Highwoods Properties, Inc. has entered the Dallas market by forming joint ventures with Granite Properties for Granite Park Six, a multi-customer office development comprising 422,000 square feet in the vibrant Frisco/Plano BBD, and 23Springs, a mixed-use development encompassing 626,000 square feet of multi-customer office and 16,000 square feet of retail in the heart of the dynamic Uptown Dallas BBD. Highwoods owns a 50% interest in each of the joint ventures.

Construction of Granite Park Six, which is 12% pre-leased, began in the fourth quarter of 2021 with a scheduled completion date in the fourth quarter of 2023 and a pro forma stabilization date in the first quarter of 2026. Construction of 23Springs, which is 17% pre-leased, began in the second quarter of 2022 with a scheduled completion date in the first quarter of 2025 and a pro forma stabilization date in the first quarter of 2028. 23Springs and Granite Park Six are designed with a commitment to sustainability and wellness and are pursuing LEED and Fitwel certifications.

The total combined investment for both projects is expected to be approximately $660 million (at 100%). The joint ventures have obtained construction loans for both projects for approximately 60% of the anticipated development costs. The company's 50% share of the equity required to fund the development projects is approximately $130 million.