Highwoods Properties to Develop $15M Build-To-Suit HQ for Biologics in Cary
- Jan 22, 2014
by Adriana Pop, Associate Editor
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.
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.
“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.
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.
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.
“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.”
Photo credits: Highwoods Properties