Highwoods Properties to Build $94.4M Mixed-Use Office Property in Raleigh

by Julia Sanders

RALEIGH, N.C. — Highwoods Properties Inc., a Raleigh-based REIT, has plans to build GlenLake III, a 218,000-square-foot mixed-use office development in Raleigh with retail and restaurant space. The company’s projected investment is $94.4 million, including the value of the land. Construction is scheduled to begin in the fourth quarter and is slated for completion by the third quarter of 2023.

Plans for GlenLake III include 205,000 square feet of office space and 13,000 square feet of retail and restaurant space. The project will also have LEED and Fitwell certifications. According to Highwoods’ website, GlenLake III will be a seven-story building built with floor-to-ceiling glass windows, and offer amenities such as a café and lounge, fitness center, outdoor function space and a four-story parking structure.

Highwoods has preleased 16 percent of the property’s office portion to McKim & Creed, a national engineering and surveying firm, for its corporate headquarters.

GlenLake III is part of the GlenLake Park, an office development with up to seven planned office buildings. The office park is situated between Interstates 440 and 40. From 2001 to 2020, Highwoods has developed five office buildings within GlenLake Park encompassing 732,000 square feet. The company’s most recent project, GlenLake VII, is a 125,000-square-foot, fully occupied office building.

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