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MEMPHIS-Highwoods Properties is expanding its development pipeline to 2.8 million sf now that it has reached a build-to-suit deal with Comcast Corp. Under the agreement, the Raleigh, NC-based developer will invest approximately $9.4 million to build a 62,000-sf office here for the cable provider.

The office asset will rise on a 6.3-acre site Highwoods owns in the Southwood Commercial area of the city. Construction is slated to begin this quarter, with target completion date in the third quarter of 2008.

Comcast will occupy 100% of the building under a long-term, triple-net lease agreement with annual escalators, according to Highwoods. Comcast plans to consolidate its metro-area administrative and call center operations at the site.

Highwoods development pipeline is now 62% preleased, representing an investment of over $466 million with an average stabilized cash yield exceeding 9%. Since January 2005, the company, led by president and CEO Ed Fritsch, has started $522 million of new development projects and delivered $262 million of development that is currently 76% leased.

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