Highwoods Properties to Develop $50M HQ for LifePoint Hospitals
- Nov 28, 2011
Highwoods Properties Inc. is planning new headquarters for LifePoint Hospitals Inc.
The health care company has been leasing about 146,000 square feet of space from Highwoods, but the contracts will soon expire. The new seven-story headquarters will be located in Seven Springs Park, and it will feature 203,000 square feet of office space. With a $50 million investment, the developers hope to complete construction by the end of 2013.
The Seven Springs Park in Brentwood encompasses 4.8 million square feet of office space with a 95 percent occupancy rate, the Triangle Business Journal reports. Highwoods already owns more than 1.2 million square feet of space in the park.
Founded in 1999, LifePoint Hospitals Inc. is a $3.5 billion health care company with more than 50 hospital campuses in 18 states.
In other news, the Oberlin Court Complex on Wade Avenue has been sold for $72 million to a real estate investment subsidiary of Prudential Financial Inc.
According to the Triangle Business Journal, the apartment and retail complex was purchased from Northwestern Mutual Life Insurance Co., and was marketed through CBRE’s Southeast Multi-Housing Group.
The complex was developed in two phases in 2005 and 2007. In the second phase, the developer added 30,000 square feet of retail shops and an additional 105 residential units, totaling up to 370 luxury apartments upon completion. Northwestern Mutual had financed the project’s construction in partnership with Crosland.