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:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Development
Memphis
National
Office