MEMPHIS, TN-International Paper and Highwoods Properties have struck a long-term build-to-suit deal that will expand IP’s operations here with the construction of a $56-million office tower.

Highwoods and International Paper announced the deal on Monday that calls for the Raleigh-based REIT to build a new 241,000-square-foot, nine-story office building with structured parking near IP’s current headquarters on Poplar Avenue in Memphis.

International Paper announced last month it intends to invest nearly $116 million in the expansion and renovation of its headquarters campus. The project will retain 2,274 existing jobs and create 101 new jobs. See story in the Triangle Business Journal.