A real estate investment trust Highwoods Properties ( HIW - Get Report) announced Wednesday that it would develop its second building at North Shore Commons in Richmond, Va.

The 95,000 square foot multi-tenant, Class A office building in Innsbrook Corporate Center will cost $13.6 million, the company said.

Construction of this four-story building began in the second quarter and is expected to be completed in the second quarter of 2007.

Highwoods owns or manages 36 buildings encompassing 2.4 million square feet of office space in the Innsbrook area that currently are, on average, 93% occupied. The average occupancy of the Innsbrook Corporate Center is 92%.

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