Highwoods Shifts Gears from Unloading Industrial to Leasing Office

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While Highwoods Properties spent much of 2013 unloading their industrial holdings in Atlanta, it plans to spend 2014 focused on leasing. Highwoods purchased Buckhead’s One Alliance last year and quickly increased the occupancy from 64% to 81%; they hope to build on that number as the submarket continues to attract new tenants. Century Center is in danger of losing its anchor tenant, the FBI, in 2016, which gives Highwoods a little time to formulate a strategy to get that space filled. Company sources say that the improvements in leasing activity across the market will make filling the space easier. Highwoods could also be considering adding another tower to its portfolio as 3630 Peachtree hits the market. As one of the only towers on the market at this time, most speculate it will trade for a low cap rate.

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