Highwood Properties announces intention to sell PPG Place, EQT Plaza
PITTSBURGH (KDKA) - Some iconic buildings in Pittsburgh are going up for sale.
Highwoods Properties wants to sell PPG Place and EQT Plaza, along with a property in East Liberty.
They then want to use the money to buy property in Dallas.
"Our plan is to effectively fund our initial entry into Dallas, a high-growth market with significant future upside opportunities, by selling our assets in Pittsburgh over the next few years," said Ted Klinck, President, and CEO. "Importantly, once completed, the stabilization of our new development projects in Dallas and our Pittsburgh market exit, coupled with anticipated G&A savings, is expected to roughly leverage neutral and accretive to our cash flows, while improving the quality of our portfolio and providing higher growth over time."
The company now will classify its assets in Pittsburgh as "non-core."
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