The venture will borrow $276 million from GE Capital Real Estateto finance the deal, which gives Miller Global 80% interest. Theteam expects to spend $62 million to develop properties in Atlantaand Orlando and Tampa, FL but will equally share ownership in thissegment of the operation. Highwoods' portfolio includes officebuildings in those three cities plus Raleigh, NC, all of which willcontinue to be leased and managed by the REIT.

The initial transaction calls for Highwoods to sell 21 officesbuildings and four development sites in Georgia, Florida and NorthCarolina to the new venture. In exchange, it will get cash and a20% stake in the venture.

Myron "Micky" Miller heads up Miller Global, a privately heldcompany being run by his son Jim Miller. The elder Miller is theformer partner of billionaire Marvin Davis on his real estateventures.