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Highwoods Inks Lease Deal with Kimley-Horn in CBD Raleigh

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Recently, Highwoods Properties Inc.HIW inked a long-term lease deal with Kimley-Horn, a leading design consulting firms. To be particular, Kimley-Horn is shifting its headquarters in the U.S. to One Bank of America Plaza in downtown Raleigh, owned by Highwoods. This addition of Kimley-Horn indicates attractiveness of the building located in the central business district ("CBD") of the city. We believe the deal will be accretive to the Raleigh, NC-based real estate investment trust ("REIT"), going forward.

Per the lease deal, Kimley-Horn will occupy 55,000 square feet of space in the building. The lease will commence in Apr 2016, after Highwoods' existing tenant vacates the place in Dec 2015.

Highwoods owns, manages, leases and develops office, industrial and retail properties. In addition, the REIT provides customer-related and fee-based real estate management services for its properties as well as third-party clients. The latest lease deal not only highlights the Raleigh team's concerted efforts to gain lucrative tenants but also showcases the demand for this premier building among others firms who are seeking space in top-class areas.

Highwoods currently has a Zacks Rank #3 (Hold).

Investors interested in the REIT industry may consider stocks like CoreSite Realty Corporation COR , Iron Mountain Incorporated IRM and Ashford Hospitality Prime, Inc. AHP . While both CoreSite Realty and Iron Mountain Incorporated sport a Zacks Rank #1 (Strong Buy), Ashford Hospitality holds a Zacks Rank #2 (Buy).

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HIGHWOODS PPTYS (HIW): Free Stock Analysis Report

IRON MOUNTAIN (IRM): Free Stock Analysis Report

CORESITE REALTY (COR): Free Stock Analysis Report

ASHFORD HOSP PR (AHP): Free Stock Analysis Report

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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