RALEIGH, N.C., May 19, 2022 (GLOBE NEWSWIRE) — Highwoods Properties, Inc.has sold the FBI Tampa Field Office, a 138,000 square foot office building developed by Highwoods as a build-to-suit for the FBI in 2005 and renewed under a long-term lease in 2020, for $70.4 million. The Company also expects to close on the sale of its last remaining office buildings in Greensboro, which total 299,000 square feet and are 88.2% occupied, later this quarter or early in the third quarter for $20.3 million. In 2022, these office buildings were projected to generate $6.3 million of annual GAAP net operating income and $5.7 million of annual cash net operating income, which includes the impact of free rent.
The Company has also sold an 8.9-acre non-core land parcel adjacent to its One Independence office building in Tampa’s Westshore BBD for $6.9 million to a developer who plans to construct apartment units. The Company expects to record $2.3 million of land sale gains (included in FFO) in the second quarter.
Ted Klinck, President and CEO, said, “We are pleased with the continued execution of our non-core asset dispositions. With these sales, we will have sold $464 million of non-core properties since we announced our acquisition of a portfolio of office properties from PAC in mid-2021 and remain on pace to return our balance sheet to pre-acquisition metrics by the middle of 2022.”
About Highwoods
Highwoods Properties, Inc., headquartered in Raleigh, is a publicly-traded (NYSE:HIW) real estate investment trust (“REIT”) and a member of the S&P MidCap 400 Index. 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, Nashville, Orlando, Pittsburgh, Raleigh, Richmond and Tampa. For more information about Highwoods, please visit our website at www.highwoods.com.
