Highwoods Gets Homeland Security Deal

Highwoods Properties(HIW Quote) got a 91,000-square foot build-to-suit contract with a long-term lease from to develop an office building for the Department of Homeland Security.

The Raleigh, N.C.-based real estate investment trust said the project is estimated to cost about $21.7 million, including the purchase of two acres of land. The construction is set to commence in the fourth quarter and the project is expected to be completed in the third quarter of 2007.

With the addition of this development project, Highwoods' development pipeline will grow to about 2.2 million square feet at an investment of over $361 million, 48% of which is leased, it said.