Highwoods Closes Acquisition of 6Hundred at Legacy Union in CBD Charlotte

Rhea-AI Summary

Highwoods Properties (NYSE:HIW) closed the acquisition of 6Hundred at Legacy Union in Charlotte on Nov 19, 2025 for a $223 million total expected investment.

The 24-story Class AA tower delivered in 2025 and comprises 411,000 square feet, is 84% leased with a weighted average lease term of over 12 years, and includes 832 parking spaces. The investment figure includes $8.5 million of near-term building improvements and is net of $15.7 million of free rent and rent-related credits from the seller.

Highwoods expects to fund the purchase on a leverage-neutral basis within six months using proceeds from non-core asset sales; it has sold $37 million of non-core assets since Oct 1, 2025. A presentation is available on the company website.

Positive

• Acquisition price: $223 million
• Property size: 411,000 sq ft
• Occupancy: 84% leased
• WALT: over 12 years
• Planned LEED certification: Gold
• In-building parking: 832 spaces

Negative

• Planned near-term capital: $8.5 million
• Netting includes $15.7 million of free rent and credits

$223M Total Investment, Delivered in 2025
411,000 Square Feet, 84% Leased
_________________________________________

RALEIGH, N.C., Nov. 19, 2025 (GLOBE NEWSWIRE) -- Highwoods Properties, Inc. (NYSE:HIW) has closed the acquisition of 6Hundred at Legacy Union, a 24-story, Class AA office tower located in Charlotte’s Uptown CBD, for a total expected investment of $223 million. The Company’s total investment includes $8.5 million of planned near-term building improvements and anticipated leasing capital expenditures to bring the property to stabilization and is net of $15.7 million of free rent and other rent-related credits received from the seller at closing.

6Hundred at Legacy Union, which delivered in 2025 and is currently 84% leased with a weighted average lease term of over 12 years, is a class AA office tower encompassing 411,000 square feet with a planned LEED gold certification and in-building parking that can accommodate 832 vehicles. 6Hundred is immediately adjacent and connected to Highwoods-owned Bank of America Tower at Legacy Union and SIX50 South Tryon at Legacy Union.

The Company plans to fund the acquisition of 6Hundred at Legacy Union on roughly a leverage-neutral basis over the next six months using the proceeds from non-core asset sales. Since October 1, 2025, the Company has sold $37 million of non-core assets.

A presentation highlighting the acquisition of 6Hundred at Legacy Union can be accessed through the link below and in the Investors section of the Company’s website at www.highwoods.com.

6Hundred at Legacy Union

About Highwoods
Highwoods Properties, Inc., headquartered in Raleigh, is a publicly-traded (NYSE:HIW), fully-integrated office real estate investment trust (“REIT”) that owns, develops, acquires, leases and manages properties primarily in the best business districts (BBDs) of Atlanta, Charlotte, Dallas, Nashville, Orlando, Raleigh, Richmond and Tampa. Our vision is to be a leader in the evolution of commercial real estate for the benefit of our customers, our communities and those who invest with us. Our mission is to create environments and experiences that inspire our teammates and our customers to achieve more together. We are in the work-placemaking business and believe that by creating exceptional environments and experiences, we can deliver greater value to our customers, their teammates and, in turn, our shareholders. For more information about Highwoods, please visit our website at www.highwoods.com.

Forward-Looking Statements
Some of the information in this press release may contain forward-looking statements. Such statements include, in particular, statements about our plans, strategies and prospects such as the following: closing of the planned acquisition may not occur on the terms described in this press release or at all; the expected financial and operational results and the related assumptions underlying our expected results; the planned sales of non-core assets and expected pricing and impact with respect to such sales, including the tax impact of such sales; the anticipated total investment, projected leasing activity, estimated replacement cost and expected net operating income of acquired properties and properties to be developed; and expected future leverage of the Company. You can identify forward-looking statements by our use of forward-looking terminology such as “may,” “will,” “expect,” “anticipate,” “estimate,” “continue” or other similar words. Although we believe that our plans, intentions and expectations reflected in or suggested by such forward-looking statements are reasonable, we cannot assure you that our plans, intentions or expectations will be achieved.

Factors that could cause our actual results to differ materially from Highwoods’ current expectations include, among others, the following: the financial condition of our customers could deteriorate; our assumptions regarding potential losses related to customer financial difficulties could prove incorrect; counterparties under our debt instruments, particularly our revolving credit facility, may attempt to avoid their obligations thereunder, which, if successful, would reduce our available liquidity; we may not be able to lease or re-lease second generation space, defined as previously occupied space that becomes available for lease, quickly or on as favorable terms as old leases; we may not be able to lease newly constructed buildings as quickly or on as favorable terms as originally anticipated; we may not be able to complete development, acquisition, reinvestment, disposition or joint venture projects as quickly or on as favorable terms as anticipated; development activity in our existing markets could result in an excessive supply relative to customer demand; our markets may suffer declines in economic and/or office employment growth; increases in interest rates could increase our debt service costs; increases in operating expenses could negatively impact our operating results; natural disasters and climate change could have an adverse impact on our cash flow and operating results; 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 repay or refinance outstanding debt upon maturity; and the Company could lose key executive officers.

This list of risks and uncertainties, however, is not intended to be exhaustive. You should also review the other cautionary statements we make in “Risk Factors” set forth in our 2024 Annual Report on Form 10-K. Given these uncertainties, you should not place undue reliance on forward-looking statements. We undertake no obligation to publicly release the results of any revisions to these forward-looking statements to reflect any future events or circumstances or to reflect the occurrence of unanticipated events.

Contact:	Brendan Maiorana
	Executive Vice President and Chief Financial Officer
	brendan.maiorana@highwoods.com
	919-872-4924

FAQ

What did Highwoods (HIW) acquire on November 19, 2025?

Highwoods acquired 6Hundred at Legacy Union, a 24-story Class AA office tower in Charlotte, for a $223 million total expected investment.

How large and leased is 6Hundred at Legacy Union (HIW)?

The building is 411,000 sq ft and is currently 84% leased with a weighted average lease term of over 12 years.

How will Highwoods fund the HIW acquisition of 6Hundred at Legacy Union?

The company plans to fund the purchase on a leverage-neutral basis within six months using proceeds from non-core asset sales; $37 million of non-core assets have been sold since Oct 1, 2025.

What additional costs are included in Highwoods' $223 million investment for 6Hundred (HIW)?

The investment includes $8.5 million of planned near-term building improvements and is net of $15.7 million in free rent and rent-related credits from the seller.

Does 6Hundred at Legacy Union have parking and sustainability plans under HIW ownership?

Yes; the property has in-building parking for 832 vehicles and a planned LEED Gold certification.