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Highwoods acquires 29-story Nashville tower for $152.8 million

Highwoods Properties announced late Thursday that it has acquired a 29-story office tower in Nashville for $152.8 million.

The 520,000-square-foot Pinnacle at Symphony Place is located in the city’s central business district. It is 84.9 percent leased, and is expected to generate $8.8 million in cash and $10.7 million in net operating income in 2014.

Highwoods CEO Ed Fritsch said in a statement that the real estate investment trust expects to boost The Pinnacle’s occupancy to 93 percent within two years.

Highwoods now own 3.1 million square feet in Nashville that is 93.8 percent occupied.

The deal is the latest in a string of high-profile acquisitions for Raleigh-based Highwoods, which raised $150.9 million in a stock sale last month.

Over the past 24 months, the company has acquired $1.14 billion worth of properties in seven markets, adding 6.9 million square feet to its portfolio.

Highwoods shares closed Thursday at $33.38, down 44 cents. The stock is flat this year.

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