GSA Agrees to $21.7 Million Office Building Build-to-Suit in Atlanta

Businesswire - July 10, 2006

Highwoods Properties, Inc. (NYSE: HIW), the largest owner and operator of suburban office properties in the Southeast, today announced that it has been awarded a 91,000-square foot build-to-suit contract with a long-term lease by the General Services Administration (GSA) to develop a Class 'A' office building with structured parking for the Department of Homeland Security. The cost of the project is approximately $21.7 million and includes the purchase of two acres of land. Construction will commence in the fourth quarter and the project is expected to be completed in the third quarter of 2007.

Ed Fritsch, president and chief executive officer, commented, 'This is the fourth build-to-suit project we've been awarded by the federal government in the last two years. In 2005, we delivered 601,000 square feet for the federal government that was 100% pre-leased. These projects included a 138,000 square foot field office for the FBI in Tampa, a 109,000 square foot office building for the Centers for Disease Control in Atlanta and a 350,000-square foot office and storage facility for the National Archives and Records Administration (NARA) in Atlanta." Sphere: Related Content