"Our board of directors strongly believes that our strategic management plan is the right course of action for the company," Ed Fritsch, Highwoods president and CEO, says in a statement. We believe that remaining independent and continuing to execute our well-defined plan will improve our shareholders with more significant and sustainable long-term value."Given our board's confidence in the strategic management plan, we are not in discussions and have no intention of entering into discussions with Capital Partners," he adds.

Capital Partners declined to comment. Its proposal for a possible acquisition comes six months after Capital purchased 29 office and industrial buildings from Highwoods for $143 million, as GlobeSt.com previously reported. Five office buildings were in Tampa, 17 office buildings and four industrial buildings were in Atlanta and three buildings were in South Carolina. The portfolio totaled 1.86 million sf. It represented a portion of the properties Capital originally sold to Highwoods in 1997 for $622 million.

At the time of the sale, Fritsch said, "our goal, as outlined by our strategic management plan, is to sell between $450 million to $550 million of non-core assets between 2005 and 2007."