Highwoods pays $24M for 4200 W. Cypress

TAMPA - Highwoods Properties Inc. acquired a 220,000sf, 10-story Class A office building at 4200 West Cypress St. in Tampa. Including planned improvement costs, Highwoods expects the total investment to be $24.7 million. The property is 93% occupied and generates annualized net operating income of approximately $3.1 million.

Including this acquisition, the Highwoods now owns or has interest in 14 office buildings in the Westshore submarket encompassing 2.1 msf that are, on average, 90.5% occupied.