MetLife Taps Highwoods for NC Expansion
- May 26, 2017
MetLife is on track to expand its global technology headquarters in Cary, N.C., by adding a 219,000-square-foot office building situated on the remaining 13.5 acres of the 40-acre campus, where the company already employs more than 1,000 people.
The New York-based life insurance company has selected Highwoods Properties to develop the new, build-to-suit building, which is already 100 percent pre-leased. Construction at the site is scheduled to begin this summer, with completion set by spring 2019 and stabilization in the first half of 2021. The $63 million office building will seek LEED-certification and will also include a multi-level parking garage.
“This expansion represents entirely new market absorption. The success and growth of MetLife in Weston since we delivered their initial buildings in 2015 illustrates the strong technology-oriented employment pool that continues to attract companies to the Triangle area,” said Ed Fritsch, president & chief executive officer of Highwoods Properties, in prepared remarks.
Located near the 520-acre Lake Crabtree, which is adjacent to I-40 and the Raleigh-Durham International Airport, the seven-story building will bring MetLife’s total occupancy to 655,000 square feet. And with this new development project, Highwoods’ total investment in the MetLife campus is expected to be around $172 million.
Rendering courtesy of Highwoods Properties