The Raleigh, NC-based REIT plans to break ground by fall on a five-story, 100,800-sf office building it has already leased to the Centers for Disease Control and Prevention for 10 years and $25.6 million in aggregate rent.
The $25.40 per sf the US General Services Administration will be paying is up from first-quarter, class A average area rents of $23.19, according to Atlanta-based Cresa Partners' periodic market surveys.
Highwood officials couldn't be reached at GlobeSt.com's publication deadline, but area brokers familiar with the Century City submarket tell GlobeSt.com Highwoods lucked out on its newest venture.
"They were at the right place at the right time and they will continue to be at the right place at Century City where few new office properties are going up," an area broker intimate with the Highwoods-government lease transaction tells GlobeSt.com.
The only office property expected to surface in early 2002 at Century City is a five-story, 130,000-sf spec building being developed by Hallwood 98 of Dallas.
The Highwoods building is expected to have a 12-month construction track with anticipated completion by December 2002.
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