{"id":1004090238,"date":"2014-01-22T13:08:05","date_gmt":"2014-01-22T21:08:05","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=234178"},"modified":"2022-12-08T18:25:08","modified_gmt":"2022-12-09T02:25:08","slug":"highwoods-properties-to-develop-15m-build-to-suit-hq-for-biologics-in-cary","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/highwoods-properties-to-develop-15m-build-to-suit-hq-for-biologics-in-cary\/","title":{"rendered":"Highwoods Properties to Develop $15M Build-To-Suit HQ for Biologics in Cary"},"content":{"rendered":"

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\"\"<\/a>by Adriana Pop, Associate Editor <\/span><\/em><\/p>\n

Highwoods Properties has been selected to develop a 75,000-square-foot, three-story Class A office building for Biologics Inc. in Cary. The new facility is slated to rise on seven acres of Highwoods -owned land at Weston Parkway. <\/span><\/p>\n

The Cary-based oncology services company has entirely pre-leased the new development, which entails an investment of $14.9 million. Construction is expected to be complete in the second quarter of 2015. <\/span><\/p>\n

“We are pleased to have been selected by Biologics to build their new headquarters to accommodate their expansion needs. This new Highwoods customer has a solid business platform and we look forward to working with their team,” Ed Fritsch, president and CEO of Highwoods Properties, said in a news release.<\/span><\/p>\n

In Weston, Highwoods is currently building an estimated $110 million headquarters for MetLife, which will include two buildings totaling 427,000 square feet. Also in Weston, the Raleigh-based company owns eight buildings encompassing 745,000 square feet, 95 percent of which are occupied, and about 94 acres of land available for development. <\/span><\/p>\n

With the addition of this project, Highwoods has reached a development pipeline of 1 million square feet representing an investment of approximately $227 million that is 85.6 percent pre-leased.<\/span><\/p>\n

“Biologics is growing at a rapid pace and we’re excited to partner with Highwoods as we expand into our new headquarters building,” added Stuart Frantz, president and CEO of Biologics. “We believe this is a great location with ample amenities that will provide the best environment for our employees, and continue to support our growth.” <\/span><\/p>\n

Photo credits: Highwoods Properties<\/span><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

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