X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.