RALEIGH — Highwoods Properties, a Raleigh real estate investment trust, was named 2009 Developer of the Year by the National Association of Industrial and Office Properties, one of the commercial real estate industry's biggest trade groups.
Highwoods, which was founded in 1978 and has grown to become one of the biggest owners and operators of suburban offices in the Southeast, has been praised for its strategy of selling older buildings at the height of the real estate boom, using proceeds to build new offices and pay down debt.
The strategy has positioned the company to thrive as credit constraints dog many of its competitors. Since January 2005, Highwoods has built $633 million of office and industrial properties totaling 4.1 million square feet.
“Highwoods is clearly a leader in both the real estate and general business communities, proven by its ability to outperform no matter what the real estate cycle,” Thomas J. Bisacquino, NAIOP's president, said in a statement.