Highwoods recently announced two strategic acquisitions that expand its presence in the high-growth markets of Raleigh and Dallas. Through joint ventures with long-term partners, Highwoods acquired Bloc83 in downtown Raleigh and The Terraces in Dallas’ Preston Center—both best-in-class properties that support Highwoods’ long-term growth strategy.

In Raleigh, Highwoods acquired Bloc83, a two-building, 492,000-square-foot mixed-use asset located in the Central Business District, just a few blocks from the Highwoods’ corporate headquarters. Developed between 2019 and 2021, Bloc83 includes two 10-story office buildings with 27,000 square feet of ground-floor amenity retail and a strong on-site amenity offering. The property was 97% leased at year-end 2025, outperforming the downtown competitive set. Highwoods initially owns a 10% interest in the joint venture alongside the North Carolina Investment Authority, a new strategic investment partner, with the option to increase its ownership interest over time.

In Dallas, Highwoods acquired an 80% interest in The Terraces, a 12-story, 173,000-square-foot office building located in the heart of Preston Center, the most supply-constrained business district in the market. Delivered in 2017, the building was 98% leased at year-end 2025. The acquisition deepens Highwoods’ relationship with Granite Properties and marks Highwoods' entry into Preston Center, a submarket identified for future expansion when Highwoods entered Dallas in 2022.

Together, these acquisitions are expected to strengthen Highwoods’ long-term growth trajectory while improving portfolio quality. Highwoods plans to fund the investments primarily through the sale of non-core assets, with the goal of completing a leverage-neutral rotation of capital by mid-2026.

For additional details, please read the full press release and view the accompanying presentation.