Highwoods Properties Signs 75,000 Square Foot Lease at RBC Plaza
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Raleigh's Tallest Building Now 91% Pre-Leased
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 it has signed a 75,000 square foot, long-term lease at
RBC Plaza with Williams Mullen, a law firm founded in 1909 and
headquartered in Richmond, Virginia. This brings pre-leasing of the
292,000 square foot office and retail development project to 91%, and
pre-leasing of the office component to 95%. RBC Plaza is expected to
be completed in the fourth quarter of 2008. The Company also noted
that all 139 condominiums at RBC Plaza are under contract with
non-refundable deposits.
Williams Mullen will be relocating to RBC Plaza in the third
quarter of 2009 from Highwoods Tower I in Raleigh where they currently
lease approximately 51,000 square feet. Williams Mullen merged in 2007
with the law firm Maupin Taylor, which was founded in Raleigh in 1870.
The firm has over 320 attorneys in 11 locations throughout North
Carolina, Virginia, Washington, D.C. and London.
Ed Fritsch, president and chief executive officer, commented, "We
are thrilled to welcome Williams Mullen to RBC Plaza. This
announcement is another endorsement by a large and highly respected
firm of the vitality and future growth of Raleigh's downtown area. RBC
Plaza is now the tallest building in Raleigh and we look forward to
the building's grand opening this fall."
Keith Kapp, Vice President and Director and an attorney based in
Raleigh, commented: "We are excited to be moving to RBC Plaza and the
heart of downtown Raleigh. This is a great opportunity for us to be in
a central location in the newest office building in the city. We have
been customers of Highwoods for many years and are very pleased to be
able to extend this mutually beneficial relationship."
The Company noted that its current development pipeline is $335
million and is 65% pre-leased.
About Highwoods Properties
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 June 30, 2007, the Company owned or had an interest in 386
in-service office, industrial and retail properties encompassing
approximately 34.1 million square feet. Highwoods also owned 693 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, North Carolina, South Carolina,
Tennessee and Virginia. For more information about Highwoods
Properties, please visit our Web site at www.highwoods.com.
About Williams Mullen
Williams Mullen provides comprehensive legal services to regional,
national and international clients. With 325 attorneys and offices
throughout North Carolina, Virginia, Washington, D.C. and London.
Williams Mullen delivers innovative solutions to support its clients'
diverse business activities. Close working relationships with clients
have been the foundation of Williams Mullen's progressive approach to
law practice since the firm was founded nearly a century ago. For more
information, please visit www.williamsmullen.com.
Highwoods Properties, Inc.
Tabitha Zane
Vice President, Investor Relations
919-431-1529
Copyright Business Wire 2008
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