Highwoods will lease and manage the property, which is 92%occupied. "We own all the other properties around Lake Eola so whenthe opportunity to acquire this property arose, we took it,"Highwoods Properties vice president of investor relations TabithaZane tells GlobeSt.com.

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Highwoods DLF joint venture partner is Kapital-Consult, whose USadvisor is European Investors. The first of four joint venturesbetween the firms was formed in 1999.

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In a separate transaction, Highwoods acquired .8 acres ofdevelopment land adjacent to Eola Park Centre for $2 million. Theland is entitled for the development of an office building up to224,000 sf. Highwoods has not yet determined whether to develop theproperty, Zane says.

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"The acquisition of wholly owned development land adjacent toEola Park Centre also fits well with our strategy of targetingprime, infill locations for future growth," Highwoods Propertiespresident and CEO Ed Fritsch says in a statement.

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With the transaction, Highwoods owns or has interest in 1.4million sf of office properties in Downtown Orlando. On average,the properties are 92% leased.

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