Highwoods To Develop 122,000-SF Office Asset

Construction of GlenLake Six is slated to begin in March, with a expected completion date in the second quarter of 2008. The move comes as the locally based company confirms an 18,000-sf prelease which will fill 15% of GlenLake Six. The class A office building joins GlenLake One, which is 100% leased, and GlenLake Four, which is 70% leased. GlenLake Four was recently delivered, company execs say. All total, the three buildings total 438,000 sf.

"GlenLake continues to be a high demand location for upscale professional businesses in Raleigh," president and CEO Ed Fritsch says in a statement. "With less than 50,000 sf remaining for lease in GlenLake Four, a firm commitment from one customer to prelease 18,000 sf in GlenLake Six, active interest from other businesses to locate to our GlenLake Office Park, and continued improvement in the overall Raleigh market, it was an easy decision that now is the right time to begin development of GlenLake Six."

GlenLake Office Park is in the Glenwood/Creedmoor submarket. According to Highwoods execs, at the end of the fourth quarter 2005, the submarket boasted a 9.3% vacancy.