Highwoods Properties, Inc. Signs Lease with Fanatics At 5332 Avion in Tampa
January 07, 2020 at 10:15 pm
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Highwoods Properties, Inc. has signed a lease for three full floors, or 92,000 square feet, at 5332 Avion in Tampa with a new office customer for the Company. Fanatics Brands, the in-house apparel division for Fanatics, Inc., will occupy the space – one of more than a dozen office locations for Fanatics around the globe. 5332 Avion is a 176,000 square-foot, six-story building with structured parking in Tampa’s Westshore submarket, a best business district (BBD). The building, which was developed by Highwoods, was previously used by Laser Spine Institute for its company headquarters and an ambulatory surgery center. Highwoods stated that, because Fanatics has immediate access to its three floors to begin construction of tenant improvements, the Company is required to immediately commence recognition of GAAP net operating income and reflect Fanatics in occupancy as of year-end 2019, even though the lease is expected to have only minimal impact on same property cash net operating income in 2020.
Highwoods Properties, Inc. is a real estate investment trust (REIT). 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, Dallas, Nashville, Orlando, Raleigh, Richmond and Tampa. Its primary business is the operation, acquisition and development of office properties. The Company provides leasing, management, development, construction and other customer-related services for its properties and for third parties. The Company conducts its activities through Highwoods Realty Limited Partnership (the Operating Partnership). The Company owns an interest in approximately 28.4 million rentable square feet of in-service properties, 1.6 million rentable square feet of office properties under development and development land with approximately 5.2 million rentable square feet of potential office build-out.
HIGHWOODS PROPERTIES, INC. 
