Highwoods Properties ( HIW - Get Report) announced Friday that it signed a long-term, 28,000 square foot lease with Pepsi Bottling Ventures at GlenLake Four office in Raleigh, N.C.

Pepsi Bottling Ventures made a long-term commitment to relocate their corporate office to GlenLake Four. GlenLake Four has commitments for 70 percent of the available space.

Construction of the $27.2 million, 158,000 square foot Class "A" office building will be completed next month.

The company's development pipeline is $361 million and is 51% pre-leased.

The company's shares were trading at $37.15, down 13 cents, Friday.

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