Highwoods Properties (HIW) Provides Leasing Update

Highwoods Properties, Inc. (NYSE: HIW) announced today that leases totaling another 129,000 square feet have been signed at 23Springs, a Class AA development encompassing 626,000 square feet of multi-customer office and 16,000 square feet of retail in the heart of the dynamic Uptown Dallas BBD. The Company is developing 23Springs in a 50/50 joint venture with Granite Properties.

The total anticipated investment for 23Springs is expected to be approximately $460 million (at 100%). Construction of 23Springs, which is now 53% pre-leased, began in the second quarter of 2022 with a scheduled completion date in the first quarter of 2025 and a pro forma stabilization date in the first quarter of 2028. 23Springs is designed with a commitment to sustainability and wellness and is pursuing LEED and Fitwel certifications.

Ted Klinck, President and Chief Executive Officer, stated, “Today’s announcement validates our strategic plan of owning the highest quality office buildings in the BBDs of markets such as Dallas with favorable economic and demographic trends. 23Springs is a perfect example of the vision we share with Granite Properties to create extraordinary customer experiences through mixed-use environments, rich amenities, customer-centric service and innovative wellness features – what we call work-placemaking.”

“Leasing activity continues to be strong across our entire portfolio, not just in Dallas. In addition to solid leasing of 1st gen space in our development pipeline, since January 1, 2024, we have leased more than 700,000 square feet of 2nd gen office space, including over 300,000 square feet of new leases,” added Mr. Klinck.

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