Highwoods Acquires $436M Trophy Office Asset
The REIT has obtained the Bank of America Tower at Legacy Union in Charlotte, NC; supporting its previously-announced market strategy.
CHARLOTTE, NC – Highwoods Properties Inc. has purchased Bank of America Tower at Legacy Union in Charlotte, NC in a $436 million transaction.
The office building is a trophy, LEED gold-registered asset, comprised of 841,000 square feet. The tower, located in the Uptown CBD submarket, offers structured parking and is currently 90% leased.
Highwoods funded the acquisition utilizing available cash and borrowings from its unsecured, revolving credit facility.
The company is currently executing its previously announced, two-phase exit plan from the Greensboro and Memphis markets. The first phase includes closing its division offices and selling select market portfolio assets by mid-2020 that comprise a total sales price of $436 million. The second phase of the exit plan consists of the planned sale of the remaining assets in both markets, for which there is no pre-determined timetable.
Highwoods Properties Inc. is a publicly-traded, fully-integrated REIT, headquartered in Raleigh, NC. The firm owns, develops, acquires, leases and manages office properties primarily in targeted business districts.