A tentative groundbreaking is set for the fourth quarter with anticipated completion in third quarter 2007. The project is the fourth build-to-suit the Raleigh, NC-based developer will be completing for the GSA in the past two years. The 2005 projects include a 350,000-sf office and storage facility for the National Archives and Records Administration in Atlanta, as GlobeSt.com previously reported; a 138,000-sf field office for the FBI in Tampa; and a 109,000-sf office building for the Centers for Disease Control in Atlanta. All three structures are 100% leased.

"These projects create excellent value for our shareholders and we are extremely proud of our in-house team who worked diligently to secure this business," Fritsch says in a prepared statement. The newest project will bring Highwoods' development pipeline to 2.2 million sf of which 48% is leased, Fritsch says. The 2.2 million sf represent a company investment of more than $361 million.