Highwoods Properties Signs 75,000 Square Foot Lease at RBC Plaza
2008-07-23 23:07:04 -
www.highwoods.com - Highwoods Properties, Inc. Tabitha Zane Vice President, Investor Relations 919-431-1529 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.
Raleigh's Tallest Building Now 91% Pre-Leased
