Highwoods Takes Full Ownership of Two More Towers

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Highwoods Properties decided it no longer wanted to share ownership of Glenlake North and Glenlake South, two Class A office towers in the Central Perimeter submarket. They bought out their JV partner for $45.4 million to take full ownership of the two buildings, which together span 505,000 SF and are valued at $80.6 million. When asked about the decision to take full ownership of the pair, Highwoods reps said, “Owning 100% of these Atlanta properties will materially enhance our leasing process, fortify our position in the submarket, provide value enhancement through occupancy growth, and further solidify our position as one of the largest owners of Class A office properties in the market’s business district.”

The decision to buy out their former JV partner is all a part of Highwoods portfolio consolidation. Highwoods has cut their portfolio through the sale of non-differentiating properties that don’t fit into their ultimate goal – namely industrial properties. Year-to-date, Highwoods has sold off $80 million of non-core assets, purchased $396 million of the Class A office towers they’re seeking, and has plans to develop $129 million.

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