Highwoods Properties Inc. (HIW), a real estate investment trust (REIT), has recently extended its long-term association with BB&T Corp. (BBT - Free Report) , one of the leading financial-holding companies in the U.S., by signing a second leasing agreement for 30,600 square feet of office space at Highwoods Tower One building in Raleigh, North Carolina.
Prior to the current deal, Highwoods had leased about 68,800 square feet of office space to BB&T in the same building. With the transaction, Highwoods has reduced the vacancy in the building to 38,986 square feet of space.
Based in Winston-Salem, North Carolina, BB&T operates more than 1,800 financial centers in 12 states and Washington D.C., and offers a full range of consumer and commercial banking, securities brokerage, asset management, mortgage and insurance products and services. As of March 31, 2010, BB&T had $163.7 billion in assets and market capitalization of $22.4 billion.
Highwoods has interests in office, industrial, retail and service center properties, including development projects and apartment units. It also provides customer-related and fee-based real estate management services for its properties and for third-party clients.
As of March 31, 2010, Highwoods had interests in 378 in-service office, industrial holdings and retail properties, spanning across 35.7 million square feet of gross leasable space. In addition, it also owned 581 acres of developable land.