Highwoods Provides Leasing Update

129,000 SF of Additional Leases Signed at 23Springs
Development in Uptown Dallas
23Springs Now 53% Pre-Leased

2nd Gen Leasing Activity Continues to be Strong
718,000 SF of Leases Signed to Date in First Quarter
Includes 312,000 SF of New Leases
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RALEIGH, N.C., March 01, 2024 (GLOBE NEWSWIRE) -- 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 1^st gen space in our development pipeline, since January 1, 2024, we have leased more than 700,000 square feet of 2^nd gen office space, including over 300,000 square feet of new leases,” added Mr. Klinck.

About Highwoods

Highwoods Properties, Inc., headquartered in Raleigh, is a publicly-traded (NYSE:HIW), fully-integrated office real estate investment trust (“REIT”) that owns, develops, acquires, leases and manages properties primarily in the best business districts (BBDs) of Atlanta, Charlotte, Dallas, Nashville, Orlando, Raleigh, Richmond and Tampa. Highwoods is in the work-placemaking business. We believe that by creating environments and experiences where the best and brightest can achieve together what they cannot apart, we can deliver greater value to our customers, their teammates and, in turn, our stakeholders. For more information about Highwoods, please visit our website at www.highwoods.com.