Highwoods to Develop GlenLake III in Raleigh, N.C.

Highwoods Properties will begin construction of GlenLake III in Raleigh, N.C. — a LEED- and Fitwel-certified, multi-customer development that will encompass 218,000 square feet, including 205,000 square feet of office space and 13,000 square feet of retail and restaurant space.

The company’s projected investment is $94.4 million, including the value of existing company-owned land. Construction is scheduled to begin in fourth quarter 2021, with targeted completion in third quarter 2023 and projected stabilization in first quarter 2026. Highwoods has pre-leased 16 percent of the office portion to McKim & Creed, a national engineering and surveying firm based in Raleigh, for its corporate headquarters. This mixed-use project is the latest example of Highwoods work-placemaking strategy.

Highwoods has developed five office buildings from 2001 through 2020 in GlenLake encompassing 732,000 square feet that are a combined 98 percent occupied. The most recent project, G