Highwoods Properties Announces Long-term Lease with Martin Marietta at GlenLake

RALEIGH, N.C., Feb. 19, 2020 /PRNewswire/ -- Highwoods Properties, Inc. HIW and Martin Marietta MLM, two companies with deep roots in the Triangle, have entered into a lease agreement for Martin Marietta to be the sole tenant at GlenLake Seven, a new Highwoods building currently under construction in West Raleigh. 

GlenLake Seven is the fifth office building in GlenLake Office Park, located close to Glenwood Avenue between I-440 and I-40. The new, 125,000-SF office building is designed to be LEED Certified and will offer Martin Marietta a Class A office experience and Office Park amenities that include a fitness facility, conference center, café and activated outdoor spaces.

"We're delighted to partner with another Raleigh-based company to provide the next location for our corporate headquarters," said Ward Nye, Chairman, President and CEO of Martin Marietta. "This new building at GlenLake Seven, together with the surrounding Office Park, perfectly meets the needs of our growing business and complements our focus on enhanced efficiencies and sustainability. We're confident our employees and business will benefit from this campus and continue to deliver remarkable achievements for years to come."

Ted Klinck, President and CEO of Highwoods, said "We are excited Martin Marietta, one of Raleigh's largest and most successful companies, will be a new customer for Highwoods and has chosen GlenLake Seven for its corporate headquarters.   We look forward to building a long-lasting relationship with Martin Marietta.  Our Raleigh team has done an excellent job with GlenLake Seven and this lease illustrates the healthy demand we're seeing across the Raleigh market."

GlenLake Seven construction began Q1 2019 with a targeted completion for Q1 2021. Rule Joy Trammell + Rubio, LLC designed the building, and Shelco is the General Contractor.

About Highwoods Properties

Highwoods Properties, Inc., headquartered in Raleigh, North Carolina is a publicly traded HIW real estate investment trust ("REIT") and a member of the S&P MidCap 400 Index.  The Company is a fully-integrated office REIT that owns, develops, acquires, leases and manages properties primarily in the best business districts (BBDs) of Atlanta, Charlotte, Nashville, Orlando, Pittsburgh, Raleigh, Richmond and Tampa.  For more information, please visit www.highwoods.com.

About Martin Marietta

Martin Marietta, a member of the S&P 500 Index, is an American-based company and a leading supplier of building materials, including aggregates, cement, ready mixed concrete and asphalt. Through a network of operations spanning 27 states, Canada and The Bahamas, dedicated Martin Marietta teams supply the resources necessary for building the solid foundations on which our communities thrive. Martin Marietta's Magnesia Specialties business provides a full range of magnesium oxide, magnesium hydroxide and dolomitic lime products. For more information, visit www.martinmarietta.com or www.magnesiaspecialties.com.

Disclosure Regarding Forward-Looking Statements

Certain matters discussed in this press release about Highwoods are forward-looking statements within the meaning of the federal securities laws. These statements are distinguished by use of the words "will," "expect," "intend," "plan," "anticipate" and words of similar meaning. Although Highwoods believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved.

Factors that could cause actual results to differ materially from Highwoods' current expectations include, among others, the following: the financial condition of our customers could deteriorate; development activity by our competitors in our existing markets could result in excessive supply of properties relative to customer demand; development, acquisition, reinvestment, disposition or joint venture projects may not be completed as quickly or on as favorable terms as anticipated; we may not be able to lease or re-lease second generation space quickly or on as favorable terms as old leases; our markets may suffer declines in economic growth; we may not be able to lease our newly constructed buildings as quickly or on as favorable terms as originally anticipated; unanticipated increases in interest rates could increase our debt service costs; unanticipated increases in operating expenses could negatively impact our NOI; we may not be able to meet our liquidity requirements or obtain capital on favorable terms to fund our working capital needs and growth initiatives or to repay or refinance outstanding debt upon maturity; the Company could lose key executive officers; and others detailed in the Company's 2018 Annual Report on Form 10-K and subsequent SEC reports.

Contacts:

Brendan Maiorana

VP, Finance and Investor Relations

Highwoods Properties, Inc. HIW

Phone: (919) 431-1529

Jennifer Minx

Sr. Director, Sustainability & Communications

Martin Marietta MLM

Phone: (919) 510-4717

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SOURCE Highwoods Properties, Inc.