Highwoods Properties, Inc. (NYSE:HIW) announced today it has signed a lease with Asurion, a leader in technology services and a new customer for Highwoods, to develop its headquarters in CBD Nashville, one of the city’s BBDs (Best Business Districts).
Highwoods total expected investment for this development is $285 million and will encompass approximately 551,000 square feet, including approximately 9,000 square feet of street-level retail. The project, which will seek LEED designation, will be developed on a 4.2-acre parcel located at Church Street and 11th Avenue North that was acquired by Highwoods early this year.
The project is 98.3% pre-leased overall with the office portion to be fully occupied by Asurion under a long-term lease. The project will consist of two structures, one of 9 stories and the other 8 stories, built atop a six-level, 3.5/1,000 parking podium, including portions below and above grade. The two mid-rise buildings will provide Asurion with a horizontal campus in an urban environment with a multi-faceted lobby connecting both structures along with sky bridges at the 5th and 7th floors.
The development will enable Asurion to consolidate four existing facilities from the greater Nashville area into a single location, with access from both Church Street and 11th Avenue North. Located on the Gulch Greenway, the development will serve as a connector for the Gulch and Capitol View areas.
Construction is scheduled to begin in the first quarter of 2019 with a fourth quarter 2021 targeted completion date.
Ed Fritsch, President and Chief Executive Officer of Highwoods Properties, said, “We’re thrilled to announce we have a fully executed, mutually beneficial agreement on this signature CBD project. We look forward to a long-term relationship with such a high-quality, Nashville-based technology leader.”
A brief presentation outlining this transaction can be accessed through the link below or on the Investors section of the Highwoods website at www.highwoods.com.
With the addition of the Asurion project, Highwoods development pipeline has grown to 2.0 million square feet representing an investment of approximately $725 million that is 92% pre-leased on a dollar weighted basis. Highwoods is the largest office developer/landlord in the greater Nashville area. Signature local assets include The Pinnacle at Symphony Place, Bridgestone Tower, LifePoint Health’s hospital support center and the corporate headquarters for Mars Petcare (currently under construction).
About Highwoods
Highwoods Properties, Inc., headquartered in Raleigh, is a publicly-traded (NYSE:HIW) real estate investment trust and a member of the S&P MidCap 400 Index. Highwoods is a fully-integrated office REIT that owns, develops, acquires, leases and manages properties primarily in the best business districts (BBDs) of Atlanta, Greensboro, Memphis, Nashville, Orlando, Pittsburgh, Raleigh, Richmond and Tampa. For more information about Highwoods, please visit our website at www.highwoods.com.
