please visit our Web site at [ www.highwoods.com ].
