Global packaging and paper products company International Paper (IP) has inked a deal with US-based Highwoods Properties to expand its headquarters in Memphis, Tennessee, through construction of a new $56m office tower.
As part of the long-term build-to-suit agreement, Highwoods will build a 241,000ft2, nine-storey office building near IP's headquarters on Poplar Avenue in Memphis.
According to Highwoods, construction of the building is expected to commence in the fourth quarter of 2013 with completion slated in mid-2015.
IP senior vice president Tom Kadien commenting on the agreement said, "In addition to the support from the City and County government, Highwoods has been a supportive partner throughout the process."
Real estate investment trust Highwoods provides leasing, management, development, construction and other customer-related services for its properties and for third parties.
